• Example 1 - Simple rollover of all entitlements

    Example 1 assumes there are no investment earnings, losses or administration fees. In some cases, rounding has been applied to eliminate cents and simplify the calculations.

    Tracie is a member and a trustee of an SMSF, and her account balance on 1 July 2009 is $100,000. This balance is made up of a tax-free component of $80,000 and a taxable component of $20,000.

    In September 2009, Tracie makes a non-deductible personal contribution of $5,000. In October 2009, Tracie decides to roll over the entire balance held in her SMSF to Fund TTT.

    When the rollover is made, Tracie's SMSF provides Fund TTT with an RBS reporting income tax and contributions information as follows.

    Completing the RBS when the rollover is made

    Tracie's SMSF completes item  13 'Rollover components' (which are the income tax components) as follows:

    Item 13 Rollover components

    Tax-free component


    Taxable component:

              Element taxed in the fund


              Element untaxed in the fund


    Tracie's SMSF also reports $5,000 at item 15, label B 'Personal contributions'. (This amount is also included in the total at label K.)

    Completing the annual return after the end of the financial year

    As Tracie's entire balance has been rolled over to Fund TTT, section F of the SAR is not completed for Tracie. All of the contributions made by Tracie in the 2009–10 financial year have been reported on the RBS and sent to Fund TTT with the rollover.

      Last modified: 03 Mar 2016QC 25212