When is a contribution made?
| Money |
When the money is received. |
In relation to electronic transfer of funds, the amount is received when the amount hits the superannuation fund trustee's bank account not when the transfer is made by the transferor. |
| A cheque or promissory note (other than an investment‑related promissory note) |
The contribution is made when the cheque or promissory note is received by the trustee of the fund, unless it is subsequently dishonoured. |
Importantly, in the case of related party cheques the Commissioner will only accept the contribution as being made when the cheque is received where the trustee presents the related party cheque for payment, or demands payment on the related party promissory note, promptly.
A contribution by a cheque that is post‑dated (that is, is payable on a date later than the date on which it is received by the superannuation fund trustee) or promissory note that is payable in the future is made on the later of the day the cheque or note is received and the date on which payment can be demanded as shown on the cheque or promissory note.
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| Real Property |
A contribution of property will be received by a superannuation fund trustee when either legal or beneficial ownership of the property passes from the contributor to the superannuation fund trustee.
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The Commissioner accepts that a contribution of property is made when beneficial ownership of the property is obtained by the superannuation fund trustee.
Further, the Commissioner accepts that a superannuation fund trustee acquires the beneficial ownership of real property when the fund trustee obtains possession of the requisite transfer forms provided that there is no legal impediment preventing the superannuation fund trustee from affecting registration of legal ownership of the property. |
| Listed shares or units |
A contribution of property will be received by a superannuation fund trustee when either legal or beneficial ownership of the property passes from the contributor to the superannuation fund trustee. |
Beneficial ownership of shares or units in an Australian Stock Exchange listed company or unit trust may also pass prior to legal ownership, particularly where a contributor transfers title to the shares off-market. The Commissioner accepts that a superannuation fund trustee acquires beneficial ownership of such shares or units when the fund trustee obtains a properly completed off‑market share transfer form from the contributor. |
| Payment of a liability |
When the payment is discharged. |
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For further informatiopn, contact a member of our Superannuation team.
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