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  • P Inward rollovers and transfers

    Did the SMSF receive rollovers or transfers for the member?

    No

    Leave P blank. Go to Q.

    Yes

    Read on.

    Write at P the total amount of rollovers and transfers received for the member in 2018–19 from within the Australian superannuation system.

    These rollovers and transfer amounts are shown on the Rollover benefits statement or Death benefit rollover statement that you should have received from the transferring fund. You should have received the Rollover benefits statement or Death benefit rollover statement within seven days of the member’s previous fund making the rollover or transfer payment.

    Examples of inward amounts you include at P include:

    • rollover payments received for the member from other funds where you receive a Rollover benefits statement or Death benefits rollover statement from that fund
    • amounts transferred from the member's spouse's super into the member’s account as a result of a contributions splitting arrangement (for more information, see Contributions splitting for members)
    • amounts transferred for the member because of a family law obligation (such as a super agreement or a Family Law Court order as a result of a relationship breakdown)
    • amounts transferred to the member’s account from their spouse’s account as a result of the spouse’s death (a reversionary pension or entitlement).

    These amounts are not contributions for the member that receives them into their account.

    If the SMSF can receive an inward rollover or transfer amount you must include the following at item 7 in Section A:

    • Fund's financial institution account details, and
    • Electronic service address alias (ESA).

    Do not include transfers from foreign super funds at P. Show these at:

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

    If an amount is transferred between members' accounts in your SMSF, for information about how to record the transaction, see Transfers between members within the SMSF.

    Example: How to report inward rollovers

    A large public offer super fund transferred $250,000 to SMSF P and provided a Rollover benefits statement that identified David as the recipient member and reported:

    13 Tax components:

    Taxable component:

    Element taxed in the fund: $250,000 (the net amount)

    The SMSF reports the entire $250,000 at P Inward rollovers or transfers in David's record in section F.

    If the $250,000 includes contributions that were made during 2018–19, the large public offer super fund must report this to us, as well as reporting the outward rollover amount. The SMSF does not report any of the inward rollover as a contribution at questions A to M.

    End of example
    Last modified: 03 Oct 2019QC 58668