ATO Community

SMSF DOwnsizer Contributions

Ask a question

Newbie

Views 344

Replies 1

Hi there

 

My self managed super fund accounts are with a banks on line share trading site.We have share holdings an cash accounts.We have recently qualified for the downsizer contributions and have reviewed the criteria and meet the requirements.I have sourced the ATO downsizer form which the bank say they don't need. however they will accept the funds into the cash accounts.My accountant is away and I want to make sure that I fulfill the requirement within the 90 day timeframe.Given the Bank say they do not accept the form-should I or my accountant send the form to the ATO?

 

Thanks for your help.

 

Chris

1 ACCEPTED SOLUTION

Accepted Solutions

Best answer

Moderator

Replies 0

Hi @chrisf99,

 

Welcome to the Community.

 

You don’t need to provide the completed Downsizer contribution into super form to your self-managed superannuation fund's (SMSF) bank, but you do need to ensure the completed form is kept with your SMSF’s records.  Your SMSF auditor may ask to view the form when the SMSF’s annual audit is completed.

 

Your SMSF will also need to report the downsizer contribution in its annual reporting.

 

As a member of your SMSF, you need to make sure you:

  • meet all the eligibility criteria to make a downsizer contribution
  • complete all the required information on the form (you will be required to sign a declaration in the form), and
  • provide the completed form to your SMSF either before you make your contribution, or when you make your contribution.

Thanks, NicM.

1 REPLY 1

Best answer

Moderator

Replies 0

Hi @chrisf99,

 

Welcome to the Community.

 

You don’t need to provide the completed Downsizer contribution into super form to your self-managed superannuation fund's (SMSF) bank, but you do need to ensure the completed form is kept with your SMSF’s records.  Your SMSF auditor may ask to view the form when the SMSF’s annual audit is completed.

 

Your SMSF will also need to report the downsizer contribution in its annual reporting.

 

As a member of your SMSF, you need to make sure you:

  • meet all the eligibility criteria to make a downsizer contribution
  • complete all the required information on the form (you will be required to sign a declaration in the form), and
  • provide the completed form to your SMSF either before you make your contribution, or when you make your contribution.

Thanks, NicM.

Top Solution Authors