There is no requirement to complete Section D, item 12 – label H1 – Credit for interest on early payments – amount of interest. It was removed from the Fund income tax return for the 2022–23 income year onwards.
Interest on early payments (IEP) has now been automated for eligible early payments made from 1 July 2021. As a result, there is no longer a requirement to complete label H1 in the tax return to claim a refund of IEP.
Eligible rollover funds (ERFs) no longer exist from 31 January 2022. All ERFs should have closed by 31 January 2022 and ERFs were required to transfer remaining accounts to the ATO. This was introduced in Treasury Laws Amendment (Reuniting More Superannuation) Act 2021, No. 24, 2021External Link.Key changes and new measures affecting your clients' super funds' and rollover funds' 2023 tax returns.