ATO flags audit requirements for accepting downsizer contributions
The ATO has flagged the need for sufficient and appropriate audit evidence when supporting the acceptance of downsizer contributions in SMSFs.
From 1 July 2018, members of SMSFs aged 65 years or older can make downsizer contributions into their fund of up to $300,000 from the proceeds of selling their main residence, provided certain eligibility requirements are met.
Read more at the SMSF Adviser.
