.png)
I am auditing a SMSF for the 2022 year where the notice of intent to claim & trustee acknowledgement were clearly completed after 30 June 2023 (required time period for a deduction). From an audit perspective I don't believe there are contraventions? However, as a deduction cannot be claimed for these contributions by the member, is tax payable by the SMSF?
top of page
THE AUDITORS INSTITUTE | FORUM
Archived Forums
When you become a member of The Auditors Institute, you immediately gain access to expertise, advocacy for your profession and peace of mind.
Ask a question in our members-only forum or use the search function to find prior technical discussions on your topic. You can expect a response within 24-48hrs.
Disclaimer
The forum is made available by The Auditors Institute Ltd for the benefit of it’s members only, and its primary purpose is to facilitate education, training, and discussion between members. The information and answers provided within the forum are of a general nature and do not consider any specific circumstances, objectives, financial situation or needs related to the matter/s raised. The responses should not be construed as financial advice, and each Member should seek their own professional advice before making any decisions. The Auditors Institute Ltd and its representatives are not responsible for any actions taken based on the information provided in the forum.
bottom of page
Hi Lacey
A valid notice of intent to claim a deduction for personal superannuation contributions must be given by whichever of the below dates is first:
1) the day they lodge their personal ITR re the year the contribution was made or
2) the 30 June of the following year in which the contribution was made.
I agree if a contribution notice is not signed by the due date it is not a contravention of SIS. The deductibility of personal contributions is covered by section 290.170 of the Income Tax Assessment Act 1997.
If the contribution notice is not signed by the due date technically a deduction cannot be claimed by the member so the contributions should be recorded as a non-concessional contribution in the Fund's accounts that no tax is payable on.
Thanks
The Auditors Institute