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  • O Allocated earnings or losses

    If you could not include an amount of a transaction at the contribution questions A to M, and cannot include it at P Inward rollovers and transfers, Q Outward rollovers and transfers, R1 Lump sum payments, or R2 Income stream payment, include it at O Allocated earnings or losses.

    Did the SMSF allocate any earnings, losses, taxes or expenses to the member?

    No

    Leave O blank. Go to P.

    Yes

    Read on.

    Write at O the sum of:

    • all earnings allocated to this member

    less

    • expenses (including taxes) and losses allocated to this member.

    If the amount at O is a loss, print L in the box to the right of the amount.

    Include at O any transactions affecting the member’s closing balance that you have not included at another question in Section F or Section G. For example, the amount at O could include:

    • investment earnings allocated to the member's account
    • expenses allocated to the member's account
    • gains and losses allocated to the member's account
    • payments received for the member under an insurance policy held by the SMSF for death or disability cover
    • allocations from reserves that are not included at either K Transfer from reserve: assessable amount or L Transfer from reserve: non-assessable amount. For more information, see Transfers from reserves that are not included at K or L.
    Last modified: 19 Feb 2018QC 51269