Issue
How to update concessional contributions reported in previous year(s) for a take-on SMSF when first year on Class is FY2025 onwards and Class is no longer showing the field for 2018-19FY?
Resolution
You can record the concessional contributions reported to the ATO for previous relevant financial years in the Contribution Caps screen in Class.
Alternatively, if you are uploading the fund using the excel fund load, you can record the historical concessional contribution of a member in the Contribution History tab.
- Legal type is SMSF or SAF.
- Class On System Date is 1 July 2024 onwards.
- Excel Fund Loader Book Closed Date is 30/06/2024 onwards.
Contribution Cap Screen in Class
Navigate to Fund Level > Members > Contribution Caps
- Select the earliest year from Financial Year drop down menu.
- Scroll down to Prior Year Contribution > Concessional Contributions section > Amount reported for previous year(s)
- Click on Edit button to enter the concessional contributions reported to ATO for the previous financial years.
- Click on Submit button to save the record.
For a take-on fund with On System Date 1 July 2024 and Book Closed Date is 30 June 2024, the earliest year on Class in FY2025.
The concessional contribution amount reported for the previous 5 years is FY2024, FY2023, FY2022, FY2021 and FY2020. The concessional contribution amount for FY2019 is dropped as it has expired for FY2025.
However, the maximum amount for the field of FY2020 is still $50,000 ($25,000 from FY2019 + $25,000 from FY2020) as FY2019 carry forward contribution amount is relevant to FY2024.
Contribution History Tab in Excel Fund Loader (SMSF)
Navigate to Business Level > Business > Excel Fund Loader
- Click on Contribution History tab and record the historical concessional contributions reported to ATO for the previous financial year.
The maximum amount for the earliest financial year field is calculated as the sum of the concessional contribution caps from the previous 5 years. Any unused amounts from the 6th year or earlier will be automatically disregarded.