Hi SMSFAAA Team,

A new fund established in March 2021 (sole member is 74 years old).

An off market transfer of shares was made and recorded against concessional and non concessional contributions.

I have two questions:

1. $170,000 NCC (resulting in $70,000 excess due to age restrictions). What are the implications for the fund? The fund needs to return the excess? How can it do it without a bank account open (only shares as asset). Would you report the contravention due to test 2?

2. $75,000 CC. How can I be sure that no contributions were made in previous years (and that unused concessional cap was available). What evidence would you ask for?

Please let me know.

Thank you in advance.

Yours Sincerely