About these instructions
Fund income tax return instructions 2015 will help you complete the Fund income tax return 2015 (NAT 71287). The instructions also cover:
- the schedules you must complete and attach to the tax return
- record-keeping requirements.
When we refer to ‘you’ in these instructions, we are referring to you either as the trustee of the fund or as the tax agent or trustee responsible for completing the tax return. This publication is not a guide to income tax or superannuation law. Seek help from us or a registered tax adviser if this publication does not fully cover the fund's circumstances.
These instructions cover only Australian Prudential Regulation Authority (APRA) regulated and non-regulated superannuation funds and pooled superannuation trusts (PSTs) that use the Fund income tax return 2015 to meet their tax obligations. The instructions and return form may refer more generally to funds other than where more specific mention of an entity type is warranted. Where required, a separate Super member contributions statement (NAT 71334) must be lodged with us.
Self-managed superannuation funds need to meet their tax and regulatory obligations by lodging the Self-managed superannuation fund annual return 2015 (NAT 71226).
The ATO is authorised to ask for information on the Fund income tax return 2015 by the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993, the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997. We use this information to help us administer the superannuation and taxation laws and for statistical purposes. If you do not provide this information, there may be a delay in processing the fund tax return.
Where authorised by law to do so, we may give the information in the tax return to other government agencies, including assistance agencies such as the Department of Human Services, regulatory bodies such as the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority, law enforcement agencies and the Australian Bureau of Statistics.
We are authorised by the Taxation Administration Act 1953 to request tax file numbers (TFNs). We use TFNs to identify funds in our records. It is not an offence not to provide a TFN. However, if you do not provide a TFN, there may be a delay in processing the tax return.
If you have an Australian business number (ABN), we are authorised by the A New Tax System (Australian Business Number) Act 1999 and other taxation laws to collect certain information relating to your entity. We may use business details supplied on the tax return to update the information held in the Australian Business Register (ABR) in relation to your fund. This may include cancelling the ABN if your fund is no longer entitled to be registered in the ABR.
Where authorised by law, selected information on the ABR may be made publicly available and some may be passed on to other Commonwealth, state, territory and local government agencies. These agencies may use ABR information for purposes authorised by their legislation or for carrying out other functions of their agency. Examples of possible uses include registration, reporting, compliance, validation and updating of databases.
You can find details of agencies that regularly receive information from the ABR at abr.gov.auExternal Link you can phone us on 13 92 26 between 8.00am and 6.00pm Monday to Friday to have a list of the agencies sent to you.
For more information about privacy, the information we collect and how it may be used, see the ABR privacy statementExternal Link.
If you are the person authorised to sign the income tax return, we collect some personal information about you on the fund tax return such as your name and contact details. That information allows us to contact you if we require more information on what you have provided on the fund tax return.
We also provide taxpayer information to treaty partners overseas under international tax agreements with many other countries. There is more information about these treaties at International tax agreements.
GPO Box 9990
[insert the name and postcode of your capital city]
GPO Box 9990
SYDNEY NSW 2001
Publications and services
To find out how to get a publication referred to in these instructions and for information about our other services, see Publications, Tax Determinations and Rulings.
Funds must keep records, in English, in writing or electronically. The records must be in a form that we can access and understand. Generally, funds must keep all relevant records for at least five years, but this period may be longer in certain circumstances.
For more details and references, see Record keeping requirements.
Temporary budget repair levy
Various rates of tax that apply to superannuation entities have been increased in line with the temporary budget repair levy of 2% payable by some individuals for the 2014/15 to 2016/17 financial years. Rates affected include those that apply to the taxable income of non-complying superannuation funds and ADFs (45% to 47%) and the non-arm’s length component of the taxable income of a superannuation fund, ADF or PST (45% to 47%).
Completing and lodging the tax return
You must answer all questions that apply to you, or are mandatory, or require a yes or no answer.
Where a question is not mandatory and does not apply to you, leave the answer box blank.
Where a question requires a yes or no answer, print X in the relevant box.
Print neatly in BLOCK LETTERS, using a black pen.
Print one character per box and do not write outside the boxes provided.
Do not use correction fluid or tape. If you make an error on the tax return you will need to get a new tax return and start again.
You may photocopy the tax return for the fund’s records, but you must send us the original.