I am auditing a fund where the members made CGT exempt contributions. These contributions were made in three instalments that were quite spread out . ie 16/5/2022, 23/5/2022 & then 15/6/2022. I have been provided with the capital gains tax election form for the total amount, but should there be a separate capital gains tax (CGT) cap election (NAT 71161) form for each contribution?
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Hi Lacey
My understanding is that under section 292.100(2)(b) & (7)(b) of the ITAA 1997 that multiple instalments are allowed with 1 form being used.
An approved election form has to be completed and sent to the Fund prior to or when the contribution or contributions is / are made.
The form also refers to: "the personal contributions" so this would suggest more that 1 contribution can be made using the 1 form.
Thanks
SMSF AAA