How to complete Section F and G
Each page in section F and section G is a statement of the transactions on a member's account in 2021–22. Complete a separate page in either section F or section G for every person that was a member of the SMSF during 2021–22.
If a member has multiple accounts, combine them so that each member has only one statement in either section F or section G.
Each member's opening account balance (at 1 July 2021) should equal their closing account balance in the prior year (at 30 June 2021). The closing balance (at 30 June 2022) should reflect the value of the member’s actual interest in the SMSF. The amounts that you record in section F and section G summarise all the transactions that affect that balance.
Section G has the same information as section F plus two additional questions:
- the account status code box
- the date of death for deceased members.
Who do you include in section F and section G?
In section F, include anyone who was a member of the SMSF on 30 June 2021, even if the SMSF:
- paid them an income stream during 2021–22, or
- received no contributions for them during 2021–22.
The total of the amounts you show at S1, S2 and S3 must equal the Closing account balance at S.
For retirement phase accounts:
- S2 is the closing account balance of non-capped defined benefit income streams (NCDBIS) such as account based pensions and annuities
- S3 is the closing account balance of capped defined benefit income streams (CDBIS) such as lifetime pensions and annuities and life expectancy pensions and annuities.
Complete a Transfer balance account report (TBAR) if a SMSF member had a transfer balance account event such as:
- taking a lump sum payment from their retirement phase account
- starting a new retirement phase superannuation income stream
- commuting and rolling over a retirement phase superannuation income stream to another superannuation fund.
For more information on the events you need to report, see what and when to report.
In section G, include anyone who was a member of the SMSF at any time during 2021–22, but is not a member on 30 June 2022. This could include:
- deceased members (even if there was money in their account on 30 June 2022)
- former members who left the SMSF by rolling out all their benefits
- former members who left the SMSF by being paid all of their benefits as a super lump sum or the final payment of an income stream.
If the SMSF has more than six members on 30 June 2022:
- the SMSF has breached superannuation law (see the self-managed superannuation fund definition)
- include in section G the members whom you cannot include in section F due to lack of space.
Example: Deciding where to report members – section F or section G?
On 1 July 2021, there were four members in an SMSF: Mary, Michael, Sara and Angelo.
Mary left on 1 May 2022 when she rolled over all her entitlements to another fund.
Michael left on 27 May 2022 when he was paid out all his entitlements as a super lump sum.
Two new members, Ari and Jess, joined the SMSF on 1 June 2022. The SMSF received contributions for them in June 2022.
The SMSF must report all six members in the SMSF annual return 2022:
- Sara, Angelo, Ari and Jess were members on 30 June 2022, so they are reported in section F.
- Ari and Jess had received employer contributions from a non-related employer in 2021–22, the SMSF financial institution details and ESA alias are reported in section A.
- Mary and Michael were members for part of 2021–22 but were not members on 30 June 2022, so they are reported in section G.
Our use of information in section F and section G
We use the information in section F and section G to:
- determine members' entitlements to the super co-contribution and Government super contributions
- make a determination or assessment of excess contributions for members
- assess Division 293 tax for members
- check superannuation guarantee compliance of employers.
We do not use the information in section F and G to update other SMSF records. Complete a Change of details form, NAT 3036, to update all other records.
Member detail questions (name, TFN, date of birth)
Print X in the appropriate box for the member's title, or print a different title using the boxes at Other.
Print the member's:
- family name
- first given name
- other given names
- tax file number (TFN)
- date of birth.
The Taxation Administration Act 1953 authorises us to request the member’s TFN. We will use the TFN to identify the member in our records. It is not an offence not to provide the TFN. However, if you do not provide the TFN, there may be a delay in processing the SMSF annual return. For more information, see Your privacy.
Make sure you write the member’s TFN, not the SMSF's TFN or a tax agent number (TAN) which also are nine digit numbers.
For members reported in section G, you also:
- write the date of death, if the member died during 2021–22
- print the account status code (from Table 10: Account status codes) in the Account status code box.
|
Code |
Account status |
|---|---|
|
O |
The member’s account was open on 30 June 2022, and the SMSF will accept payments from us. |
|
C |
The former member’s account was closed at 30 June 2022, and the SMSF will not accept payments from us. |
Example: Reporting account status
On 1 July 2021, an SMSF had four members: Mark, his two daughters and a son-in-law.
Mark was retired and received a pension from the SMSF. Mark died in June 2022. The SMSF ceased pension payments but, by 30 June 2022, had not paid Mark's remaining interest in the SMSF as death benefits.
In the SMSF annual return, Mark’s contribution information and account balance are reported at section G with account status code O. All other members’ information is reported at section F.
End of exampleContributions questions
In this section, complete labels:
- Opening account balance
- Contributions
- A Employer contributions
- A1 ABN of principal employer
- B Personal contributions
- C CGT small business retirement exemption
- D CGT small business 15-year exemption amount
- E Personal injury election
- F Spouse and child contributions
- G Other third party contributions
- H Proceeds from primary residence disposalExternal Link
- H1 Receipt date
- I and J Foreign superannuation fund amounts
- I Assessable foreign superannuation fund amount
- J Non-assessable foreign superannuation fund amount
- K and L Transfers from reserves
- K Transfer from reserve: assessable amount
- L Transfer from reserve: non-assessable amount
- T Contributions from non-complying funds and previously non-complying funds
- M Any other contributions
- N Total contributions
Opening account balance
Write the member’s opening account balance at 1 July 2021.
