{"id":5860,"date":"2015-08-10T13:03:59","date_gmt":"2015-08-10T03:03:59","guid":{"rendered":"http:\/\/www.dbalawyers.com.au\/?p=5860"},"modified":"2019-07-26T02:16:21","modified_gmt":"2019-07-25T16:16:21","slug":"used-contributions-reserving-new-ato-materials-impact-you","status":"publish","type":"post","link":"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/","title":{"rendered":"Used contributions reserving? New ATO materials impact you!"},"content":{"rendered":"<div><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2015\/08\/Used-contributions-reserving-New-ATO-materials-impact-you.jpg\" alt=\"Used contributions reserving? New ATO materials impact you\" width=\"300\" height=\"200\" class=\"alignright size-full wp-image-5861\" \/><\/div>\n<p>Ever since TD 2013\/22 and ATO ID 2012\/16 many have considered contribution reserving to be a \u2018lay down misere\u2019.<\/p>\n<p>However, there are various possible difficulties practitioners must be aware of.<\/p>\n<p>The ATO has recently addressed one of these difficulties by releasing the new ATO form \u2018Request to adjust concessional contributions\u2019 (NAT 74851).<\/p>\n<p>This form notifies the ATO that an SMSF member made concessional contributions in one financial year but that their SMSF did not allocate the contributions to him or her until the next financial year.<\/p>\n<p>Previously, where contribution reserving was used for personal deductible contributions, a practical problem would arise. Namely, due to the way the SMSF annual return and the member\u2019s personal income tax return provide information to the ATO, it would appear to the ATO that a member had excess contributions. Often the only way to deal with this was via an objection process, which can be costly and time consuming.<\/p>\n<p>Hopefully this new form should streamline the process of alerting the ATO and do away with the need for a formal objection.<\/p>\n<h3>Other traps?<\/h3>\n<p>There are other traps to be aware of.<\/p>\n<p>One such trap is that a reserving strategy is required. Many seek to implement a contribution reserving strategy without a contribution strategy, which contravenes superannuation law. A reserving strategy is different to an investment strategy.<\/p>\n<p>DBA Lawyers provides the Contribution Reserving Kit. This kit contains guidance and template documentation on how to establish and maintain contribution reserves and how to deal with to any excess contributions issues that might arise from implementation of the strategy. It also outlines the benefits and risks associated with contribution reserving. For more details visit <a href=\"https:\/\/www.dbalawyers.com.au\/summary-smsf-documents-strategy-kits\/trustee-compliance-kit\/\" target=\"_blank\" rel=\"noopener noreferrer\">Strategy Compliance Kits<\/a>.<\/p>\n<h3>More information?<\/h3>\n<p>Our August SMSF Strategy Seminars start this week. We will be discussing the impact of this new ATO material in these SMSF Strategy Seminars. To register, visit <a href=\"http:\/\/www.dbanetwork.com.au\/dbalawyers\/seminars3\/face2face\/SMSF-Strategy-Seminars.html\" target=\"_blank\" rel=\"noopener noreferrer\">SMSF Strategy Seminars<\/a>.<\/p>\n<p>To see online training regarding contributions and excess contributions tax (recorded in July 2015), see <a href=\"http:\/\/www.dbanetwork.com.au\/dbalawyers\/seminars3\/4288\/ContributionsAndExcessContributionsTax.html\" target=\"_blank\" rel=\"noopener noreferrer\">Contributions And Excess Contributions Tax<\/a>.<\/p>\n<p class=\"aligncenter\">* * *<\/p>\n<p>This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional. <\/p>\n<div class=\"printfriendly pf-button  pf-alignleft\"><a href=\"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/?pfstyle=wp\" rel=\"nofollow\"  title=\"Printer Friendly, PDF & Email\"><img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-pdf-button.png\" alt=\"Print Friendly, PDF & Email\" style=\"width: 112px;height: 24px;\"  \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ever since TD 2013\/22 and ATO ID 2012\/16 many have considered contribution reserving to be a \u2018lay down misere\u2019. However, there are various possible difficulties practitioners must be aware of. The ATO has recently addressed one of these difficulties by releasing the new ATO form \u2018Request to adjust concessional contributions\u2019 (NAT 74851). This form notifies [<a class=\"read-more\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/\">read more<\/a>]<\/p>\n","protected":false},"author":11,"featured_media":5861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,25,35,40],"tags":[62],"ppma_author":[136],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Used contributions reserving? New ATO materials impact you! | Leading SMSF Law Firm<\/title>\n<meta name=\"description\" content=\"Used contributions reserving? New ATO materials impact you! Taxation Determination TD 2013\/22 , ATO ID 2012\/16.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bryce Figot\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/\",\"url\":\"https:\/\/www.dbalawyers.com.au\/announcements\/used-contributions-reserving-new-ato-materials-impact-you\/\",\"name\":\"Used contributions reserving? 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New ATO materials impact you"},{"@type":"WebSite","@id":"https:\/\/www.dbalawyers.com.au\/#website","url":"https:\/\/www.dbalawyers.com.au\/","name":"DBA Lawyers","description":"Leading SMSF Law Firm","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.dbalawyers.com.au\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/21df751f40981297a0f6417071b6a63e","name":"Bryce Figot","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/image\/a9a812be4056bdc150ca270634702d72","url":"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2024\/03\/bryce.jpg","contentUrl":"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2024\/03\/bryce.jpg","caption":"Bryce Figot"},"description":"Bryce is also recognised as one of Australia's leading SMSF lawyers. He has worked predominantly in the fields of tax and superannuation over the past 17 years and holds a Master of Laws from the University of Melbourne. Bryce is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Bryce regularly presents for the major professional bodies including the SMSF Association, CPA Australia The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Bryce is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. Bryce wrote the book Complete Guide to SMSFs: Planning for Loss of Capacity and Death, published by CCH Wolters Kluwer. Bryce is on the editorial panel of LexisNexis' Australian Superannuation Law Bulletin. He is a Senior Fellow at the University of Melbourne's Law School, where he is the subject coordinator of Taxation of Superannuation. 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Bryce regularly presents for the major professional bodies including the SMSF Association, CPA Australia The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network.\r\nBryce is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. Bryce wrote the book Complete Guide to SMSFs: Planning for Loss of Capacity and Death, published by CCH Wolters Kluwer. Bryce is on the editorial panel of LexisNexis' Australian Superannuation Law Bulletin. He is a Senior Fellow at the University of Melbourne's Law School, where he is the subject coordinator of Taxation of Superannuation.\r\nBryce is a Specialist SMSF Advisor\u2122 as well as being a Chartered Tax Adviser."}],"_links":{"self":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/5860"}],"collection":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/comments?post=5860"}],"version-history":[{"count":0,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/5860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media\/5861"}],"wp:attachment":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media?parent=5860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/categories?post=5860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/tags?post=5860"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/ppma_author?post=5860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}