SMSF trustees are responsible for the acceptance of member contributions. Barry is 70 years old and deposits a $140,000 cash contribution into the bank account of his SMSF on 15 June 2023. As Barry's adviser, outline his obligations as trustee with regard to the acceptance and allocation of this contribution, identifying the appropriate legislation and regulations specific to the required actions. 

Answer rating: 100% (QA)

As Barrys adviser its important to outline his obligations as a trustee of his SelfManaged Superannuation Fund SMSF regarding the acceptance and alloc... View the full answer