DW had made a $1,000 "undeducted" contribution into her BT superannuation account last financial year, so she was eligible to receive a $1,500 "government co-contribution" from the ATO. The tax office wrote last month stating that they couldn't pay the contribution into her old BT account (because she had closed it and rolled her retirement savings over into our new SMSF in July) and asked for details of a complying fund which would accept the payment.
I sent in the details of her SMSF account and a cheque arrived via the E-SuperFund administrator yesterday. I was relieved to see that there were no problems accepting the payment -- apparently not all SMSF Trust deeds cater for recent changes such as the co-contribution, TRPs and so on.
I deposited the cheque into our SMSF bank account at lunchtime on Friday. Hopefully our employer's superannuation contributions owed from last month will also turn up next week and I'll be able to transfer the cash into our Vanguard HighGrowth account.
I also made an undeducted contribution into my Superannuation fund last FY (not the full $1,000 since my taxable income was too high to qualify for the maximum $1,500 co-contribution). I should be entitled to some amount of co-contribution, but I haven't seen it turn up in my BT Superannuation account as yet.
Copyright Enough Wealth 2008