• Private company dividends received by a superannuation fund – supporting information

    Here's a list of the documents and information we usually need to process a private ruling request or objection about private company dividends received by a super fund. If you provide supporting information this will reduce the time it takes us to process your request.

    If you want to apply for a private ruling about private company dividends received by a super fund, you need to:

    • complete and submit the relevant private ruling application form (for tax professionals or not for tax professionals)
    • provide the supporting information listed below.

    If you want to lodge an objection about private company dividends received by a super fund, you need to:

    • complete and submit the relevant objection form (for taxpayers or tax professionals)
    • provide the supporting information listed below.

    Note: Check first whether your question is answered on our website.

    See also:

    Supporting information

    Note: If you've previously provided us with any of the information listed below, you don't need to provide it again.

    The information we need for a private ruling or objection about private company dividends received by a super fund includes:

    Details relating to the super fund

    • whether the fund is a complying fund
    • whether the fund is a self-managed super fund
    • the date the fund was established
    • details of the trustees of the fund – name, Australian business number (ABN), and if the trustee is a company, the names of the directors
    • details of the members of the fund - name, tax file number, date of birth, and any relationship between the members and the trustees (both personal and business relationships)
    • whether the members of the fund are in accumulation phase or pension phase
    • if any member of the fund has been engaged in any capacity by the private company (for example, as an employee, director or contractor), details of the engagement, including their duties and the total remuneration received
    • details of any super contributions made by the private company, or a related party, for the benefit of a member
    • details of super contributions receive by each member including  
      • contributions for each member of the fund for each year since the year prior to the year in which the investment was made
      • whether any of these contributions were employer contributions
      • if there were employer contributions, the name of the employer and the relationship of the employer to the fund, its members, the company, and its directors and shareholders
       
    • details of how the trustee came to know about the private company and the basis on which the trustee decided it was appropriate to invest in the company, including a copy of the information or documentation considered by the trustee and a copy of the minutes of any trustee meetings relating to the investment
    • details of the source of the money used to acquire the shares in the private company
    • a copy of the fund's financial statements for the year the dividend was paid and the two prior years, including copies of each member's account details
    • a copy of the fund's investment strategy
    • the number and type of shares acquired by the fund
    • details of any members of the fund who hold shares in the private company in their own right
    • who the fund acquired the shares from, and at what cost
    • the value of the shares at the time of acquisition, including details of and any documentation on who valued the shares and on what basis
    • the rights attaching to the shares acquired – for example, voting, dividend or return of capital
    • details of the fund's other investments.

    Details relating to the private company

    • the name and ABN of the private company
    • the date of its incorporation
    • details of the company's business activities
    • a copy of the company's articles of association and incorporation
    • a copy of any shareholders' agreement
    • the names of the directors of the company and details of any relationship to members/trustees of the super fund (both personal and business relationships)
    • details of the duties of each director of the company
    • a listing of the current shareholders of the company, their respective shareholdings and the extent to which the shares are paid-up
    • details of any relationship between the various shareholders
    • details of any relationship between members/trustees of the super fund and any of the other shareholders
    • details of the shares issued by the company or sold by shareholders, including  
      • the class of shares issued or sold, and the rights attaching to those shares
      • the date the shares were issued or sold
      • who acquired the shares and how many shares they acquired
      • how much they paid for the shares
      • who sold the shares and any relationship with the purchaser of the shares
      • the value of the shares at the time of issue or sale, the basis of the valuation and who performed the valuation (provide a copy of the valuation)
      • the extent to which the shares were paid-up at the time of issue or sale and whether any calls have been made on partly paid shares
      • whether dividends paid are in proportion to the paid up value of its shares.
       

    Details relating to dividends paid by the private company

    • the date and amount of the dividend paid to the super fund, including the franked amount, unfranked amount and imputation credit
    • details of dividends paid to other shareholders at the time dividends were paid to the super fund
    • the history of dividends paid by the company
    • details of the company's dividend policy
    • the source of the money used to pay the dividend
    • a copy of the company's financial statements for the year the dividend was paid and the two years prior.

    Next steps:

      Last modified: 11 Jul 2017QC 19077