The opening account balance is:
- the 2020–21 closing account balance, or
- zero if the member joined the fund in 2021–22.
Contributions
Print at A to M the gross total of the contributions received by the SMSF in 2021–22 for each member.
Do not reduce the amount that you write at A to M by (for example) allowances for taxes and fees.
Include contributions that the SMSF received in 2021–22 even if:
- some or all of those contributions had been
- transferred or rolled over to another fund in 2021–22
- paid to the member as a super lump sum or income stream in 2021–22
- the SMSF was wound up in 2021–22.
Do not include amounts credited to accounts but not yet received by 30 June 2022. Declare all amounts received after 30 June 2022 in the annual return for the year in which the SMSF actually received the contribution.
If you received a contribution in one financial year and chose not to allocate it until the following financial year, there are reporting requirements for both trustees and members in relation to the cap on excess concessional contributions. Before completing your annual return, see Request to adjust concessional contributions.
You must write contributions amounts at the correct questions so we can determine your members' eligibility for super co-contributions or low income super amounts, and accurately determine your member's excess concessional contributions, excess non-concessional contributions and liability for Division 293 tax. The contributions and related questions in section F and section G are:
For more information, see TR 2010/1 Income tax: superannuation contributions.
A Employer contributions
Employer contributions include:
- contributions made by an employer for an employee (including contributions made under a salary sacrifice arrangement or to meet the employer's obligations under the super guarantee, awards, agreements or other obligations)
- super guarantee charge shortfall amounts
- employer contributions transferred from our (the ATO's) super holding accounts special account (SHA special account).
Did the SMSF receive employer contributions for the member?
|
No |
Leave A blank. Go to B. |
|
Yes |
Read on. |
Complete A and A1.
Write at A the total value of employer contributions made for the member in 2021–22. Do not include:
- contributions made by the member, even where the member has given the SMSF a Notice of intent to claim or vary a deduction for personal super contributions. That applies to the contribution and the SMSF has acknowledged it (include these at B Personal contributions)
- contributions that the member asked their employer to deduct from their after-tax income (include these at B Personal contributions)
- employment termination payments received from an employer (include these at B Personal contributions).
If you have used a contribution reserve strategy for concessional contributions as described in TD 2013/22:
- employer contributions which were received in 2021–22 must be included at A even if they were not allocated to the member’s account before 1 July 2021
- the relevant members may need to complete Request to adjust concessional contributions
- if a member received employer contributions and part or all of the contributions were made by a non-related employer, you must include the following at item 7 in section A
- Fund's financial institution account details, and
- Electronic service address alias (ESA).
Members with a defined benefit interest
If the member has a defined benefit interest in the SMSF, include at A their notional taxed contributions.
The notional taxed contributions are generally the amount of the assessable contributions which the trustee has allocated to the member’s defined benefit interest during the financial year. See Regulation 292–170.03 of the Income Tax Assessment Regulations 1997.
If a member has both a defined benefit interest and an accumulation interest in the SMSF, include at A:
- the sum of the notional taxed contributions, and
- any employer contributions made to their accumulation account.
For more information, see Super contributions – defined benefit funds and constitutionally protected funds.
A1 ABN of principal employer
Write at A1 the Australian business number (ABN) of the employer who made contributions to the member’s account.
If more than one employer contributed to the member’s account, write the ABN of the employer that contributed the largest amount in 2021–22.
B Personal contributions
Did the SMSF receive personal contributions for the member?
|
No |
Leave B blank. Go to C. |
|
Yes |
Read on. |
Write at B the total value of personal contributions made for the member in 2021–22, 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).
Contributions by the member under the re-contribution of COVID-19 early release amounts where the member:
- completed a Notice of re-contribution of COVID-19 early release amounts form, and
- gave the notice to the fund when, or before, the contribution was made.
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 2021–22, even if they were not allocated to the member’s account before July 2022
- 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.
C CGT small business retirement exemption
Did the SMSF receive personal contributions for the member that the member elected to exclude from their non-concessional contributions with a CGT small business retirement exemption?
|
No |
Leave C blank. Go to D. |
|
Yes |
Read on. |
Write at C the total value of personal contributions made by the member in 2021–22 that the member elected to exclude from their non-concessional contributions with a CGT small business retirement exemption.
To include an amount at C the SMSF must have received a valid Capital gains tax cap election from the member.
The CGT cap election is valid if:
- the member gave it to the SMSF on or before the date the contribution was made, and
- the SMSF has not been advised or become aware that the cap election is no longer valid or applicable.
The exemption from being a non-concessional contribution is not effective if the member made the CGT cap election after making the contribution.
There are two limits that affect the amount you include at C:
- The CGT small business retirement exemption lifetime limit – a member cannot elect to apply a CGT small business retirement exemption to more than $500,000 during their lifetime.
- The CGT cap – this cap limits the amount of exemptions that a member can claim through a CGT cap election during their lifetime. The amounts at C CGT small business retirement exemption and D CGT small business 15-year exemption both apply to the CGT cap. The CGT cap is indexed annually. In 2021–22 the lifetime limit for the CGT cap is $1,565,000.
