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Mark Baghdassarian

Jun 14, 2023

Personal Concessional Contributions made to a regulation details removed fund on SFLU

in SMSF Technical Forum

I thought i knew this one but are SMSF's able to claim deduction in personal name with the acknowledgement Notice and treat as a concessional contribution if SMSF’s Regulation details removed on Super Fund Lookup (ie. overdue tax return).

Member provided with valid notice of intent to claim personal tax return for the 2022 FY, however SMSF last tax return was lodged in the 2018 FY.

Accountant has checked and confirmed the contribution was received by the SMSF’s in the 2022 FY.

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Jun 15, 2023

Hi Mark

A member of a SMSF cannot claim a tax deduction for contributions made to a non complying Superannuation Fund. A Fund that has had its regulation details removed from Super Fund Look Up due to outstanding returns is not considered to be a non complying Superannuation Fund.

The ATO on their website states:

"It is not recommended that contributions or rollovers be made to funds that have had their regulation details removed."

My view is that a member can claim a tax deduction for a personal contribution made to a Fund that has had its regulation details removed from Super Fund Look Up (as long as it is not a con complying Superannuation Fund).

Thanks

SMSF AAA