Good evening all I have a question regarding SMSF’s.
My husband and I have a joint SMSF and we also have individual Super accounts with the same fund manager.
I inadvertently made several transfers from our joint SMSF bank accounts into my individual Super account.
I didn’t realise at the time it was a requirement for SMSF’s rollovers to be submitted via Super Steam Rollover as per ATO”s electronic data standards.
It was only brought to my attention when our joint SMSF tax returns were being prepared. In that they had noted that the contributions were recorded by my fund manager as “personal contributions “ rather than “Roll Ins”.
So I was advised to contact my fund manager and have the status”s changed from “personal contributions “ to roll ins” but unfortunately they can’t do this. They advised that the monies will be have to be re-credited back to the original bank accounts they were received from but this process would take between 15-21 days.
However my concern is I was also advised if the monies are not received back to our joint SMSF bank accounts within 30 days then those contributions will be considered as illegal access to super by myself.
Obviously this is extremely concerning to me given it was never my intention to undertake these transfers incorrectly.
So I am trying to understand if the monies are not received back in the timeframe required will we subject to any fines or penalties.
Any advice would be appreciated.
Regards,
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