Do not include amounts at C:
- if you are aware that a CGT cap election is not valid or that the election is not applicable (include these at B Personal contributions)
- that are in excess of the CGT small business retirement exemption lifetime limit or the CGT cap (include these at B Personal contributions).
If you become aware that a CGT cap election is not valid or applicable after you have lodged the SMSF annual return, you must lodge an amended annual return.
For more information, see:
D CGT small business 15-year exemption amount
Did the SMSF receive personal contributions for the member that the member elected to exclude from their non-concessional contributions with a CGT small business 15-year exemption amount?
|
No |
Leave D blank. Go to E. |
|
Yes |
Read on. |
Write at D the total value of personal contributions made by the member in 2021–22 that the member elected to exclude from their non-concessional contributions with a CGT small business 15-year exemption amount.
You can include a member's personal contribution at D if it either:
- qualifies for the small business 15-year exemption, or
- would qualify for the small business 15-year exemption but for the fact that
- the asset was a pre-CGT asset, or
- there was no capital gain, or
- the 15-year holding period was not met because of the permanent incapacity of the person (or of a significant individual of a company or trust).
To write an amount at D the SMSF must have received a valid Capital gains tax cap election from the member.
The CGT cap election is valid if:
- the member gave it to the SMSF on or before the date the contribution was made, and
- the SMSF has not been advised or become aware that the CGT cap election is no longer valid or applicable.
The exemption from being a non-concessional contribution is not effective if the member made the CGT cap election after making the contribution.
The amount that you include at D may be limited by the CGT cap. This cap limits the amount of exemptions that a member can claim through a CGT cap election during their lifetime. The amounts at C CGT small business retirement exemption and D CGT small business 15-year exemption both apply to the CGT cap. The CGT cap is indexed annually. In 2021–22 the lifetime limit for the CGT cap is $1,565,000.
Do not include amounts at D:
- if you are aware that a CGT cap election is not valid or that the election is not applicable (include these at B Personal contributions)
- that are in excess of the CGT cap (include these at B Personal contributions).
If you become aware that a CGT cap election is not valid or applicable after you have lodged the SMSF annual return, you must lodge an amended annual return.
For more information, see:
E Personal injury election
Did the SMSF receive personal contributions for the member funded by personal injury payments and where the member has elected to exclude the contributions from their non-concessional contributions?
|
No |
Leave E blank. Go to F. |
|
Yes |
Read on. |
Write at E the total value of all personal contributions made by the member in 2021–22 that were funded by eligible personal injury payments, and where the member has elected that the contributions be excluded from their non-concessional contributions.
Eligible personal injury payments are either of the following:
- a payment made under a written settlement agreement regarding a claim for damages for personal injury or a court order for such a claim
- a workers compensation payment taken as a lump sum.
To write an amount at E, the SMSF must have received a valid Contributions for personal injury election from the member or the member's legal personal representative. For information about making this election, see Contributions for personal injury.
Do not include at E:
- personal injury amounts the SMSF received before the member made a valid Contributions for personal injury election (include these at B Personal contributions)
- any part of a payment that is not compensation or damages for personal injury (include these at B Personal contributions)
- a personal injury amount which the member did not elect to exclude from their non-concessional contributions (include these at B Personal contributions)
- a personal injury amount that was not contributed to the SMSF within 90 days, or such longer period the Commissioner allows, of whichever of the following events occurs last (in each case include the amount at B Personal contributions)
- the day on which the member received the personal injury payment
- the day on which the agreement for settlement of a personal injury payment was entered into
- the day on which a court order for the personal injury payment was made.
For more information, see Contributions for personal injury.
F Spouse and child contributions
Did the SMSF receive spouse or child contributions for the member?
|
No |
Leave F blank. Go to G. |
|
Yes |
Read on. |
Write at F the total value of the following contributions made for the member in 2021–22:
- contributions made by the member’s spouse
- contributions made by parents, relatives or others on behalf of a member who is under 18 years old (excluding those made by (or on behalf of) the member’s employer).
Do not include at F:
- contributions made by a parent for their child who is 18 years old or older (include these at G Other third party contributions)
- contributions made by a former spouse when the couple have separated and are now living apart on a permanent basis (include these at G Other third party contributions)
- contributions made by a member who is under 18 years old (include these at B Personal contributions)
- contributions made by (or on behalf of) a member's employer (include these at A Employer contributions)
- amounts transferred from a member's spouse's super for the member as a result of a contributions splitting arrangement. These amounts are super contributions for the person that split their contributions and not super contributions for the member that received the transferred amount into their super as a result of the contributions split. Include these transferred amounts at P Inward rollovers and transfers. For more information, see Contributions splitting.
G Other third party contributions
Did the SMSF receive other third party contributions for the member?
|
No |
Leave G blank. Go to H. |
|
Yes |
Read on. |
Write at G the total value of all of the following third-party contributions the SMSF received for the member in 2021–22:
- contributions made by the member’s former spouse
- contributions made by the member's current spouse who is now living separately and apart from the member on a permanent basis
- contributions made by any other person (excluding the member's employer) seeking to benefit the member where the member is 18 years of age or over
- contributions made by another third party contributor acting under an obligation to contribute for the member, for example
- an insurance company where the member’s policy provides for payment of super contributions in the event of sickness or incapacity
- a government agency making a super contribution under a scheme to compensate injured or incapacitated workers (such as WorkCover Victoria)
- the ATO or other government agency required to compensate the member through super contributions for errors in their administration of the law
- a deceased estate where the entitlement is only to a super contribution (the member cannot direct that their share in the estate be paid to them personally).
