I have recently set up an SMSF and just getting my head a round the accounting. I work in a large pty ltd company as an accountant but don't have experience of super funds. I am confused by the member's earnings reported on the tax return. I can see the tax office will want to see under income, the earnings for tax purposes i.e. capital gains (with 33 1/3% discount applied), dividend income, interest, etc. And then these allocated to members accounts. For accounting purposes earnings of the fund would show unearned income i.e. from adjusting shares held to market value at year end. I am presuming these wouldn't be shown on the tax return but will need to be reported to Members on their statements. Is this correct or am I missing something?