• Disregarding and reallocating contributions

    If we decide to disregard an amount of concessional or non-concessional contributions, the amount will not be counted towards the relevant contributions cap for any income year.

    If an amount is allocated to another income year, the amount will be counted towards the relevant contributions cap for the income year to which it is reallocated.

    A contribution will only be considered to be more appropriately allocated to another income year if it should have been made in a different income year. For example, if an employer was required to make a contribution in a different income year, it will usually be considered to be more appropriately allocated to that income year.

    A contribution will not be considered to be more appropriately allocated to another income year just because:

    • an individual intended for it to be made in a different income year
    • the contributor's liability to make the contribution accrued in a different income year (for example, an employer's July contribution related to work done in the June quarter)
    • an amount was sent to the super fund in one income year and received in another income year (for example, a cheque was written or the internet was used to transfer money but it was not received by the fund until the next income year).

    The person will be advised in writing of the decision whether or not to disregard or reallocate contributions and, if necessary, ECT assessments will be amended.

    Attention

    A super fund is not required to re-report contributions because they have been disregarded or reallocated.

    End of attention
      Last modified: 22 Nov 2013QC 34181