Sections F and G: Member and Supplementary Member Information
What is an SMSF member information statement?
It's a list of financial transactions on a member's account during the financial year.
How many members can an SMSF have?
From 2022, you can report up to 6 members in the Member information section (Section F) and in the supplementary member section (Section G). Previously you could report only up to 4 members in each section
All members must be trustees. There can be up to 6 current members (section F) and 4 supplementary members (section G).
Member contributions labels
See Contributions questions on the ATO website.
Many of the labels in the member statement are complex, and have exclusions and other special rules. For more complex items, we've provided links to the instructions on the ATO website.
The ATO uses the contributions information to:
- determine and pay entitlements to super co-contributions for eligible members
- make assessments of excess contributions tax when members exceed their contributions caps
- check for superannuation guarantee compliance.
See Our use of information in section F and section G on the ATO website.
All amounts shown at contribution labels A to M:
- must be gross amounts
- must include only contributions received by the trustee for the member in the current year ended 30 June
- have 2 decimal places and a maximum length of 13.
Completing the labels
See contributions questions on the ATO website.
Employer contributions are pre-tax contributions. They're taxed in the fund.
Only include at label A employer contributions made to an employee, including:
- employee salary sacrifice super contributions
- employer's obligations under the super guarantee, awards, agreements or other obligations
- super guarantee charge shortfall amounts
- employer contributions the ATO might transfer from its super special holding account (SHA).
Requirements for members with a defined benefit SMSF interest
For each member with a defined benefit interest in the SMSF, you must report their notional taxed contribution at label A.
The notional taxed contributions for each member with a defined benefit interest in an SMSF is generally the amount of the assessable contributions which the trustee has allocated to the member’s defined benefit interest during the financial year. Refer to the Tax Assessment Regulations 292-170.03.
However, a transitional provision applies if your member held their defined benefit interest on 5 September 2006 and certain other conditions are satisfied. Under this transitional arrangement - if the member’s notional taxed contributions determined with advice from an actuary, exceed the concessional contributions cap for the income year, then you must report the amount of the member’s notional taxed contribution as being equal to the cap.
If the member also has an accumulation interest in the SMSF, the amount shown at A is:
- the sum of the notional taxed contributions, and
- any employer contributions made to their accumulation account.
Do not include at label A the following:
contributions made by the member and the member advised the SMSF that they will, or, have claimed a tax deduction.
(show them at B Personal contributions and in section B at R2 Assessable personal contributions)
superannuation contributions that the member asks an employer to deduct from the member’s after-tax income, these are personal contributions and are shown at label B Personal contributions
a directed termination payment that an employer pays to a superannuation provider on behalf of an employee, these are reported at label H Directed termination (taxable component) payments
employer contributions to the extent they have been rolled out to another fund. These are the amounts you calculated and showed at item 15(a) on the Rollover benefits statement that you gave to the other fund with the rollover.
See label B—Personal contributions for any contributions the employee makes to the fund.
If a member has more than one employer, you must enter the ABN of the employer who contributed the largest amount.
See contributions questions on the ATO website.
A personal contribution is an after-tax contribution made by:
- an individual for their own benefit or
- an employer on behalf of the employee, for example, by payroll deduction.
IMPORTANT NOTE:
Show at label B all personal contributions, even if they are deductible to the member or the member has advised the SMSF that they will claim, or have claimed, a tax deduction for the contribution.
The following are contributions that should be shown at label B:
contributions made by an employer on behalf of the member from the member's after tax pay
contributions made by the member themselves, whether or not they have been claimed, or can be claimed, as a tax deduction
amounts reported at item 15(b) on a Rollover benefits statement which the SMSF received from another superannuation provider, and
personal contributions funded by:
personal injury payments that are not shown at label E Personal injury election, and
the proceeds of the sale of assets, except to the extent they are shown at label C: CGT Small business retirement exemption and label D: CGT Small business 15 year exemption amount.
If a member elected to exclude more than $500,000 under the 'CGT small business retirement exemption amount', show only $500,000 at label C: CGT small business retirement exemption and the excess at label B.
