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Rollover benefit from Industry super fund into our smsf not reported at Section F Box P

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Initiate

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Our smsf received a rollover from an industry super fund in 2014-205 and another in 2015-2016. The amounts were not reported in Box P for the respective years.

 

What is the procedure for rectifying the omission? Does it entail submitting revised returns for those and subsequent years?

 

Thankyou

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Hi @Hunnoms,

 

Thanks for your post.

 

If you need to amend your SMSF’s annual returns, you’ll need to resubmit the whole return for each of those years.

 

As the information in the SMSF annual return is inter-related, you’ll need to complete the form in full.

 

You’ll also need to let us know it’s an amendment – you do this by answering ‘yes’ to question 5 ‘Is this an amendment to the SMSF’s annual return?’.

 

You can find more information about amendments and lodging your amended SMSF annual return on our website.

 

Thanks, NicM

 

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Devotee Registered Tax Practitioner

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If the amount was not in Label P on the member information statement, then one of the other label amounts must have been mis-stated otherwise the closing balance will not match the total member interest. 

 

It really just depends on how ATO wants you to deal with this, so I hope we get some guidance here.

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Best answer

Community Support

Replies 1

Hi @Hunnoms,

 

Thanks for your post.

 

If you need to amend your SMSF’s annual returns, you’ll need to resubmit the whole return for each of those years.

 

As the information in the SMSF annual return is inter-related, you’ll need to complete the form in full.

 

You’ll also need to let us know it’s an amendment – you do this by answering ‘yes’ to question 5 ‘Is this an amendment to the SMSF’s annual return?’.

 

You can find more information about amendments and lodging your amended SMSF annual return on our website.

 

Thanks, NicM

 

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I thought as much. Thankyou NickM for confirming. Thankyou also, Bruce4Tax