Do not include at G:
- contributions that you must include at another contribution question A to M
- contributions made for a member who is under 18 years old (include these at F Spouse and child contributions or A Employer contributions).
H Proceeds from primary residence disposal
Downsizer contributions are contributions made by a member who:
- is aged 65 years old or older when the contribution is made to the superannuation fund
- has signed a contract to sell their dwelling on or after 1 July 2018 if the dwelling sold was owned by only one spouse, the spouse who does not hold an ownership interest may also make a downsizer contribution, or have one made on their behalf, provided they meet all the eligibility requirements
- has provided the trustee of the SMSF with the Downsizer contribution into super form either before or at the time they make their contribution
- has not previously made a downsizer contribution to super from the sale of another dwelling
- meets all the other eligibility requirements (see Downsizing contributions into superannuation).
Did the SMSF receive downsizer contributions for the member?
|
No |
Leave H and H1 blank. Go to I and J. |
|
Yes |
Read on. |
Write at H the total value of all downsizer contributions made by the member in 2021–22.
The member can make multiple contributions from the proceeds of a single sale of a dwelling.
The downsizer contribution amount cannot be greater than the member’s share of the capital proceeds of the sale of their dwelling, up to a maximum (individual) limit of $300,000.
Example: Maximum amount of a downsizer contribution
In 2022 Rupert and Denise (joint tenants) sell their home for $500,000. The capital proceeds for the disposal of their interests are $250,000 each. The home is sold under a single contract.
Rupert and Denise are both eligible to make downsizer contributions. They are able to access the capital proceeds from each other’s ownership interests to determine the maximum contribution they can each make.
Rupert and Denise can choose how to allocate the total available contribution amount, as long as neither individual contributes more than $300,000 in total, and the sum of their respective contributions does not exceed the capital proceeds of $500,000.
They choose to make a $300,000 contribution to Denise’s superannuation and a $200,000 contribution to Rupert’s superannuation.
End of exampleH1 Receipt date
Write at H1 the date the downsizer contribution was received by the fund.
Downsizer contributions must be made within 90 days of the change in ownership of the dwelling (usually the date of settlement).
If multiple downsizer contributions were made by the member, use the date the last contribution was received by the fund.
I and J Foreign superannuation fund amounts
Did the SMSF receive a transfer for the member from a foreign superannuation fund or scheme?
|
No |
Leave I and J blank. Do not include a foreign super fund amount at M. Go to K. |
|
Yes |
Read on. |
Write, as explained below, the amount of the transfer or part of the transfer at:
- I Assessable foreign superannuation fund amount
- J Non-assessable foreign superannuation fund amount
- M Any other contributions.
Write the transfer from a foreign super fund or scheme received for the member in 2021–22 at J Non-assessable foreign superannuation fund amount except any part of the transfer that:
- exceeds the amount that was 'vested' in the member at the time of the transfer (include that part at I Assessable foreign superannuation fund amount), or
- the member has made a written choice to include in the assessable income of the SMSF (include that part at M Any other contributions).
The member can choose to have a transfer, or part of a transfer, included in the assessable income of the SMSF only under certain circumstances. For more information, see Tax treatment of transfers from foreign super funds.
I Assessable foreign superannuation fund amount
Did the SMSF receive a transfer from a foreign superannuation fund that exceeded the amount that was 'vested' in the member at the time of transfer?
|
No |
Leave I blank. Go to J. |
|
Yes |
Read on. |
Write at I the amount transferred in 2021–22 that exceeded the amount that was 'vested' in the member at the time of transfer.
For an example of 'an amount that is not vested in the member at the time of transfer' see Example: Transfer from a foreign super fund.
You must include the amount you write at I Assessable foreign superannuation fund amount in the amount at F Transfers from foreign funds in section B.
Do not include at I any part of a transfer from a foreign super fund or scheme that:
- was 'vested' in the member at the time of transfer (write that amount at J Non-assessable foreign superannuation fund amount or at M Any other contributions)
- the member made a written choice to include in the assessable income of the SMSF (include that amount at M Any other contributions).
J Non-assessable foreign superannuation fund amount
Did the SMSF receive a transfer from a foreign super fund that is not assessable income of the SMSF?
|
No |
Leave J blank. Go to K. |
|
Yes |
Read on. |
Write at J the total amount transferred from a foreign super fund or scheme for the member in 2021–22 except any part of the transfer that is assessable income of the fund because:
- it exceeds the amount that was 'vested' in the member at the time of the transfer (write that part at I Assessable foreign superannuation fund amount), or
- the member has made a written choice to include that amount in the assessable income of the SMSF (write that part at M Any other contributions).
Example: Transfer from a foreign super fund
(All amounts are in Australian dollars).
