| 1. |
The transfer of assets into a superannuation fund by a member is an in-specie contribution. The amount of the contribution is generally the market value of the assets reduced by any consideration given for the transfer.
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| 2. |
Where a member transfers assets other than cash into their superannuation fund, trustees need to make sure that the fund accurately reports the market value of the assets and considers any relevant regulatory issues.
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| 3. |
The Tax Office is warning trustees and members of self managed superannuation funds about making transactions where the market value of the assets being transferred is not properly accounted for in an attempt to avoid paying excess contributions tax.
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| 4. |
The Tax Office is also concerned that some members may be trying to avoid excess contributions tax by paying expenses on behalf of their fund or making improvements to a fund asset without reimbursement for the expenditure.
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| 5. |
Trustees and members are reminded that superannuation funds that breach the contributions caps are liable to pay excess contributions tax [click here for more information].
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| 6. |
In addition, taxpayers should consider any income, capital gains and fringe benefits tax implications when transferring assets.
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