Contribution
Statement Purpose
This statement calculates the total contributions received by the superannuation fund during the year from all members.
Data Flow
Contribution amounts are linked to other statements, including
Statement of Taxable Income
.Explanation of Fields
Assessable employer contributions
Contributions received by an employer under a law or industrial agreement. This includes super guarantee (SG) contributions and any salary sacrifice arrangements.
Assessable personal contributions
Contributions made by a member where the member has provided a valid notice stating their intent to claim a deduction on their contribution and the trustee has acknowledged receipt. The contribution or benefit is included in the income year in which it is received if the notice is received by the time the fund lodges its income tax return for that income year. Otherwise, the contribution is included in the income year in which the notice is received.
No TFN quoted contributions
Contributions received where the member has not quoted their TFN. The fund must pay additional tax on this contribution. For a complying superannuation fund, the additional tax is 32% (in addition to 15%). For a non-complying superannuation fund, the additional tax is 2% (in addition to the 45% tax). The effect is that the no-TFN-quoted contribution is subject to an overall tax rate of 47%.
Contributions excluded by trustee
Contributions that the trustee of a public sector superannuation scheme, with the contributor’s consent, chooses not to include in its assessable income (under section 295-180 of the ITAA 1997). A choice cannot be made in relation to a public sector superannuation scheme that came into operation after 5 September 2006.
Less pre-1 July 1988 funding credits
The amount by which the fund (if it is a complying superannuation fund) chooses to reduce contributions that would otherwise be included in its assessable income, by applying available pre-1 July 1988 funding credits (section 295-265 of the ITAA 1997).
Less transfer of liability to life insurance company or PST
The amount that would otherwise have been included in the fund’s assessable income for the income year under Subdivision 295-C of the ITAA 1997, which the trustee of the complying superannuation fund or a complying approved deposit fund (the transferor) has agreed to transfer to a life insurance company or PST (the transferee) pursuant to an agreement. The amount of the income transferred is included in the transferee entity’s assessable income instead.
Signage
All amounts are entered as positive values.