David has been a resident of Australia for 2 years. David transfers his entire interest in a foreign super fund to his Australian SMSF. The amount of the transfer is $60,000 made up of:
- $2,000 that was not 'vested' in his account at the time of the transfer (this amount is the result of the exercise of discretion by the trustee of the foreign super fund)
- $50,000 that was the balance of his account in the foreign super fund when David became an Australian resident
- $8,000 of earnings in the foreign super fund that was allocated to his account while David was an Australian resident and which David chose to have included in the assessable income of the SMSF.
In David's record in section F, the SMSF reports:
- $2,000 at I Assessable foreign superannuation fund amount
- $50,000 at J Non-assessable foreign superannuation fund amount
- $8,000 at M Any other contributions.
The SMSF also reports $10,000 ($8,000 plus $2,000) at F Transfers from foreign funds in section B. If David had not chosen to have the $8,000 included in the assessable income of the SMSF, the $8,000 would have been included in David’s assessable income. It would not be included at M Any other contributions, and $58,000 would be reported at J Non-assessable foreign superannuation fund amount. $2,000 is still reported at I Assessable foreign superannuation fund amount in section F and also $2,000 at F Transfers from foreign funds in section B.
End of exampleK and L Transfers from reserves
Did the SMSF transfer any amounts to the member's account from the SMSF's reserves?
|
No |
Leave K and L blank. Do not include a transfer from reserve for the member at O. Go to T. |
|
Yes |
Read on. |
Write the amount the SMSF transferred in 2021–22 from a reserve to the member's account at:
- K Transfer from reserve: assessable amount
- L Transfers from reserve: non-assessable amount
- O Allocated earnings or losses.
Read on for information about how to complete these items.
Legislation
Regulations 291-25.01 and 292-90.01 of the Income Tax Assessment Regulations 1997.
K Transfer from reserve: assessable amount
Did the SMSF allocate an amount to the member's account where the amount:
- is an assessable contribution of the SMSF not included at another question
- was allocated from a reserve and would be assessable income if the amount was made as a contribution, or
- was allocated from a reserve and is not excluded from being a concessional contribution?
|
No |
Leave K blank. Go to L. |
|
Yes |
Read on. |
Write at K the total of the assessable amounts allocated in 2021–22 from the SMSF's reserves to the member's account.
In some cases, the amount you write at K is greater than the amount actually allocated to the member’s account. Where the amount was allocated to the member’s account from a reserve instead of an employer making a contribution to the SMSF, multiply the amount that was transferred from the reserve by 1.176 to include the 15% tax that the SMSF would have paid if the employer had actually made a contribution to the SMSF for the member. Write at K this grossed-up amount rather than the amount that was transferred from the reserve.
The amount at K is included in the member's concessional contributions.
If you have used a contribution reserve strategy for concessional contributions as described in TD 2013/22 then do not include at K the contributions received by the SMSF in 2021–22 and allocated to the member’s account in the following financial year (instead include those contributions at either A Employer contributions or B Personal contributions).
Example: Grossing up a transfer from reserve: assessable amount
An employer has an obligation to make a $1,000 super contribution for the member.
Instead of the employer making the $1,000 contribution to the SMSF, the SMSF trustee allocates $850 to the member’s account from a reserve. The $850 takes into account that 15% tax is payable on a $1,000 employer contribution to super.
The trustee writes $999.60 (that is, $850 × 1.176) at K.
End of exampleL Transfer from reserve: non-assessable amount
Did the SMSF allocate an amount to the member's account where the amount is:
- not assessable contributions of the SMSF and not included at another question, and
- not an amount that should be included at O Allocated earnings or losses (see information at Transfers from reserves that are not included at K or L)?
|
No |
Leave L blank. Go to T. |
|
Yes |
Read on. |
Write at L the non-assessable amount allocated from the SMSF's reserves to the member's account (other than amounts included at O Allocated earnings or losses).
The amount written at L is included in the member's non-concessional contributions.
Transfers from reserves that are not included at K or L
Generally, all allocations from reserves are reported as either assessable or non-assessable amounts, but certain exceptions apply and these amounts are reported at O Allocated earnings or losses. For example, the following allocations from reserves are included at O Allocated earnings or losses:
- amounts allocated to all members, or to a class of members to which the reserve relates, on a fair and reasonable basis, and the amount allocated for 2021–22 is less than 5% of the value of the members' interest
- amounts allocated for the sole purpose of discharging super income stream liabilities that are currently payable
- allocations following the commutation of a pension, where the amount in the reserve is allocated to an individual as a result of the death of the primary beneficiary of the pension, and it is used to support another income stream for that individual.
T Contributions from non-complying funds and previously non-complying funds
Was the SMSF non-complying in 2020–21 and its status changed to complying at the beginning of 2021–22?
|
No |
Leave T blank. Go to M. |
|
Yes |
Read on. |
Write at T the total amount of contributions received for the member where those contributions:
- were made on or after 10 May 2006, and when the SMSF was non-complying, and
- haven’t previously been reported at this question in an earlier year.
Do not include the contributions you write at T in the member’s ‘Opening account balance’.
Do not include at T contributions made in 2021–22 when the SMSF was complying. Include these amounts at A to M.
M Any other contributions
Did the SMSF receive any other contributions for the member (including super co-contributions and low income super amounts) that are not included at questions A to T?
|
No |
Leave M blank. Go to N. |
|
Yes |
Read on. |
Write at M the total value of other contributions received for the member in 2021–22 that you have not included at questions A to T.
