Document ID: chunk:federal_register_of_legislation:F2017L00726:body:0:p5
Version: federal_register_of_legislation:F2017L00726
Segment Type: other
Provision Reference: 
Character Range: 11277–14518

benefits flows

Item 1 and item 2 collect the members' benefits flows in and out of a sub-fund 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 sub-fund 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 sub-fund.

                              Report the portion of total members' benefits flows into the sub-fund which is employer contributions in item 1.1, the portion which is member contributions in item 1.2 and the portion which is defined benefits contributions in item 1.3.

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

Employer contribution         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 contribution           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.

Defined benefit contribution  Represents contributions made in respect of a member interest that is a defined benefit interest. Reference: SIS Regulations, r. 1.03AA.

Item 2                            Report total members' benefits flows out of the sub-fund 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 sub-fund.

                                  Report the portion of total members' benefits flows out of the sub-fund which is benefit payments in item 2.1 and the portion which is repatriation to employer sponsor in item 2.2.

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 member or beneficiary. Excludes: rollovers and successor fund transfers. Reference: SIS Regulations, Divisions 6.2 and 6.3; Superannuation Industry (Unclaimed Money and Lost Members) Act 1999, Part 4A.

Repatriation to employer