Document ID: chunk:federal_register_of_legislation:F2017L00727:body:0:p5
Version: federal_register_of_legislation:F2017L00727
Segment Type: other
Provision Reference: 
Character Range: 11213–14313

99E of the SIS Act apply only to reporting of superannuation activities (items 3 to 7).

Specific instructions

Terms highlighted in bold italics indicate that the definition is provided in these instructions.

Members' benefits flows

Item 1 and item 2 collect the members' benefits flows in and out of a MySuper product including contributions, net rollovers, net successor fund transfers, repatriations to employer sponsors and benefit payments.

Report contributions gross of contributions tax and any other tax and do not deduct: entry fees; deferred entry fees; commissions; management fees or any other ongoing fees or charges.

Item 1                  Report total members' benefits flows into the MySuper product in item 1 as the total of contributions net of contributions tax and contributions surcharge, rollovers, successor fund transfers and other types of members' benefits flows into the MySuper product. Report item 1 net of contributions tax and any other taxes.

                        Report the portion of total members' benefits flows into the MySuper product which is employer contributions in item 1.1, the portion which is member contributions in item 1.2 and the portion which is accrued default amounts in item 1.3. Report items 1.1, 1.2 and 1.3 gross of contributions tax and any other taxes.

Members' benefit flows  Represents members' monies paid into or out of the entity.

Employer contributions  Represents contributions made by an employer on behalf of the member. Includes: employer contributions made to an accumulation account on behalf of members to meet super guarantee, award or other obligations, contributions paid as a result of a salary sacrifice arrangement, transfers from consolidated revenue funds for EPSSSs and constitutionally protected funds, and super guarantee charge and the taxable component of any super holding accounts special account amounts which the ATO transferred to the provider on behalf of the member. Reference: Member Contribution Statement.

Member contributions    Represents contributions made by a member including non excluded capital gains or capital proceeds and personal injury payments, direct termination payments, other third party contributions (low income super tax offsets, government co-contributions and other family and friend contributions) and other contributions made by a person other than the employer. Reference: Member Contribution Statement.

Item 2            Report total members' benefits flows out of the MySuper product in item 2 as the total of benefit payments, rollovers, successor fund transfers, repatriation to employer sponsors and other types of members' benefits flows out of the MySuper product.

                  Report the portion of total members' benefits flows out of the MySuper product which is benefit payments in item 2.1.

Benefit payments  Represents lump sum benefit payments and pension benefits paid directly to members. Includes: insurance claim benefits or proceeds first credited to members' accounts and subsequently disbursed along with members' benefits to the