Did the SMSF receive amounts transferred from foreign super funds?
No | Leave F blank. Go to H. |
Yes | Read on. |
Write at F the total of the following amounts transferred in 2020–21 from foreign super funds and schemes to a complying SMSF:
- the amount transferred that the member has made a written choice to have included in the SMSF's assessable income (under section 305-80 and subsection 295-200(2) of the ITAA 1997)
- assessable amounts transferred where the transferred amounts were in excess of what was 'vested' in the member at the time of transfer (subsection 295-200(1) of the ITAA 1997).
The amount at F should not be reduced by any loss or outgoing related to the income.
Write in the Number box the number of transfers received from foreign super funds or schemes during 2020–21 that meet the criteria above.
Other transfers from foreign super funds or schemes are not assessable income for the SMSF (although they may be assessable income that needs to be reported in the member's personal income tax return). For more information, see Tax on transfers from foreign super funds.
Transfers from foreign super funds or schemes are not exempt from income tax under the exempt current pension income rules.
Legislation
Sections 295-200 and 305-80 of the Income Tax Assessment Act 1997.
Example: Transfers from foreign funds
In 2020–21, SMSF F (a complying fund) received $100,000 from a foreign super fund for one of its members, Mei. Mei made a written choice to include $10,000 of the transfer in the SMSF's assessable income. SMSF F reports $10,000 at F Transfers from foreign funds and writes 1 in the Number box.
SMSF F does not report the remaining $90,000 at any question in Section B: Income since it is not assessable income for the SMSF (although Mei may need to report it as income on her individual tax return).
SMSF F will need to include the transfer for Mei in section F or G.
End of exampleContinue to: H Gross payments where ABN not quoted