Which contributions can your SMSF accept? Age limits, the TFN rule, and the 30-day return deadline

An SMSF trustee cannot take every payment a member sends. The ATO says a trustee "can only accept allowable contributions", and an allowable contribution depends on the member's age and, for member contributions, on the fund holding the member's tax file number (TFN). Getting this wrong has a short fuse: a contribution that cannot be accepted generally has to go back within 30 days. This article summarises the ATO's "Accepting contributions" page (last updated 19 March 2026) and "Returning contributions" page (last updated 2 April 2025), read on 15 October 2026.

What you must do when you accept a contribution

The ATO says you must:

• properly document the contribution, including its amount, type and the breakdown of components
• allocate it to the member's account within 28 days of the end of the month in which you received it
• report contributions made during the year in the SMSF annual return; see our article on SMSF annual return lodgment.

Mandated employer contributions: always acceptable

Mandated employer contributions, meaning those an employer makes under a law or industrial agreement, including super guarantee contributions, can be accepted "at any time, regardless of their age or the number of hours they're working".

Other contributions: it depends on age

"Other contributions" are those not required by law, plus government contributions. They include employer contributions above SG or award obligations, such as salary sacrifice, and contributions by a third party such as an insurer. For these, the ATO says the contributions you can accept are affected by the member's age.

• Members under 75. The ATO notes the rules for this group have changed over time. The FirstTech 2025-26 guide explains that from 1 July 2022 the work test requirement for accepting voluntary contributions from members aged 67 to 74 was removed, so funds can accept any voluntary contributions from this group, although personal tax-deductible contributions remain subject to the work test or a work test exemption. See our article on the super work test at 67 and over. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75.
• Members 75 or older. The ATO says you generally can't accept other contributions. The exceptions: super co-contributions and employer contributions that relate to a valid contribution period for the member can be accepted at any time, and downsizer contributions can be accepted if you have the member's TFN. See super contributions after age 75.

The TFN rule

A member is not required by law to give their TFN, but the ATO says the fund can only accept member contributions if it holds the member's TFN, and that when a member joins you should ask for it and provide it to the ATO. Missing TFNs can also cause administrative delays at the ATO. The ATO's audit guidance for SMSF auditors says it checks that the member's TFN was quoted to the trustee within 30 days of receiving a contribution if not already provided; see our article on what the SMSF auditor checks.

Non-cash contributions

An in specie contribution is a contribution of a non-monetary asset. The ATO notes that generally you must not intentionally acquire assets from related parties of the fund, with exceptions including listed securities and business real property. See our articles on in specie contributions and buying assets from related parties. If the SMSF buys an asset for less than market value, the ATO says the fund receives a super contribution equal to the price difference.

When a contribution must be returned

The ATO says a trustee can only return a contribution if it can't be accepted because of the restrictions (member age, or no valid TFN), or if it was made in error and the law authorises the return. A contribution is only an error if the cash or assets were not meant for the SMSF and were deposited by mistake. It is not an error if the transfer was intentional and the contributor later changed their mind. Contributions generally can be returned if the payment was meant for someone else or the contributor thought they were legally required to pay when they weren't; they generally can't be returned if the contributor regrets it or their agent made an error in deciding to contribute.

The 30-day deadline. You have 30 days from when you become aware that you can't accept the amount, or that it was contributed in error. For an SMSF, the ATO says it considers you aware on the day you receive the contribution. If you don't return it in time, the fund can be made non-complying and can stop receiving concessional tax treatment. Contributions returned under the law of restitution don't count towards the member's cap, but where the law doesn't allow a return the fund must still report the contribution in the annual return.

Worked example

Based on the ATO's own example, simplified. Illustrative only, not personal advice.

Beatrice, 77 and retired, is both trustee and member of an SMSF. She pays a $100,000 personal member contribution into the fund. At audit months later, the auditor finds the fund didn't consider the age restriction and the amount wasn't returned within 30 days. Beatrice says she didn't see the bank statement for six months. The ATO's example says that because she is both trustee and member, the fund is considered to have been aware, and that it is not reasonable for a trustee exercising proper care to have missed the check. The trustee faces an administrative penalty of 20 units and must return the amount; the ATO may issue a rectification direction if it isn't returned. Had Beatrice's fund checked her age and the contribution rules before accepting the money, the problem would not have arisen.

Checklist before accepting a contribution

1. Is it a mandated employer contribution? If so, it can be accepted.
2. If not, check the member's age against the rules above.
3. For a member contribution, confirm you hold the member's TFN.
4. Document the type and components, and allocate within 28 days of month end.
5. If in doubt, take advice immediately: the clock for returning an unacceptable contribution starts when you receive it.

Sources

• ATO — Accepting contributions
• ATO — Returning contributions
• FirstTech — TTR strategies guide 2025-26, section 2.6