When funds must report to us
When a super fund must report contributions information to us depends on the type of fund it is.
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APRA regulated funds
Australian Prudential Regulation Authority (APRA) regulated funds must report contributions and allocations to us by 31 October. They report by completing a member contributions statement (MCS).
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Self-managed super funds
A self-managed super fund (SMSF) must make a report for all your accounts each financial year. This is even if it has not received any contributions or made any allocations for you in that year.
SMSFs report contributions and allocations in the self-managed superannuation fund annual return (SAR). The SAR includes the fund's regulatory return and income tax return. It must be lodged when the fund's income tax return is due. This may be any time from 31 October to 5 June of the financial year after the contributions are received.
We calculate your contributions on the basis of fund reporting. So we may not be aware you have exceeded a super contributions cap until all the funds you belong to have reported. This may not be until the end of the next financial year.
Alternatively, we may issue you with an assessment or determination on the basis of information reported by a fund that reports early – for example, an APRA regulated fund. We may then raise an amendment when another of your funds, such as your SMSF, reports later in the year.
Example: SMSF
Rosalita is a member of an APRA regulated fund and a member of an SMSF with her husband. During the financial year, the only contributions for Rosalita were employer contributions into the APRA regulated fund.
The APRA regulated fund must report the contributions by 31 October. Even though Rosalita's SMSF account did not receive any contributions for the financial year, her SMSF must report nil contributions for her in the SAR when its income tax return is due. In Rosalita's SMSF's case, this is 15 May.
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Rollovers
If you roll over an amount from one super fund to another, the paying fund must report in a rollover benefits statement any contributions it has received so far in the financial year which are included in the rollover. It must give the Rollover benefits statement form to the payee fund. Both APRA regulated funds and SMSFs use this form.
The paying fund must also send a copy of this statement to you.
The payee fund will report in its MCS or SAR the contributions and allocations rolled over to it. The paying fund must only report contributions it received which were not rolled over.
Example: Rollover
Janey's employer contributions are being made to her employer's default super fund, ABC. Janey's employer has contributed $1,400 for her up to 31 January. On this day, Janey retires and rolls over her account balance with ABC to the ZYX fund.
When the requested amount is rolled over, the ABC fund will give a rollover benefits statement to the ZYX fund and a copy to Janey. In this example, ABC fund would report in the rollover benefits statement that the amount rolled over included $1,400 of employer contributions.
After the end of the financial year, ZYX fund will report $1,400 as Janey's employer contributions for the year. This is even though ZYX fund did not receive this amount directly from the employer.
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