Contributions Suspense Account

About Product

The Trustee of a Self-Managed Super Fund (SMSF) may create and maintain a suspense account in the Fund for the sole purpose of receiving contributions on behalf of members of the Fund.

This document establishes the suspense account and accepts a contribution to be made by a contributor on a Member's behalf. 

Can this document be digitally signed?

YES. In line with current legislation, our legal partner Abbott & Mourly have advised that digital signatures are legally binding on this document. (Note: Integration with HelloSign coming soon to Lightyear Docs).

General Information

The Trustee of a Self-Managed Super Fund (SMSF) may create and maintain a suspense account in the Fund for the sole purpose of receiving contributions on behalf of members of the Fund.

This document establishes the suspense account and accepts a contribution to be made by a contributor on a Member's behalf. 

Included are the required Trustee Minutes and Application to the Trustee by the Member and Contributor.

The Commissioner has stated that a Contributions Suspense Account is not a reserve.  It can be used at year end to hold contributions, employer or member in suspense for allocation after year end.

Benefits

• The contribution will be treated as being made and received in one income year but not allocated until the next income year;
• It is not included as a concessional or non-concessional contribution until the year in which it is allocated; and
• To meet with the superannuation laws it must be allocated 28 days after the end of the month in which the contribution was made.

Frequently Asked Legal Questions

Can I get a sample of this document?

Yes, please email [e-mail] to request a sample document for you to review.

Is a Contributions Suspense Account legal under the Superannuation Laws?

Where it is established in accordance with the Superannuation laws and the fund’s trust deed it is legal according to the Commissioner of Taxation.

What lawyers sign off on Contributions Suspense Documentation?

All LightYear documents are prepared and signed off by Abbott & Mourly form Melbourne, Sydney and Brisbane.

Is the LightYear Docs Contributions Suspense Account reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Can this document be digitally signed?

YES. In line with current legislation, our legal partner Abbott & Mourly have advised that digital signatures are legally binding on this document. (Note: Integration with HelloSign coming soon to Lightyear Docs).

What happens after I purchase this document?

After you purchase this document, you will experience first-hand the power of our assembly engine, HotDocs. An interview session will appear in what is called the HotDocs iFrame. Through the use of the iFrame technology, we are able to create document templates in minutes, versus months of coding through other methods. The iFrame also allows for rapid integrations and documentation to be assembled instantly in "lines" or packs of documents.

Can I edit my document after it has been completed?

Your document will be available to edit from the LightYear Vault for 30 DAYS after you have completed the interview process, at which point it will be locked for future edits. Your completed documents will be listed under "My Vault" from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to make edits within the first 30 DAYS. 

Can I save a document to complete later?

Yes, provided you select save, you can exit the interview process at any time. All documents that have been purchased and not yet assembled will be saved under "My In Progress Docs" and are accessible from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to continue the interview process and assemble your document.