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  • I and J Foreign superannuation fund amounts

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention
    Did the SMSF receive a transfer for the member from a foreign superannuation fund or scheme?

    No

    Leave I and J blank. Do not include a foreign superannuation fund amount at M. Go to K.

    Yes

    Read on.

    Write, as explained below, the amount of the transfer or part of the transfer at:

    • I Assessable foreign superannuation fund amount
    • J Non-assessable foreign superannuation fund amount
    • M Any other contributions.

    Write the transfer from a foreign super fund or scheme received for the member in 2018–19 at J Non-assessable foreign superannuation fund amount except any part of the transfer that:

    • exceeds the amount that was 'vested' in the member at the time of the transfer (include that part at I Assessable foreign superannuation fund amount), or
    • the member has made a written choice to include in the assessable income of the SMSF (include that part at M Any other contributions).

    The member can choose to have a transfer, or part of a transfer, included in the assessable income of the SMSF only under certain circumstances. For more information, see Tax treatment of transfers from foreign super funds.

    I Assessable foreign superannuation fund amount
    Did the SMSF receive a transfer from a foreign superannuation fund that exceeded the amount that was 'vested' in the member at the time of transfer?

    No

    Leave I blank. Go to J.

    Yes

    Read on.

    Write at I the amount transferred in 2018–19 that exceeded the amount that was 'vested' in the member at the time of transfer.

    For an example of 'an amount that is not vested in the member at the time of transfer' see Example: Transfer from a foreign super fund.

    You must include the amount you write at I Assessable foreign superannuation fund amount in the amount at F Transfers from foreign funds in section B.

    Do not include at I any part of a transfer from a foreign super fund or scheme that:

    • was 'vested' in the member at the time of transfer (write that amount at J Non-assessable foreign superannuation fund amount or at M Any other contributions)
    • the member made a written choice to include in the assessable income of the SMSF (include that amount at M Any other contributions).
    J Non-assessable foreign superannuation fund amount
    Did the SMSF receive a transfer from a foreign super fund that is not assessable income of the SMSF?

    No

    Leave J blank. Go to K.

    Yes

    Read on.

    Write at J the total amount transferred from a foreign super fund or scheme for the member in 2018–19 except any part of the transfer that is assessable income of the fund because:

    • it exceeds the amount that was 'vested' in the member at the time of the transfer (write that part at I Assessable foreign superannuation fund amount), or
    • the member has made a written choice to include that amount in the assessable income of the SMSF (write that part at M Any other contributions).

    Example: Transfer from a foreign super fund

    (All amounts are in Australian dollars.)

    David has been a resident of Australia for 2 years. David transfers his entire interest in a foreign super fund to his Australian SMSF. The amount of the transfer is $60,000 made up of:

    • $2,000 that was not 'vested' in his account at the time of the transfer (this amount is the result of the exercise of discretion by the trustee of the foreign super fund)
    • $50,000 that was the balance of his account in the foreign super fund when David became an Australian resident
    • $8,000 of earnings in the foreign super fund that was allocated to his account while David was an Australian resident and which David chose to have included in the assessable income of the SMSF.

    In David's record in section F, the SMSF reports:

    • $2,000 at I Assessable foreign superannuation fund amount
    • $50,000 at J Non-assessable foreign superannuation fund amount
    • $8,000 at M Any other contributions.

    The SMSF also reports $10,000 ($8,000 plus $2,000) at F Transfers from foreign funds in section B. If David had not chosen to have the $8,000 included in the assessable income of the SMSF, the $8,000 would have been included in David’s assessable income. It would not be included at M Any other contributions, and $58,000 would be reported at J Non-assessable foreign superannuation fund amount. $2,000 is still reported at I Assessable foreign superannuation fund amount in section F and also $2,000 at F Transfers from foreign funds in section B.

    End of example
    Last modified: 03 Oct 2019QC 58668