Each page in Section F and Section G is a statement of the transactions on a member's account in 2014–15. Complete a separate page in either Section F or Section G for every person that was a member of the SMSF during 2014–15.
If a member has multiple accounts, combine them so that each member has only one statement in either Section F or Section G.
Each member's opening account balance (at 1 July 2014) should equal their closing account balance in the prior year (at 30 June 2014). The closing balance (at 30 June 2015) should reflect the value of the member’s actual interest in the SMSF. The amounts that you record in Section F and Section G summarise all the transactions that affect that balance.
Section G has the same information as Section F plus two additional questions:
- the account status code box
- the date of death for deceased members.
Who do you include in Section F and who in Section G?
In Section F include anyone who was a member of the SMSF on 30 June 2015, even if the SMSF:
- paid them an income stream during 2014–15 or
- received no contributions for them during 2014–15.
In Section G include anyone who was a member of the SMSF at any time during 2014–15, but is not a member on 30 June 2015. This could include:
- deceased members (even if there was money in their account on 30 June 2015)
- former members who left the SMSF by rolling out all their benefits
- former members who left the SMSF by being paid all of their benefits as a super lump sum or the final payment of an income stream.
If the SMSF has more than four members on 30 June 2015:
it has breached superannuation law (see the self-managed superannuation fund definition)
in Section G include the members whom you cannot include in Section F due to lack of space.
Example: Deciding where to report members – Section F or Section G?
On 1 July 2014, there were four members in an SMSF: Mary, Michael, Sara and Angelo.
Mary left on 1 May 2015 when she rolled over all her entitlements to another fund.
Michael left on 27 May 2015 when he was paid out all his entitlements as a super lump sum.
Two new members, Ari and Jess, joined the SMSF on 1 June 2015. The SMSF received contributions for them in June 2015.
The SMSF must report all six members in the SMSF annual return 2015:
- Sara, Angelo, Ari and Jess were members on 30 June 2015, so they are reported in Section F.
- Mary and Michael were members for part of 2014–15 but were not members on 30 June 2015, so they are reported in Section G.
ATO use of information in section F and section G
We use the information in section F and section G to: