Did the SMSF receive personal contributions for the member?
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No |
Leave B blank. Go to C. |
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Yes |
Read on. |
Write at B the total value of personal contributions made for the member in 2020–21, other than contributions subject to elections to exclude them from the contributions caps.
Elections that exclude personal contributions from the contributions caps are:
- the CGT small business retirement exemption (include these contributions at C CGT small business retirement exemption)
- CGT small business 15-year exemption amount (include these contributions at D CGT small business 15-year exemption amount)
- personal injury election (include these contributions at E personal injury election)
- downsizer election for contribution of the proceeds from primary residence disposal (include these contributions at H proceeds from primary residence disposal.
Include at B:
- contributions received from an employer for the member paid from the member’s after-tax income
- contributions made by the member themselves (regardless of whether they have been claimed or can be claimed by the member as a tax deduction)
- personal contributions funded by personal injury payments that are not included at E Personal injury election
- personal contributions funded by the proceeds of the sale of assets, other than those you include at
- C CGT small business retirement exemption
- D CGT small business 15-year exemption amount
- contributions received from a non-complying super fund (include all amounts received from a non-complying super fund).
Do not include at B:
- amounts excluded from the member's non-concessional contributions and which you include at
- C CGT small business retirement exemption
- D CGT small business 15-year exemption amount
- E Personal injury election
- H Proceeds from primary residence disposal
- amounts contributed for the member under salary sacrifice arrangements they have entered into (write these at A Employer contributions)
- a rollover super benefit reported at item 13 on a Rollover benefits statement which the SMSF received from another super provider (write the benefit at P Inward rollovers and transfers)
- a super lump sum from a foreign super fund or scheme (include these at I, J or M)
- contributions made by the member’s spouse or other third party contributions (include these at F or G).
If you have used a contribution reserve strategy for personal contributions similar to the strategy described in TD 2013/22 for concessional contributions:
- you must include at B any personal contributions which you received in 2020–21, even if they were not allocated to the member’s account before July 2021
- the relevant members may need to complete a Request to adjust concessional contributions form for the amount of personal contributions they are claiming as tax deduction.
Continue to: C CGT small business retirement exemption