Do NOT include at B:
Amounts excluded from the member's non-concessional contributions and which you've included at:
- Label C: CGT small business retirement exemption
- Label D: CGT small business 15-year exemption amount
- Label E: Personal injury election
- Label H: Proceeds from primary residence disposal
amounts contributed from a First Home Savers Account (FHSA) holder account to a member’s account by an FHSA provider. These are reported at label M Any other contributions (including Super Co-contributions
amounts contributed from an FHSA provider to the spouse or former spouse of an FHSA holder. These are reported at label F Spouse and child contributions
Government FHSA contributions paid by the ATO, show these at label M
amounts contributed for the member under salary sacrifice arrangements they have entered into (these are employer contributions and must be reported at label A)
the taxable component of a directed termination payment (show this at label H)
a rollover super benefit reported at item 13 on a Rollover benefits statement which the SMSF received from another superannuation provider (show this at label P or label M),
superannuation lump sum from a foreign superannuation fund or scheme, (show this at label I or J or M)
contributions made by the member's spouse or other third party contributions (show these at labels F or G)
capital amounts that are excluded from the contributions caps under the CGT small business retirement exemption (show these at label C)
capital amounts that are excluded from the contributions caps by the Small business 15-year exemption (show these at label D),
amounts paid in respect of personal injury that are excluded from the contributions caps because the member provided an election to the SMSF on or before the date of the contribution (show these at label E)
personal contributions to the extent they have been rolled out to another fund (these will be the amounts you calculated and showed at item 15(b) on the Rollover benefits statement that you gave to the other fund with the rollover).
It's important to read CGT Small Business Retirement Exemption on the ATO website..
Show at label C the amount of personal contributions the member has made that they have elected to exclude from the contributions caps because they are entitled to the CGT small business retirement exemption.
If the fund received a CGT cap election from the member, enter the amount of small business retirement exemption that applies to capital gains.
The largest amount allowed for exclusion from the caps is $500,000.
If the amount is more than $500,000, enter the excess at Personal Contributions—label B
Do not include at label C the small business retirement exemption amount to the extent that the contribution the member's election applied to was rolled-out to another fund. This is the amount you calculated and showed at item 15(c) on the Rollover benefits statement that you gave to the other fund with the rollover.
See CGT Small Business 15 Year Exemption Amount on the ATO website.
To include an amount at label D, the SMSF must have received a valid Capital gains tax cap election (NAT 71161) from the member.
The amount you include at label 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. This must have been received at or before the time the member made the contribution. If the member makes the election after the contribution has been made, the exclusion will not apply and the amount contributed must be reported at label B Personal contributions.
The amounts at label C: CGT small business retirement exemption and D: CGT small business 15-year exemption both count towards the CGT cap.
The CGT cap is indexed annually. For the current year the lifetime limit for the CGT cap is $2,100,000.
Show at label D the amount of personal contributions the member has made that they have elected to exclude from the contributions caps because the amounts contributed:
qualify for the small business 15-year exemption, or
would qualify for the small business 15-year exemption, except:
they were pre-CGT assets
there was no capital gain, or
the 15 year holding period was not met because of the permanent incapacity of the person (or a controlling individual of a company or trust).
Also show at D the small business 15-year exemption amount shown at 15(c) on a Rollover benefits statement which the SMSF received from another superannuation provider.
See Other Third Party Contributions on the ATO website.
Include at label G any other third-party contributions received for the member that:
- are in the current year, and
- are not already included at other labels
Show at label G:
contributions made for by the member's former spouse including a person to whom the member is married but is now living separately and apart from on a permanent basis, by any of the following:
contributions made by a relative or friend of the member or other person seeking to benefit the member by making super contributions (where the member is over 18 years old),
contributions made by other third party contributors acting under an obligation to contribute, for example:
an insurance company where the member's policy provides for payment of superannuation contributions in the event of sickness or incapacity;
a government agency making a contribution under a scheme to compensate injured or incapacitated workers (such a WorkCover Victoria);
the ATO or other government agencies required to compensate the member in the form of superannuation contributions for errors in their administration of the law;
deceased estate where the entitlement is only to a superannuation contribution (the member cannot direct that their share in the estate be paid to them personally).
amounts reported at label 15(f) on a Rollover benefits statement (NAT 70944) received from a transferor provider.
