Illustrative Example
Andrew Smith age 36 has made monthly employer contribution of $2,500 each month ($2,500 x 12 = 30,000) and personal concessional contribution of $30,000 on 25/06/2015 to The Smith Family Super Fund. He intended to allocate the $30,000 to the following FY.
Contribution Reserving /
Unallocated Contribution
Reporting (Old Way)
Contribution Reserving /
Unallocated Contribution
Reporting (New Way)
Year 1: SMSF Annual Return > Section F Member Section:
There is no Personal Contribution Concessional amount reported and allocated earnings will be lower as the remaining contribution will be allocated in the following year.
Year 2: SMSF Annual Return > Section F Member Section:
Year two there will be a Transfer from Reserves: Assessable amount for 30,000.
Year 1: SMSF Annual Return > Section H: Assets Liabilities
Reserve Accounts will display $30,000 for SAR reporting, and $4,500 prepaid contribution tax will be in part of Other Assets.
Request to adjust concessional contribution form: Not applicable
Member Statements / Contribution Cap Financial Statement Reporting: No changes
Year 1: SMSF Annual Return > Section F Member Section:
Note: Personal Contribution Concessional amount will be reported and allocated earnings will be higher as the contributions will be fully allocated.
Year 2: SMSF Annual Return > Section F Member Section:
There is no SAR reporting required for year 2.
Year 1: SMSF Annual Return > Section H: Assets Liabilities
There will be no reserve accounts at all, and other assets will be less as prepaid contribution tax will not be reported here.
Request to adjust concessional contribution form
Member Statements / Contribution Cap Financial Statement Reporting: No changes
What's next?
Refer to KB article Contribution Reserve and Request to Adjust Concessional Contribution (from 2015 FY onwards) for more information.