Question 5 – Have you completed the 'Rollover benefits statement' correctly?

Topic Progress:

You need to report the components of the member’s superannuation balance to the receiving fund via the ‘Rollover benefits statement’ (NAT 70944). Ensure the form you are completing is for transactions on or after 1 July 2013.

The following points should be noted about completing the rollover benefits statement. Note, the table has been adapted from the ATO’s instructions, available here:

Item Description

Section A: Receiving fund's details

Complete all details of the superannuation fund you are paying the rollover to.

Where superannuation benefits are being transferred to the account of a spouse, the receiving member details should be for the spouse.

Section B: Member's details

Provide the following information about the member you are rolling over the payment for:

  • full name;
  • date of birth;
  • sex; and
  • residential address.

Section C: Rollover transaction details

12 Service period start date

The service period usually starts either:

  • where the member was employed when the lump sum accrued – the day the member started their first job to which the lump sum relates.
  • where the member was not employed when some or all of the lump sum accrued – the earlier of:
    • the date the member joined the fund; or
    • If the lump sum relates to a rollover – the first day of the service period of the earlier lump sum.

13 Tax components

Note the following points:

  • Partial rollover – you must apply the proportioning rule if the full amount of the member’s superannuation savings is not being rolled over. This is discussed here.
  • Element untaxed – an element untaxed in the fund will typically only arise from some public sector funds. A cap of $1,4155,000 (indexed) applies for the 2017 income year. Tax consequences could arise – we suggest you speak with an SMSF Specialist Advisor (SSA) if this applies to your member.
  • Preservation amounts – ensure that the four preservation categories (i.e., preserved amounts, restricted non-preserved amount and unrestricted non-preserved amount) equals the preservation amounts total.

WARNING – Contributions received in the year of rollover

Complex rules can apply if contributions were received for the member in the same income year that the rollover occurs. We recommend speaking with an SMSF Specialist Advisor (SSA) if this applies to you. Refer also to thisdiscussion on the ATO’s website.

Section D: Non-complying funds

It would be unusual for your fund to be non-complying, and therefore, this section would not usually be completed.

Section E: Transferring fund

Fill in your SMSF details here.