Include at M:
- super co-contributions and low income super amounts paid to the SMSF for the benefit of the member by us (including where they are transferred by us to the SMSF from the Superannuation Holding Account (SHA) special account)
- any amount transferred from a foreign super fund or scheme that the member has chosen to have included in the SMSF’s assessable income (see Tax treatment of transfers from foreign super funds).
- If a member has received any other contributions (including super co-contributions and low income superannuation amounts), you must include the following at item 7 in Section A
- fund's financial institution account details, and
- electronic service address alias (ESA).
Do not include at M:
- Amounts transferred from the member's spouse's super as a result of a contributions splitting arrangement. These amounts are super contributions for the person that split their contributions and not super contributions for the member that received the transferred amount into their super as a result of the contributions split. Include these transferred amounts at P Inward rollovers and transfers.
For more information, see Contributions splitting for members.
N Total contributions
Did you write any contributions at A to M above for this member?
|
No |
Write 0 (zero) at N. Go to Other transactions questions. |
|
Yes |
Read on. |
Write at N the total of all the contributions for this member that you wrote at A to M:
- A Employer contributions
- B Personal contributions
- C CGT small business retirement exemption
- D CGT small business 15-year exemption amount
- E Personal injury election
- F Spouse and child contributions
- G Other third party contributions
- H Proceeds from primary residence disposal
- I Assessable foreign superannuation fund amount
- J Non-assessable foreign superannuation fund amount
- K Transfer from reserve: assessable amount
- L Transfers from reserve: non-assessable amount
- T Contributions from non-complying funds and previously non-complying funds
- M Any other contributions.
Other contribution transactions
At O to R2, show transactions for the member in 2021–22 that were not contributions included at questions A to M:
- O Allocated earnings or losses
- P Inward rollovers and transfers
- Q Outward rollovers and transfers
- R1 Lump sum payments
- R2 Income stream payments.
O Allocated earnings or losses
If you could not include an amount of a transaction at the contribution questions A to M, and cannot include it at P Inward rollovers and transfers, Q Outward rollovers and transfers, R1 Lump sum payments, or R2 Income stream payments, include it at O Allocated earnings or losses.
Did the SMSF allocate any earnings, losses, taxes or expenses to the member?
|
No |
Leave O blank. Go to P. |
|
Yes |
Read on. |
Write at O the sum of:
- all earnings allocated to this member
less
- expenses (including taxes) and losses allocated to this member.
If the amount at O is a loss, print L in the box to the right of the amount.
Include at O any transactions affecting the member’s closing balance that you have not included at another question in section F or section G. For example, the amount at O could include:
- investment earnings allocated to the member's account
- expenses allocated to the member's account
- gains and losses allocated to the member's account
- payments received for the member under an insurance policy held by the SMSF for death or disability cover
- allocations from reserves that are not included at either K Transfer from reserve: assessable amount or L Transfer from reserve: non-assessable amount. For more information, see Transfers from reserves that are not included at K or L.
P Inward rollovers and transfers
Did the SMSF receive rollovers or transfers for the member?
|
No |
Leave P blank. Go to Q. |
|
Yes |
Read on. |
Write at P the total amount of rollovers and transfers received for the member in 2021–22 from within the Australian superannuation system.
These rollovers and transfer amounts are shown on the Rollover benefits statement or Death benefit rollover statement that you should have received from the transferring fund. You should have received the Rollover benefits statement or Death benefit rollover statement within seven days of the member’s previous fund making the rollover or transfer payment.
Examples of inward amounts you include at P include:
- rollover payments received for the member from other funds where you receive a Rollover benefits statement or Death benefits rollover statement from that fund
- amounts transferred from the member's spouse's super into the member’s account as a result of a contributions splitting arrangement (for more information, see Contributions splitting for members)
- amounts transferred for the member because of a family law obligation (such as a super agreement or a Family Law Court order as a result of a relationship breakdown)
- amounts transferred to the member’s account from their spouse’s account as a result of the spouse’s death (a reversionary pension or entitlement).
These amounts are not contributions for the member that receives them into their account.
If the SMSF can receive an inward rollover or transfer amount you must include the following at item 7 in Section A:
- fund's financial institution account details, and
- electronic service address alias (ESA).
Do not include transfers from foreign super funds at P. Show these at:
- I Assessable foreign superannuation fund amount
- J Non-assessable foreign superannuation fund amount, or
- M Any other contributions.
If an amount is transferred between members' accounts in your SMSF, for information about how to record the transaction, see Transfers between members within the SMSF.
Example: How to report inward rollovers
A large public offer super fund transferred $250,000 to SMSF P and provided a Rollover benefits statement that identified David as the recipient member and reported:
- 13 Tax components:
- Taxable component:
- Element taxed in the fund: $250,000 (the net amount)
The SMSF reports the entire $250,000 at P Inward rollovers or transfers in David's record in section F.
If the $250,000 includes contributions that were made during 2021–22, the large public offer super fund must report this to us, as well as reporting the outward rollover amount. The SMSF does not report any of the inward rollover as a contribution at questions A to M.
End of exampleQ Outward rollovers and transfers
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 or Death benefit rollover 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 or Death benefits rollover 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 or Death benefits rollover 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 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 2021 James’ account balance in the SMSF was $300,000.
