If you could not include an amount of a transaction at the contribution questions A to M, and cannot include it at P Inward rollovers and transfers, Q Outward rollovers and transfers, R1 Lump sum payments, or R2 Income stream payment, include it at O Allocated earnings or losses.
Did the SMSF allocate any earnings, losses, taxes or expenses to the member?
Leave O blank. Go to P.
Write at O the sum of:
- all earnings allocated to this member
- expenses (including taxes) and losses allocated to this member.
If the amount at O is a loss, print L in the box to the right of the amount.
Include at O any transactions affecting the member’s closing balance that you have not included at another question in Section F or Section G. For example, the amount at O could include:
- investment earnings allocated to the member's account
- expenses allocated to the member's account
- gains and losses allocated to the member's account
- payments received for the member under an insurance policy held by the SMSF for death or disability cover
- allocations from reserves that are not included at either K Transfer from reserve: assessable amount or L Transfer from reserve: non-assessable amount. For more information, see Transfers from reserves that are not included at K or L.