by David Busoli
Last week I was contacted by an accountant seeking a solution to his new SMSF clients’ problem. Their fund was setup in August 2007 with two members aged 67 & 63. In the year of establishment they each made a $150,000 non-concessional contribution.
Unfortunately the accountant at the time also processed the $600 Fund establishment cost as a non-concessional contribution of $300 to each member so tripping the 3 year non-concessional contribution bring forward provisions.