SMSF News - edition 20

Super contributions reporting

It is important to report personal contributions accurately, otherwise your member may be incorrectly assessed and will have to pay excess contributions tax.

All member contributions are 'personal contributions', even if they notify you of their intention to claim a deduction for their contribution. The Notice of intent to claim a tax deduction for super contributions from your member does not change how you report the contribution to us in the SMSF annual return - even though the income tax consequences have changed for the fund and for the member.

You must report all personal contributions at the 'Personal contributions' label in the SMSF annual return. Whether these contributions are treated as concessional or non-concessional contributions is determined by what your member is allowed as a personal super deduction in their income tax return.