SMSF recontribution and actual electronic transaction records

Discussion in 'Superannuation, SMSF & Personal Insurance' started by yvonnegee, 23rd Sep, 2013.

Join Australia's most dynamic and respected property investment community
  1. yvonnegee

    yvonnegee New Member

    Joined:
    1st Jul, 2015
    Posts:
    2
    Location:
    Fremantle, WA
    Hi,
    I have a fully segregated single member SMSF, part in pension phase and part in accumulation phase. Last FY I requested a lump sum payment (partial commutation?) from the Accumulation phase (letters minutes etc in place) which was to be accomplished electronically via 3 separate transactions. However at the last minute, I decided to recontribute back a small amount from the final payment, and thoughtlessly, the final payment and recontribution were combined into one resultant transaction. (i.e. there is no electronic trail showing the contribution, but rather the actual full payment is less than the agreed sum by that contributed amount).

    It has now been indicated to me that the ATO requires a full electronic transaction trail, despite the existence of signed agreements and minutes, so this transaction has to be recorded for accounting purposes solely as a lump sum payout with no recontribution. Is that the undisputed position, or are there alternative arguments?

    Thanks for any assistance, for what I suspect is a common situation.
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia