• Section B: Income

    This section deals with all income the fund received, or was entitled to receive, during 2015–16. Do not show cents for any amount you write at this section on the tax return.

    Is the fund a complying or non-complying fund?

    The compliance status of the fund affects how you report income and the tax rates that apply. A regulated fund is a complying superannuation fund unless APRA issues the fund with a notice of non-compliance. If the fund is a regulated superannuation fund and it has not received a notice of non-compliance, then the fund is a complying fund.

    How goods and services tax (GST) affects the tax return

    If the fund is registered or required to be registered for GST purposes, do not include GST amounts in the assessable income you show on the tax return. The deductions shown should not include any amounts that relate to input tax credit entitlements.

    If the fund is not registered and not required to be registered for GST purposes, or if it is not entitled to an input tax credit, the deductions shown are the GST-inclusive amounts that the fund incurred. Special rules apply to GST adjustments. To register for GST apply at abr.gov.auExternal Link

    Last modified: 15 Jul 2016QC 48112