Prior to opening up my SMSF I had a MLC superfund account. When I opened my SMSF I converted the MLC Investments to cash to allow for an easy rollover to my SMSF. My MLC account was then actively closed.
Yesterday I received notice from MLC that one of the investment funds that I held within this account had declared that they were undertaking an assessment on the level of fees that they had applied over the years and had now reduced the level of fees to the level of the Funds constitution.
The advice received from MLC also stated that they would keep all members informed regarding this matter once compensation had been determined.
I assume that any monies received through compensation regarding this matter would be required to be placed back into the super system as it is technically superannuation money.
If this is the case and now that I hold a SMSF there would have to be a minute written up by the Fund declaring the receipt of this money and its classification.
What type of classification would this money fall into when it is paid into the SMSF as technically it has already been a part of a previous contribution?
