• R2 Assessable personal contributions

    Show at R2 the total of assessable personal contributions.

    Personal contributions are assessable contributions of a complying superannuation fund only if the contributor has provided a valid notice stating their intent to claim a deduction for their contributions and the trustee has acknowledged receipt of the notice.

    A rollover superannuation benefit is also assessable to a fund (as a successor fund or as a continuing fund in relation to certain MySuper-related transfers) to the extent that the benefit relates to a contribution that was not covered by a valid and acknowledged deduction notice given to the transferring fund, but for which the successor fund or continuing fund holds a valid deduction notice that the trustee of the successor fund or continuing fund has acknowledged.

    The contribution or benefit is included in the income year in which it is received if the notice is received by the time the fund lodges its income tax return for that income year. Otherwise the contribution is included in the income year in which the notice is received.

    If the fund receives a notice varying the amount of a previous valid Notice of intent to claim a deduction for personal super contributions before the fund lodges its tax return for that income year, show at R2 the reduced amount of the contribution or benefit.

    If the fund receives a notice varying the amount of a previous valid notice of intent to claim a deduction for personal super contributions after it has lodged its tax return for the income year that included the contribution as assessable income it can either:

    • amend the tax return for the income year in which it included the contribution as assessable income
    • deduct an amount in the income year it received the notice varying the amount, see L Other deductions item 11.

    Other amounts that are included in the fund’s assessable income at R2 include:

    • the untaxed element, up to the untaxed plan cap amount ($1.395 million in 2015–16) of a rollover superannuation benefit (it is included in the income year in which it is received by the fund)
    • the untaxed element of the rollover superannuation benefits that are taken to be paid to a complying superannuation fund as a result of the complying superannuation fund ceasing to be a constitutionally protected fund during the income year or at the end of the previous income year.

    R2 is used to determine R Assessable contributions.

    Last modified: 15 Jul 2016QC 48112