Does the lump amount withdrawn and re-contributed back into super need to be held in different bank accounts?
Also, does the financial y/e account need to disclose the CC and NCC component of the assets balance?
A: Thanks for the question.
No – a lump sum withdrawal and rec-contribution doesn’t need different bank accounts – just separate transactions.
For “appearance” sake, you may want to put a small time interval between the two transactions.
Member statements will typically break out concessional and non-concessional contributions.
Further, your fund’s annual return to the ATO will itemises each of these contribution types on a per member basis.
However, the Fund’s financial statements does not need to separately disclose these amounts.
