Example 1 – Simple rollover of all entitlements

 In some cases, rounding has been applied to eliminate cents and simplify the calculations.

Tracie is a member and a trustee of an SMSF. Her account balance on 1 July 2022 is $100,000. This balance is made up of a tax-free component of $80,000 and a taxable component of $20,000.

In September 2022, Tracie makes a non-deductible personal contribution of $5,000. In October 2022, she decides to rollover the entire balance held in her SMSF to Fund TTT.

When the rollover is made, Tracie's SMSF provides Fund TTT with a RBS message via SuperStream reporting income tax and contributions information as follows.

Completing the RBS message in SuperStream when the rollover is made

Tracie's SMSF advises the rollover components in the SuperStream message (which are the income tax components) as follows:

Rollover components

Tax-free component	$85,000
Taxable component:
Element taxed in the fund	$20,000
Element untaxed in the fund

Completing the SMSF annual return (SAR) after the end of the financial year

Prior to completing section G of the SAR, Tracie must ensure that she has all the details relating to the contributions that have been made to her SMSF during the financial year, together with the details of amounts she has rolled out of her SMSF to other funds on a RBS.

Tracie must report on the SAR, details of the contributions made in the 2022–23 financial year and the amounts rolled over.

In section G of the SAR at label B 'Personal contributions', Tracie reports $5,000.

At the same time, Tracie will need to include at section F label Q 'Outward rollovers and transfers' the amount she rolled over of $105,000.

Section G will include the following amounts

Opening account balance	$100,000
Label A – Employer contributions	Nil
Label B – Personal contributions	$5,000
Label N –Total contributions	$5,000
Label O – Allocated earnings or losses	Nil
Label P – Inward rollover amounts	Nil
Label Q – Outward rollovers and transfers	$105,000
Label R – Benefit payments and code	Nil
Label S – Closing account balance	Nil

As Tracie's entire balance has been rolled over to Fund TTT, section G of the SAR is not completed for Tracie.

Find out about  

• Example 2 – One partial rollover during the year
• Example 3 – Multiple rollovers during the year
• Example 4 – Dependent child death benefit rollover
• Example 5 – Rollover of account based pension from a SMSF to an APRA fund