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Changes to contribution reporting for rollovers from 1 July 2013

From 1 July 2013, the Rollover benefits statement (RBS) is changing.   The new RBS must be used for all rollovers from this date.  The new RBS has no current year contribution information.

The 2014 SMSF Annual Return (SAR) is also changing.  From 1 July 2013, all contributions received by a superfund during a financial year must be reported to the  ATO by the fund that originally receives the contribution, and not by another fund, when the contributions are transferred in a rollover.

For example, as an SMSF trustee, in the 2014 SAR you report at Section F or G contribution labels A to M all contributions received directly by the SMSF during the financial year, even where some of those contributions have been rolled out to another fund before the end of the 2013-14 financial year.

Changes being made in the 2014 SAR section F and G member information include renaming labels P and Q to reflect the changes to the contributions reporting requirements for rollovers.

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