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Acceptance of contributions

Last updated 14 December 2022

You may only accept contributions in accordance with regulation 7.04 of the Superannuation Industry Supervision Regulations 1994 (SISR). Circumstances in which you cannot accept certain contributions include where:

  • the member is over a certain age
  • the member has not quoted their tax file number (TFN) to you.

If a contribution is inconsistent with regulation 7.04 of the SISR, you should not accept it.

If you do accept a contribution that you shouldn't have, you must return it within 30 days of becoming aware of the error. Failure to comply with the time limit does not affect your legal obligation to return the contributions. An exception to this rule is if the member had initially failed to quote their TFN but then provided it to you within the 30 day period.

The 30-day limit is a period of grace allowing you to remove the contributions from the super system without breaching the payment or contribution rules.

Returning contributions under regulation 7.04 of the SISR may have implications for contributions reporting.