How to report contributions that you roll over - self-managed superannuation funds
The following instructions and examples will assist you as a trustee of a self-managed super fund (SMSF) or a trustee's authorised agent to complete:
- the Rollover benefits statement (NAT 70944) – when you make a rollover to another super fund
- 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.
You should read and understand the instructions below for completing these forms before you refer to the examples:
Contributions need to be reported accurately after a rollover
Penalties may apply if you make a false and misleading statement in an SMSF annual return or RBS by reporting your member's contributions inaccurately to another fund or to us.
Information about the contributions made to your SMSF during a financial year must be reported to us for each member to allow us to calculate and pay super co-contributions for them (if eligible) and assess excess contributions tax if they apply.
You will usually report contributions after the end of the financial year directly to us in your Self-managed superannuation fund annual return (SAR), unless a rollover is involved.
If you have rolled over all or a part of a member's balance to another super fund, you need to report information about the rollover to the receiving fund on an RBS. The RBS includes details of the contributions made for the member during the financial year that were in the amount rolled over. The receiving fund, as the new holder of the contributions, then reports these contributions details to us after the end of the financial year, along with details of any further contributions made for that member to their new fund.
You must apply a 'proportioning rule' to calculate which contributions are reported on a rollover benefits statement and which are reported in your annual return. Following are practical examples of the use of the proportioning rule and are based on the method explained in Taxation Ruling TR 2010/1 Income tax: superannuation contributions, example 10, paragraphs 94–99.
- TR 2010/1 Income tax: superannuation contributions