SMSF annual return (accumulation phase)
* SMSF Annual Statement
* Profit & Loss Statement
* Member Statements
* Investment Reports
* Trustee Resolutions & Minutes
$550 ( inc GST)
* SMSF Indipendent audit
$330 ( inc GST)

Contributions and rollovers

10 July 2020 update

As an SMSF trustee, you can accept contributions and rollovers for your members from various sources but there are some restrictions, mostly depending on the member’s age and the contribution caps.

You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them.

Find out about:

> Contributions you can accept
> Contribution caps
> Rollovers
> Personal contributions – deductions

Contributions you can accept

There are minimum standards for accepting contributions into your self-managed super fund (SMSF), and the trust deed of your fund may have more rules. Whether a contribution is allowable depends on:

> whether you have the member's tax file number (TFN) – if not, you can't accept member contributions
> the type of contribution – for example, you can accept mandated employer contributions, such as super guarantee contributions from a member’s employer, at any time
> the age of the member – for example, you generally can't accept non-mandated contributions for members 75 years old or older
> whether the contribution exceeds the member's fund-capped contributions limit – if the contribution was received prior to 1 July 2017.
Generally you can't accept an asset as a contribution from a member, but there are some exceptions.

If your SMSF will receive contributions from employers (other than related-party employers), you'll need an electronic service address to receive the associated SuperStream data.

Contribution caps

The contribution caps limit the amount that can be contributed for a member each financial year. The caps are indexed annually. A member whose total contributions in a year exceed the contribution caps may be liable for additional tax on the excess contributions.

Rollovers

A rollover is when a member transfers some or all of their existing super between funds.
Receiving a rollover
Before rolling over benefits to your SMSF, APRA-regulated super funds check with our systems to confirm that the person requesting the rollover is a member of your fund. So make sure your fund membership details are up to date in our systems and notify us of any changes.

A rollover from another fund is not included in the assessable income of your fund, unless the rollover amount includes an element untaxed in the fund.

If it does contain an untaxed element, you include the amount of that element in the assessable income of your fund – up to the untaxed plan cap amount – in the financial year the rollover occurs.

If the untaxed element exceeds the untaxed plan cap, the originating fund should withhold tax – at the top marginal rate plus Medicare levy – from the amount over the cap before releasing the rollover to your fund. You add this now-taxed amount to the tax-free component of the rolled-over amount.

Personal contributions – deductions

If a member is eligible, they can claim an income tax deduction for super contributions they make for their own benefit. A member who intends to claim a deduction must notify you of this intent.

The member must give you the notice by the earlier of:

the time they lodge their personal income tax return for the financial year during which the contribution was made
the end of the financial year following the year the contribution was made.
The notice is invalid if:

the person is no longer a member of your SMSF
you no longer hold the contribution because of a partial rollover that included the contribution
you have paid a lump sum or have started to pay a super income stream that includes the contribution.
In these circumstances, the member will not be able to claim a deduction for the personal contribution made.