On 1 January 2022 James rolled over his entire interest in the SMSF to a large public offer super fund. Between 1 July 2021 and 1 January 2022:
- 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 2021–22, 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 2021–22. The $100,000 included $5,000 employer contributions that were made during 2021–22. In section F of the 2021–22 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.
R1 Lump sum payments
Did the SMSF pay any super lump sums for the member?
|
No |
Leave R1 blank. Go to R2. |
|
Yes |
Read on. |
Write at R1 the total amount of super lump sum benefits paid for the member in 2021–22.
Use table 11 to work out which code applies to the amount you wrote at R1. Print the code in the Code box to the right of R1. If more than one benefit type applies, use the code that describes the largest payment amount.
Do not include at R1:
- amounts transferred from the member’s account to their spouse's super account as a result of a contributions splitting arrangement (include these at Q Outward rollovers and transfers)
- amounts transferred from the member's account because of a family law obligation (include these at Q Outward rollovers and transfers).
A payment made as a result of a full commutation of an income stream is a super lump sum and must be reported at R1 Lump sum payments.
From 1 July 2017 the payment resulting from a partial commutation of a super income stream is a superannuation lump sum and must be reported at R1 Lump sum payments.
From 1 July 2017 a member can no longer elect to have a super income stream benefit treated as a super lump sum.
|
Code |
Benefit type |
|---|---|
|
A |
Lump sum benefit for a member 60 years old or older |
|
B |
Lump sum benefit for a member less than 60 years old |
|
C |
Death benefit to a dependant |
|
D |
Death benefit to a non-dependant |
|
E |
|
|
F |
Other lump sum benefit type (for example, permanent incapacity, severe financial hardship, approved compassionate payment) |
|
G |
Release authority payment (for example where an amount is released and issued to the ATO in response to a release authority) |
R2 Income stream payments
Did the SMSF pay a super income stream to the member?
|
No |
Leave R2 blank. Go to S. |
|
Yes |
Read on. |
Write at R2 the total amount of super income stream benefits paid to the member in 2021–22.
Use table 12 to work out which code applies to the amount you wrote at R2. Print the code in the Code box to the right of R2. If more than one benefit type applies, use the code that describes the income stream with the largest total payment amount.
Do not include at R2:
- amounts transferred from the member’s account to their spouse's super account as a result of a contributions splitting arrangement (include these at Q Outward rollovers and transfers)
- amounts transferred from the member's account because of a family law obligation (include these at Q Outward rollovers and transfers).
A payment made as a result of a full commutation of an income stream is a super lump sum and must be reported at R1 Lump sum payments.
From 1 July 2017 the payment resulting from a partial commutation of a super income stream is a super lump sum and must be reported at R1 Lump sum payments.
From 1 July 2017 a member can no longer elect to have a super income stream benefit treated as a super lump sum.
|
Code |
Benefit type |
|---|---|
|
M |
Income stream benefit for a member 60 years old or older |
|
N |
Income stream benefit for a member under 60 years old |
|
O |
|
|
P |
Death benefit to a dependant where:
|
|
Q |
Death benefit to a dependant where:
|
|
R |
Other income stream type (for example paid due to the member’s temporary incapacity or permanent incapacity) |
Complete a Transfer balance account report (TBAR) if a SMSF member had a transfer balance account event such as:
- taking a lump sum payment from their retirement phase account
- starting a new retirement phase superannuation income stream
- commuting and rolling over a retirement phase superannuation income stream to another superannuation fund.
For more information on the events you need to report, see what and when to report.
Other transactions
At labels S1 to Y, complete:
- TRIS count
- S1 Accumulation phase account balance
- S2 Retirement phase account balance – Non CDBIS
- S3 Retirement phase account balance – CDBIS
- S Closing account balance
- X1 Accumulation phase value
- X2 Retirement phase value
- Y Outstanding limited recourse borrowing arrangement amount
TRIS count
Enter the total number of accounts that are transition to retirement income stream products that the member has in accumulation phase.
The TRIS is in accumulation phase unless you have reached age 65 or have met another nil cashing restriction condition of release (retirement, permanent incapacity, or terminal medical condition) and notified your SMSF.
S1 Accumulation phase account balance
Write at S1 the closing account balance of accounts that are in the accumulation phase.
S2 Retirement phase account balance – Non CDBIS
Write at S2 the closing account balance of accounts that are in the retirement phase and are:
- market linked capped defined benefit income streams, or
- retirement income streams that are not capped defined benefit income streams.
For clarity, income streams included here are the following retirement income streams defined in subsection 307-230(4) ITAA 1997:
- an allocated annuity
- an allocated pension
- an allocated pension – within the meaning of the Retirement Savings Accounts Regulations 1997
- an account-based annuity
- an account-based pension – within the meaning of the Superannuation Industry (Supervision) Regulations 1994
- an account based pension – within the meaning of the Retirement Savings Accounts Regulations 1997
- a market linked annuity – within the meaning of the Superannuation Industry (Supervision) Regulations 1994
- a market linked pension – within the meaning of the Superannuation Industry (Supervision) Regulations 1994
- a market linked pension – within the meaning of the Retirement Savings Accounts Regulations 1997.
