Contributions are NOT income, they are an advancement of funds which allows the superfund to invest in other assets/sources of income. The superfund is nothing more then an alternate form of Investment Company, contribution to an investment company would be capital not income.
Question, if it is income, how can it be Asset. Assets are debits and incomes are credits
If you made that contribution (deposit) to a bank, those funds wouldn’t be income to the bank but a liability as the bank will need to repay you.
Yes, any deposits to the bank account is debited (asset) and the contra has to be a credit, either a liability or income account.
The funds contributed enabled the super fund to purchase income producing assets, the funds weren’t income to purchase income.
Correct, just like a bank deposit, or purchase of debentures etc
I think the situation is, as the super fund is yours and the contributions are yours you are seeing them both as assets, but once you pass the funds to the super fund they are no longer yours directly - but an advance you have made to an independent entity who purchases shares, property etc on your behalf, but not in your name.