Late contribution safety net exists

A superannuation stakeholder has alerted practitioners to certain bank data that may be able to act as a final piece of evidence to ensure late contributions are recognised in a particular financial year.

Accurium technical superannuation adviser Jason Hurst reminded accountants and advisers in the normal course of events contributions to an SMSF can only be acknowledged as having been made when the money is received by the fund’s bank account.

Hurst noted this convention has led to contributions being treated as having been made in a subsequent income year if the relevant transfer of funds was made only days before 30 June.

However, he pointed out paragraph 187 of Taxation Ruling (TR) 2010/1 provides a potential solution if this issue arises.

“If you do come across clients who approach you and say: ‘I tried my best, but my self-managed super fund bank account statement indicated this money wasn’t received until 1 July,’ there is a helpful reference in that ruling for this situation,” he told SMSF Professionals Day 2026 delegates during an online presentation for the event today.

“To this end, the ruling says in these circumstances if the member in question can produce some time-stamped data to demonstrate the money was actually with the SMSF’s bank by 30 June, but the bank didn’t include it in the account statement until the next day, then they may be able to count the contribution as having occurred in the previous financial year.”

However, he said this type of data is likely only available on business days, ruling out its use if 30 June falls on a weekend.

Further, he warned the facility should only be used if every other means of proving when a contribution was made has failed.

“Clients shouldn’t believe this aspect of the ruling will help them to make contributions at the last minute,” he suggested.

“It should only be seen as a backstop rather than something you would actively promote.”