Did the SMSF make any outward rollovers or transfers from the member's account?
No |
Leave Q blank. Go to R1. |
|---|---|
Yes |
Read on. |
Write at Q the total amount of the outward rollovers and transfers paid from the member's account (other than to a foreign recipient).
The SMSF was required to report the transfers and rollovers on a Rollover benefits statement that it gave to the receiving fund when the transfer or rollover occurred. The amount that you write at Q is the same as the total of the amounts shown at item 13 on the Rollover benefits statement.
Examples of the outward amounts you write at Q include:
- rollover payments made for the member to another fund where you provided a Rollover benefits statement to the fund
- amounts transferred out of the member’s account, to their spouse's super account, as a result of a contributions splitting arrangement (for more information, see Offering contributions splitting for members)
- amounts transferred from the member's account because of a family law obligation (such as an order by a Family Law Court)
- amounts transferred from the member’s account to their spouse's super account as a result of the member’s death (a reversionary pension or entitlement).
Example: How to report outward rollovers
James is a member and trustee of an SMSF. On 1 July 2016 James’ account balance in the SMSF was $300,000.
On 1 January 2017 James rolled over his entire interest in the SMSF to a large public offer super fund. Between 1 July 2016 and 1 January 2017:
- James's employer contributed $20,000 to the SMSF
- the SMSF deducted $3,000 from James’s account as an allowance for tax.
The SMSF transfers the $317,000 in James's account to the large public offer super fund. It also sends a Rollover benefits statement to the large public offer super fund.
On the SMSF annual return for 2016–17, the SMSF reports for James in Section G:
Opening account balance |
$300,000 |
Contributions: |
|
A Employer contributions |
$20,000 |
N Total contributions |
$20,000 |
O Allocated earnings or losses |
$3,000 L |
Other transactions |
|
Q Outward rollovers and transfers |
$317,000 |
S Closing account balance |
$0 |
End of example
Transfers between members within the SMSF
If an amount is transferred between two members in the same SMSF, include the amount of the transfer at:
- Q Outward rollovers and transfers in the record of the member that sends the transfer and
- P Inward rollovers and transfers in the record of the member that receives the transfer.
If contributions were made for a member and transferred to another member, they are reported as contributions in the record of the member for whom they were made. Do not report them as if they were contributions of the member that received the transfer.
Example: Transfer within an SMSF
Bob and Jasmine are both members of the same SMSF. As a result of a family court order, Bob transferred $100,000 to Jasmine in 2016–17. The $100,000 included $5,000 employer contributions that were made during 2016–17. In Section F of the 2016–17 SMSF annual return:
- Bob's record includes $5,000 at A Employer contributions and $100,000 at Q Outward rollovers and transfers
- Jasmine's record includes $100,000 at P Inward rollovers and transfers.