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      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.

      ► $129.00 (inc GST) - OR provided under your unlimited membership

      ► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

      General Information

      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.
      • 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

      Is a Contributions Suspense Account legal under the Superannuation Laws?

      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.

      How long does this document take to assemble?

      Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts

      Is this document a legal document?

      All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

      However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed  legal document provided by Abbott & Mourly.

      The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

      “if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

      Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances.  The Court held that this process was legal work.

      Is the document easy to read?

      All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

      What lawyers sign off on the LightYear Docs documents?

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

      Are the LightYear Docs documents 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 I get a sample of this document?

      Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.