Members, or employers, who have left it to the last day of the year to make their contributions to an SMSF will probably not have left enough time for it to be received by the SMSF today. It’s generally not sufficient for the contribution to leave the contributor’s account on the 30th June, it also needs to be received by the SMSF’s bank account that day for the member to have it credited for this financial year – unless the SMSF receives a promissory note, dated today, provided it is cashed in the first week of July. Given that the transfer has been activated in this financial year, there should be no difficulty in it being promptly cashed.

Alternatively, contributions may also be made in specie by supplying the fund with fully completed transfer documents no later than today. Be careful though, as a transfer from an entity, other than the member or spouse, will be a concessional contribution by default.

On another note, if you are interested in transferring your SMSF administration to ourselves we have a transferring fee arrangement you might find of interest. I’m always happy to have a chat about what we can do for you. Feel free to call.