The amounts to be reported at this label are worked out from the information you receive on the rollover benefits statement.
The amount is calculated by deducting rollover benefits statement label 15K from the total at rollover benefits statement label 13. You will receive the rollover benefits statement from the member's previous fund (or funds). They should send you the statement within seven days of making a rollover payment.
Examples of how to report with inward rollovers
Example 1
Josh opened an account with a large public offer super fund on 1 July 2007 into which regular employer contributions were made for him. By 1 January 2008 a total of $11,000 had been contributed, which he then rolled from that fund into his new SMSF. The fund deducted tax ($1,650) and an exit fee ($100) and so gave his SMSF $9,250 with a rollover benefits statement that reported:
Question 13 - element taxed in the fund: $9,250
Question 15(a) - employer contributed amount: $11,000
Josh's SMSF continued to receive contributions from his employer that by 30 June 2008 totalled an additional $10,000. His tax agent completed an SMSF annual return for the 2007-08 financial year that reported at section F for Josh:
(Opening account balance: nil)
Label A - employer contributions: $21,000 ($11,000 + $10,000)
Label N - total contributions: $21,000
Label O - allocated earnings, expenses, taxes or losses: $1,750 /loss ($9,250 - $11,000)
Label P - inward amounts less rolled-in contributions reported at N: nil
Label Q - outward amounts reported at question 13 on the RBS: nil
Label R - benefit payments and code: nil
Label S - closing account balance: $19,250 ($21,000 - $1,750)
Example 2
As for example 1, except that Josh's account with the large public offer super fund was not a new account and had a balance at 1 July 2007 of $100,000, made up of employer contributions made over many years. By 1 January 2008 an additional $11,000 had been contributed. He then rolled his entire balance from that fund into his SMSF. The fund deducted tax ($1,650) and an exit fee ($100) and so gave his SMSF $109,250 with a rollover benefits statement that reported:
Question 13 - element taxed in the fund: $109,250
Question 15(a) - employer contributed amount: $11,000
Josh's SMSF continued to receive contributions from his employer that by 30 June 2008 totalled an additional $10,000. His tax agent completed an SMSF annual return for the 2007-08 financial year that reported at section F for Josh:
(Opening account balance: nil)
Label A - employer contributions: $21,000 ($11,000 + $10,000)
Label N - total contributions: $21,000
Label O - allocated earnings, expenses, taxes or losses: $1,750/loss
Label P - inward amounts less rolled-in contributions reported at N: $100,000
Label Q - outward amounts reported at question 13 on the RBS: nil
Label R - benefit payments and code: nil
Label S - closing account balance: $119,250 ($21,000 - $1,750 + $100,000)
Sections within Reporting member information accurately in the SMSF annual return
Last Modified: Monday, 9 January 2012