Say I have $300,000 balance in my superannuation under a certain chosen investment options. When the superfund pays tax to ATO from the earnings of the $300,000, does the ATO know how much exactly my portfolio earned, as an individual member, to determine the right tax amount the superfund should pay on my behalf?
Does the fund need to know about you since earnings within an accumulation-phase account are simply taxed at 15 per cent?
Does the fund need to know about you since earnings within an accumulation-phase account are simply taxed at 15 per cent?
Thanks for your question.
Bruce4Tax satisfactorily answered my query above.
But to answer your question in your reply above, I was intrigued with AustraliaSuper's 1.1 billion dollar loss on an investment name Pluralsight. I was concerned that if such a loss, even if Pluralsight was not part of my portfolio inside the Superfund, if it would be spread as a loss across all members' portfolios or just those member portfolios that carried the start-up
Not necessarily all members' portfolios as super funds offer members different investment options, and one or more of those options (e.g. growth and balanced, but not capital stable) might have included some exposure to a particular stock.
(And my reply was rhetorical, @p3t3r .)
Super fund pays tax at 15% on taxable income and taxable contributions, less deductions;
and either 15% or 10% on taxable capital gains.
Super fund earning include unrealised gains/losses, which are not taxable.
Tax on contributions is charged directly to the member account, and tax on investment income is allocated across all members in proportion to their member balance in an equitable way.
The fund auditor reviews all of this, and can confirm that all members are treated fairly.
Member data is reported to the ATO, but no-one in the ATO will be trying to check the tax in your member account.
If you are not satisfied about any aspect of the information in your super fund member statement, you should take this up with the fund manager.
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