- When contributions should be returned
- Contributions a fund must not accept
- Restitution for mistake
- Reporting contributions received
For your self-managed super fund (SMSF) to receive concessional tax treatment, you must elect to be a regulated super fund and comply with the provisions and regulations of the:
- Superannuation Industry (Supervision) Act 1993 (SISA)
- Superannuation Industry (Supervision) Regulations 1994 (SISR).
Before accepting a contribution, you need to know what contributions you can and can't accept. If you get it wrong, your fund can be made non-complying.
This will generally mean that all assets and income of the fund will be taxed at the highest marginal rate in the year the fund is made non-complying. Income continues to be taxed at the highest rate while the fund remains non-complying.