S3 Retirement phase account balance – CDBIS
Write at S3 the closing account balance that is held in accounts that are in the retirement phase and are capped defined benefit income streams except capped defined benefit income streams that are market linked pensions and annuities. Capped defined benefit income streams are defined in subsection 294-130(1) of the ITAA 1997.
S Closing account balance
Write at S the member’s account balance at 30 June 2022. If the member's closing account balance is zero or a negative amount, write 0 (zero) at S. To work out the member’s closing account balance at 30 June 2022:
- add
- Opening account balance (at 1 July 2021)
- N Total contributions
- O Allocated earnings and losses (if the amount is positive)
- P Inward rollovers and transfers
- and then subtract
- O Allocated earnings and losses (if the amount is a loss)
- Q Outward rollovers and transfers
- R1 Lump sum payments
- R2 Income stream payments.
If a member has multiple accounts, you should have combined them so that each member has only one statement in either section F or section G.
The amount you write at Closing account balance must also equal the sum of S1, S2 and S3.
X1 Accumulation phase value
It is now conditional as to whether you provide for each member their 30 June accumulation phase value. The accumulation phase value is the total amount of the superannuation benefits that would become payable if the member voluntarily caused the interest to cease.
The accumulation phase value is often less than the value at S1 Accumulation phase account balance as the costs to cease the interest are subtracted from the account balance.
You may provide an accumulation phase value if your accumulation phase account balance does not equal your accumulation phase value.
You must provide an accumulation phase value where the difference between the accumulation phase value and the accumulation phase account balance is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
If you provide the accumulation phase value, we will use it to work out the total superannuation balance for the member and we will no longer use S1 Accumulation phase account balance for that calculation.
X2 Retirement phase value
It is now conditional as to whether you provide for each member their 30 June retirement phase value. The retirement phase value is the total amount of the superannuation benefits that would become payable from retirement phase accounts (non-CDBIS only) if the member voluntarily caused the interest to cease.
The retirement phase value is often less than the value at S2 Retirement phase account balance – Non CDBIS as the costs to cease the interest are subtracted from the account balance.
You may provide a retirement phase value if your retirement phase account balance does not equal your retirement phase value.
You must provide a retirement phase value where the difference between the retirement phase value and the value at S2 is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
If you provide the retirement phase value, we will use it to work out the total superannuation balance for the member and we will no longer use S2 for that calculation.
Y Outstanding limited recourse borrowing arrangement amount
Label Y represents the member’s outstanding limited recourse borrowing arrangement (LRBA) amount at 30 June (if applicable). The information below will help you decide if you need to report an amount at this label.
Does the fund have an LRBA that is a:
- new LRBA entered into on or after 1 July 2018
- refinancing of an existing LRBA and the refinanced amount entered into on or after 1 July 2018 is greater than the outstanding balance of the original LRBA, or
- refinancing of an existing LRBA to acquire different assets on or after 1 July 2018.
|
No |
Leave label Y blank. |
|---|---|
|
Yes |
Read on. |
Is the lender of the LRBA an associate of the fund?
|
No |
Read on. |
|---|---|
|
Yes |
Write at label Y for each member the total value of the outstanding LRBA amount at 30 June 2022 that is attributable to them. |
Has the member met a condition of release with a nil cashing restriction?
|
No |
Leave label Y blank. |
|---|---|
|
Yes |
Write at label Y the total value of the outstanding LRBA amount at 30 June 2022 that is attributable to the member that meets a condition of release with a nil cashing restriction. |
The total of all the amounts at Y for all the members should not be greater than the amount you report at V1 Borrowings for limited recourse borrowing arrangements in section H.
Do not include the value of the assets held under the LRBA amount here. Include this in section H.
For more information, see
- Outstanding LRBA amount for total superannuation balance
- Changes to other laws relating to LRBAs
- LCR 2016/12 Superannuation reform: total superannuation balance
Total superannuation balance
We will use the amount you enter at S1, S2, X1 and X2 to calculate the total superannuation balance for each of the members.
From 1 July 2017 the member’s total superannuation balance may impact upon their non-concessional contributions cap and affect other superannuation measures.
For more information, see Total superannuation balance.
Example: Calculating closing account balance
This example is for an SMSF with a single member. In such a case, all the SMSF's expenses are allocated to the member.
Closing account balance for previous year
The member’s closing account balance at 30 June 2021 was $50,000.
|
Transaction |
Add/subtract |
Amount |
|---|---|---|
|
Employer contributions |
+ |
12,000 |
|
Bank interest |
+ |
5,000 |
|
Partnership distribution |
+ |
2,000 |
|
Auditor fees (see note 1) |
− |
1,000 |
|
Income tax (see note 1) |
− |
2,500 |
|
Supervisory levy (see note 1) |
− |
259 |
Note 1: These amounts were paid in 2021–22.
|
Item |
Amount |
|---|---|
|
Opening account balance |
50,000 (2020–21 closing account balance) |
|
N Total contributions |
12,000 (employer contributions) |
|
O Allocated earnings or losses (see note 2) |
3,241 |
|
S Closing Account balance |
65,241 |
Note 2: O Allocated earnings or losses is the total of all the transactions for 2021–22, excluding transactions accounted for at another question (in this case employer contributions, which are already accounted for at N TOTAL CONTRIBUTIONS).