From 1st July 2014, Self-Managed Super Funds (SMSFs) will be required to exclusively accept superannuation contributions in electronic form. This means no more cheques or cash deposits. All contributions must be made by way of electronic transfer.
It used to be the case that if contributions were made by cheque, the cheque needed to be in the hands of the trustee no later than 30th June. The cheque, however, could be banked a few days later. Now it would seem that any funds to be transferred will need to be in the account of the super fund by 30th June, which means that you will no longer be able to leave it to the last possible day to make contributions for a particular financial year.
To make this happen, trustees of SMSFs will need to make sure they have an electronic service address, and notify employers of the fund's ABN, bank account and email address prior to 31st May 2014.
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