• R2 Assessable personal contributions

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    Show at R2 the total of assessable personal contributions.

    Personal contributions are assessable contributions only if the contributor has provided a valid notice stating their intent to claim a deduction for their contributions and the trustee has acknowledged receipt of the notice.

    A rollover superannuation benefit is also assessable to a fund (as a successor fund) to the extent that the benefit relates to a contribution for which the successor fund holds a valid notice that the trustee of the successor fund has acknowledged.

    The contribution or benefit is included in the income year in which it is received if the notice is received by the time the fund lodges its income tax return for that income year. Otherwise it is included in the income year in which the notice is received.

    Other personal contributions that are included in the fund’s assessable income include:

    • the untaxed element of a rollover superannuation benefit that a member is taken to receive under section 307-15 of the ITAA 1997, to the extent that it is not an excess untaxed rollover amount (an amount will be an excess untaxed rollover amount if it exceeds $1.255 million). It is included in the income year in which it is received by the fund.
    • the untaxed element of rollover superannuation benefits of a complying superannuation fund that arose as a result of the complying superannuation fund ceasing to be a constitutionally protected fund during the income year or at the end of the previous income year

    R2 is used to determine R Assessable contributions.

    Last modified: 02 Jun 2014QC 35420