Superannuation in specie contributions: Taxpayer Alert

The ATO has issued Taxpayer Alert TA 2008/12 warning trustees and members to be cautious when moving assets other than cash into superannuation funds. When non-cash assets are transferred to a superannuation fund, the tax commissioner says trustees must make sure the fund accurately reports the 'market value' of the assets and considers any other relevant superannuation regulatory issues. The ATO is concerned about certain transactions designed to manipulate the annual contribution limits to avoid paying excess contributions tax.