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Advanced Member
 
Group: Forum Members
Last Login: 2/12/2008 1:26:43 AM
Posts: 43,
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| Hi, I've elected to use the portability rules to roll some funds from my employers fund to my SMSF. The paperwork includes an ATO Rollover Benefits Statement. Under Section C it splits the components into a Tax free section and a taxable component (element taxed in the fund) section. They add up to a preserved amount. How to I correctly record this? It's not really an ETP as it's not a termination. I just let the employer fund collected the contributions and then roll across to my fund. Regards
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
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Hi,
We will need a little bit more time to give you an accurate answer. Is the form that your received in the same format as this one?
Regards,
MySF
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Advanced Member
Group: Forum Members
Last Login: 2/12/2008 1:26:43 AM
Posts: 43,
Visits: 111
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| Yes it is exactly that form
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
Posts: 293,
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Hi,
The categories below were written under the assumption that amounts from Item 14 on the document are already included under Item 13, but amounts from Item 15 are not included under item 13. If your numbers show these assumption to be incorrect then please let us know and we will amend the directions below to reflect that.
The destinations of the various amounts will be:
Item 13
Tax free component: 4715-MM... if preserved; and 4725-MM... if unpreserved
Taxable component (taxed in the fund): 4715-MM... if preserved; and 4725-MM... if non-preserved
Taxable component (untaxed in the fund): 4710-MM... if preserved; and 4720-MM... if non-preserved
Item 14
The information from here should help you to determine whether the amounts under item 13 are preserved or non-preserved
Item 15
a: 4615-MM...
b: 4640-MM... if undeducted; and 4635-MM... if tax deduction claimed
e & f: 4653-MM... if undeducted; and 4652-MM... if tax deduction claimed.
Some of the amounts from Item 15 above have been excluded. If you do have amounts not classified under a,b,e and f then please let us know and we will try to provide additional assistance.
Also, the ATO has a document which assists with filling out these forms. It may be of assistance to you in addition to the above. The document is available from: http://www.ato.gov.au/content/downloads/n70945-05-2007_w.pdf.
Regards,
MySF
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Advanced Member
Group: Forum Members
Last Login: 2/12/2008 1:26:43 AM
Posts: 43,
Visits: 111
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Junior Member
Group: Forum Members
Last Login: 27/08/2008 6:55:30 AM
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I have a rollover benefits statement for a member and am attempting to roll these funds into the 4700 (transfers in) series of accounts as per the above guidelines. My query relates to the capability of the accounts to provide enough information to construct a rollover benefits statement for this member should he subsequently wish to roll his superannuation into another fund.
Please advise if I’m mistaken, but I will assume, as ‘scott’ did (see previous ‘scott’ comments this thread), that a rollover benefit statement is not synonymous with an ETP, i.e. that the transfer of monies from one super fund to another does not necessarily constitute an ETP event.
Is it the case that after the funds are transferred using the above method, i.e. when 4715-MM contains both the tax free and taxable components, the only way to determine the tax free component for a future rollover benefits statement is by reference to the member rollover benefits statements?
Thanks
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
Posts: 293,
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Hi,
Only the non-taxable components should be posted to 4715-MM and taxable components should go to 4710-MM. Amounts posted to the latter will be taxed at the end of the financial year as income to the fund.
Whether or not this transfer constitutes an ETP is something that you should ask from your accountant or the ATO as we are not qualified to provide answers for that question.
Regards,
MySF
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