Compulsory Super - this or next year?

If you start working on 1st June, and your employer pays the compulsory super to your SMSF bank account after 1st July, does that amount go into this financial year's SMSF tax returns or next financial year? Does it affect contributions caps for this or next financial year?

 

It is the date it is received into the super fund. So next year's tax return for the SMSF, and next year for purposes of contribution caps.

This often causes some difficulty with Caps, given that employers aren't always consistent about what dates they make these payments.

 

The ACCOUNTING for the contribution is based on the date the amount is allocated to the member. Given that employers are required by law to use a clearing house the allocation date is the date it is paid to the clearing house and same date it is remitted to the fund. The superstream reporting is an allocation and willd defeat any efferts to use a reserve. The date cash is received is not necessarily a issue but is generally when an allocation occurs where the amount is a personal or employer contribution.

A SMSF doesnt just produce a tax return.

 

Ok thank you for both of your replies