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If a Member pays expenses on behalf of the SMSF and does not receive reimbursement, can this be treated as a Non Concessional Contribution or does it become a Concessional one?
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Hi
It is common practice for expenses paid by a member on behalf of a SMSF to be treated as a contribution if they are not reimbursed. They could be either a non concessional contribution or a member concessional contribution.
My view is they would be treated as a non concessional contribution unless a notice of intent to claim a deduction (section 290 notice) is completed by the member and acknowledged by the Trustee.
Thanks
SMSF AAA