Foreign fund transfer amounts

The assessable foreign fund amount counts towards your concessional contributions cap.

The non-assessable foreign fund amount counts towards your non-concessional contributions cap. Non-assessable in this context means that the contribution is not included in the assessable income of your Australian super fund. It does not mean that the amount cannot be assessed for excess contributions tax.

Applicable fund earnings

Your non-assessable foreign fund amount will include any applicable fund earnings component of the foreign fund transfer.

However, if you made an election to include all or part of the applicable fund earnings in your super fund's assessable income, your fund will not include the amount elected at either the Assessable foreign fund amount or Non-assessable foreign fund amount labels.

Therefore, the applicable fund earnings amount elected will not count towards either your concessional or non-concessional contributions caps. The applicable fund earnings amount you elected will be reported at the Any other contributions label for an SMSF, and in your Total contributions label for all funds.

See also:

• Tax treatment of transfers from foreign super funds