Do not include at label G:
Contributions that have been included elsewhere (other than in the total at label N Total contributions).
Contributions made under a family law obligation by an FHSA provider from the FHSA of the spouse or former spouse of the member.
Contributions made for a member under 18 years of age must be reported at label F Spouse and child contributions.
‘Other third party contributions’ to the extent they have been rolled out to another fund. This is the amount you calculated and showed at 15(f) on a Rollover benefits statement you gave to the other fund with the rollover.
See Proceeds from primary residence disposal on the ATO website.
From 1 July 2018, SMSF members who:
- are aged 65 years old or older, and
- pass the work test
- entered into the contract of sale on or after 1 July 2018
can choose to contribute up to $300,000 into super from the sale of their home (principal residence.)
You can make it regardless of the contribution caps that apply to voluntary contributions.
See Assessable and non-assessable foreign super fund amounts on the ATO website.
This is the amount transferred from a foreign superannuation fund or scheme that's assessable income, and:
- is greater than the amount vested in the member at the time of transfer, and
- what's included in the assessable income of the fund
Additionally, include at label I amounts reported at label 15(h) on a Rollover benefits statement (NAT 70944) received from another superannuation provider.
Do not include at label I:
that part of the amount transferred form a foreign superannuation fund or scheme that does not exceed the amount that was vested in the member at the time of transfer. That amount should be included at label J Non-assessable foreign superannuation fund amount.
an 'assessable foreign superannuation fund amount' to the extent it was then rolled out to another fund. This is the amount you calculated and showed at item 15(h) on the Rollover benefits statement you gave to the other fund with the rollover.
See Assessable and non-assessable foreign super fund amounts on the ATO website.
This is the amount transferred from a foreign superannuation fund or scheme that's not assessable, and:
- is greater than the amount given to the member at the time of transfer, and
- except for any amount that's included in the assessable income of the fund.
Also include at label J amounts reported at label 15(g) on a Rollover benefits statement (NAT 70944) received from another superannuation provider.
that part of the amount transferred form a foreign superannuation fund or scheme that is included in the assessable income of the superannuation fund if the amount transferred to the SMSF exceeds the amount that was vested in the member in the foreign superannuation fund or scheme at the time of transfer. That amount should be included at label I Assessable foreign superannuation fund amount.
a 'non-assessable foreign superannuation fund amount' to the extent it was then rolled out to another fund. This is the amount you calculated and showed at item 15(i) on the Rollover benefits statement you gave to the other fund with the rollover.
A member may choose to have an amount included in the SMSF's assessable income. In general terms, this amount reflects the investment earnings of the foreign fund or scheme that accrued while the member was an Australian resident. This amount is only reported at label M Any other contributions (including Super Co-contributions).
See Assessable and Non-assessable Transfers From Reserves on the ATO website.
Include at label K any amount transferred from the fund's reserves to the member during the year.
Also include any assessable amounts reported at label 15(j) on a Rollover benefits statement (NAT 70944) received from another superannuation provider.
The assessable amount is the amount that is taken to be a concessional contribution because you allocated an amount to the member's account from a reserve. The amount taken to be a concessional contribution may be 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 an equivalent contribution to the fund, multiply the amount that was allocated by 1.176 to take into account the 15% tax that would have been payable on the employer's contribution.
The amount at label K should be the grossed-up amount rather than the actual amount that was allocated from reserve.
The amount at label K is included in the member's concessional contributions
Example: Transfer from reserve: assessable amount
An employer has an obligation to make a $1,000 contribution. Instead of the employer making the contribution to the fund, the trustee allocates $850 to the member's account (taking into account the allowance for tax that would otherwise have been payable on the $1,000 employer contribution). The trustee must show at K $999.60 (that is $850 x 1.176).
Do not include at label K a 'transfer from reserve: assessable amount' to the extent it was rolled out to another fund. This is the amount you calculated and showed at item 15(j) on the Rollover benefits statement you gave to the other fund with the rollover.
For more information on the assessable amount, refer to regulation 292-25.01 of the ITAA 1997.
See Contributions From Non-complying and Previously Non-complying Funds on the ATO website.
Special conditions apply to the fund if:
- it was a non-complying fund in 2017–18 and
- its status changed to complying at the beginning of 2018–19.
