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Good Afternoon,
Trustees of a fund have just realised that one member has been salary sacrificing their wage into the SMSF, and that member is over the age of 75. This was happening during the 2022 financial year, but are only now completing the financial accounts for that year, which is how the issue has been noticed.
What needs to happen to rectify the situation and what needs to be reported as a contravention?
Thank you in advance.
Faye
]I have a similar situation where a couple both over 75 made a $ 20,0000 contribution on 23 June 2022. The Accountant said they did not realise the SMSF could not accept the contributions until after the 30 day period. The Accountant has stated in writing in an email that the $ 20 k was refunded $ 12000 on the 18 July (<30days) and residue $ 8000 on 27 July 2022 (>30days) The Accountant has reported the $ 20,000 as a loan repayable to the trustees on the Balance Sheet. I ve queried that stating that an SMSF may not borrow and question whether the $ 20000 should have been presented in the appropriate members account. not as an SMSF liaibility. Obviously the amount would then need to be reported to the ATO. If I may rely on the statement by the Accountant with some supporting evidence how should the Financial Statements and Income Tax Return present the $ 20,000 ? If the Acct does not change the Financials must I qualify for the $ 20,000 or just the $ 8,000 not refunded until after 30 days ? Please confirm any qualification and ACR is re Reg 7.04 for the $ 8000 only.