Yesterday I contacted all our alliance partners whose pension clients had not yet met their minimum pension requirements. There weren’t many and, I expect, there will be none by close of business today.
Interestingly, I fielded a number of comments about my post earlier this week, on promissory notes that indicated a need for clarification – so here it is.
Promissory notes or cheques can be used to satisfy pension obligations provided they are issued prior to June 30th, the fund has sufficient cash to honour them and they are encashed within a few days.
Contributions are treated similarly but may also be made by in-specie asset transfers.
Alliance Partners may access a sample promissory note from the Strategy Matters section of our SMSF Toolbox.