- in the member’s ‘Opening account balance’
- contributions made in 2018–19 when the SMSF was complying. Include those amounts at labels A to M.
the contributions you've included at label T.
See Any Other Contributions on the ATO website for a list of inclusions and exclusions.
Include at label M any other contributions received for the member in the current year that you've not included at labels A to T.
These could include contributions such as:
amounts contributed directly from an FHSA when the holder of the FHSA is the member of the SMSF for whom the contribution is being made. These are paid to the SMSF with the form Super contributions from a first home saver account (NAT 72537)
Government FHSA contributions paid by the ATO
Super Co-contributions paid for the benefit of the member by the ATO (including co-contributions transferred by the ATO to the SMSF from the SHA special account.
the tax-free component of a directed termination payment
so much of the amount transferred from a foreign superannuation fund or scheme that the member chose to have included in the SMSFs assessable income, and
any other contributions reported by you on a Rollover benefits statement (NAT 70944) which the SMSF received from another superannuation provider. You will need to deduct the sum of 15(a) to 15(j) on the Rollover benefits statement from 15(k) on the statement to calculate the amount of ‘other contributions reported to the SMSF.
Do not include at label M:
an amount credited to the member's account from a contributions split for a spouse. For the Publication Contributions Splitting -how to complete your Superannuation contributions splitting application (NAT 15237) refer to ATO website.
Amounts contributed directly from an FHSA because of a family law obligation (as reported by the FHSA provider). As the holder of the FHSA is the spouse or former spouse of the member of the SMSF for whom the contribution is being made - these are reported at label F Spouse and child contributions.
'other contributions' to the extent they were rolled out to another fund. These will be the amounts you calculated and showed at item 15(k) on the Rollover benefits statement you gave to the other fund with the rollover.
Other Transactions labels
See Inward Rollovers and Transfers on the ATO website.
Show at label P the total amount of rollovers and transfers received for the member in the current income year from within the Australian superannuation system.
These include amounts shown on:
- Rollover benefits statements or Death benefits rollover statements received for the member, or
- Less any rolled in contributions made for the member in the same income year.
You should receive any Rollover benefits statement within seven days of the member's previous fund (or funds) making a rollover payment.
Do not include transfers from foreign super funds at label P. Show these at
I—Assessable foreign superannuation fund amount
J—Non-assessable foreign superannuation fund amount, or
M—Any other contributions.
It's important to read Transition to Retirement Income Stream (TRIS) count on the ATO website.
A TRIS is a superannuation income stream. It's paid to a member who's:
- still working but has reached their preservation* age and
- has converted some or all their accumulated benefits to an income stream.
- If you were born before 1 July 1960, your preservation age is 55
- For each year after 1960, add another year to 55
- From 1 July 1964, your preservation age is 60.
See Member's closing account balance on the ATO website.
This is the member's account balance as at the reporting date. We've calculated that figure for you. It is the sum of:
Opening account balance at 1 July of the current year:
plus:
- label N: Total contributions
- label O: Allocated earnings and losses (if the amount is positive)
- label P: Inward rollovers and transfers
less:
- label O: Allocated earnings and losses (if the amount is a loss)
- label Q: Outward rollovers and transfers
- label R1: Lump sum payment
- label R2: Income stream payment.
The closing balance should reflect each member's actual interest in the SMSF (the fund) and must agree with Section H Assets and Liabilities.
| Label | Description | |
|---|---|---|
| X1 | Accumulation phase value | See Accumulation phase value on the ATO website. This item is optional. Complete it when the difference between label X1: Accumulation phase value and S1: Accumulation phase account values isn't explained by the reduction in exit fees and realisation costs. This happens when a member voluntarily ceases their interest in the fund. It is now conditional as to whether you provide for each member their 30 June accumulation phase value.
|
| X2 | Retirement phase value | See Retirement phase value on the ATO website. This item is optional. Complete it when the difference between label X2: Retirement phase value and S2: Retirement phase account balance non-CDBIS isn't explained by the reduction in exit fees and realisation costs.
This happens when a member voluntarily ceases their interest in the fund.
It is now conditional as to whether you provide for each member their 30 June retirement phase value.
|