A fund falls behind in it's lodgement and is taken off SMSF lookup.
As a result the ATO Clearing House will not transfer the funds to the SMSF and holds the funds.
However the employer has still paid the funds to the clearing house. (And, I assume, claimed the tax deduction)
Should the amounts held at the clearing house be accounted for via journal in the SMSF?? (dr Debtors Cr Contributions)
Toby
Hi Toby
My view is that if the SMSF status is "regulation details removed" it should not be receiving contributions so no reason to journal the contributions as owing to the Fund.
This is consistent with case law examples where contributions made to a clearing house are only treated as a contribution when the cash is received by the Fund.
Thanks
SMSF AAA