How to report amounts that you rollover – SMSFs
The following guidance and examples will help you as a trustee of a self-managed super fund (SMSF) or a trustee's authorised agent to:
- make a rollover to another super fund that is not a Death benefit rollover
- provide a copy of the statement to your member within 30 days of the rollover payment
- make a rollover a super benefit that is paid to an eligible dependant beneficiary for the deceased under the regulatory rules – Death benefit rollover
- complete and lodge your Self-managed superannuation fund annual return (NAT 71226) – after the end of the financial year in which you made a rollover – in particular, sections F and G of that return
- complete and lodge the Transfer balance account report – when you rollover a member's super benefit that is in retirement phase.
Your reporting obligations
You should read the guidance and instructions below before you refer to the examples.
You must report contributions accurately after a rollover.
Penalties may apply if you make a false and misleading statement in an SMSF annual return, RBS, or DBRS by reporting your member's contributions inaccurately to another fund or to us.
You must report contributions made to your SMSF during a financial year for each member. This will allow us to calculate and pay super co-contributions for them (if eligible) and assess excess contributions tax.
You should report contributions directly to us in your Self-managed superannuation fund annual return (SAR). Unless there is a rollover, you should report these contributions after the end of the financial year.
When you roll over all or a part of a member's balance to another super fund, you must provide an RBS or a DBRS, depending upon the rollover benefit type, to the receiving fund. You will have met your requirement to provide the RBS or DBRS to the receiving super provider by sending the information electronically under the Superannuation Data and Payment Standards 2012 (the SuperStream Standard).
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Transfer balance cap reporting and rollovers
SMSFs have an obligation to lodge a transfer balance account report (TBAR) to report the debit that arises in the member's transfer balance account if they commute a retirement phase income stream before rolling over the assets.
You are encouraged to lodge your TBAR, reporting this debit to us at the same time at the time of the roll over.
If you do not and the member rolls their super benefit into an APRA-regulated fund and starts an income stream there – and the SMSF does not report this to us in a TBAR when it happens – a double-counting of the member’s income streams will occur. This is because there will be a mismatch in timing of the reporting done by the APRA-regulated fund and the SMSF.
This is likely to mean:
- we will not be able to correctly calculate the member's personal transfer balance cap
- we will issue the member with an excess transfer balance determination
The value of the debit you need to report to us on the TBAR is the value of the retirement phase income stream when it is commuted. If the SMSF member rolls over both retirement phase and accumulation phase assets, the value of the debit will be less than the total amount rolled over.
The event type you need to report on the TBAR will be member commutation. If the member's pension account is being commuted in full the account should be reported as closed.
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