Write at S the member’s account balance at 30 June 2016. If the member's closing account balance is zero or a negative amount, write 0 (zero) at S. To work out the member’s closing account balance at 30 June 2016:
- add
- Opening account balance (at 1 July 2015)
- N Total contributions
- O Allocated earnings and losses (if the amount is positive)
- P Inward rollovers and transfers
- and then subtract
- O Allocated earnings and losses (if the amount is a loss)
- Q Outward rollovers and transfers
- R1 Lump sum payments
- R2 Income stream payments.
If a member has multiple accounts, you should have combined them so that each member has only one statement in either Section F or Section G.
Example: Calculating Closing account balance
This example is for an SMSF with a single member. In such a case, all the SMSF's expenses are allocated to the member.
Closing account balance for previous year
The member’s closing account balance at 30 June 2015 was $50,000.
Transactions for 2015–16
Employer contributions |
+ |
$12,000 |
Bank interest |
+ |
$ 5,000 |
Partnership distribution |
+ |
$ 2,000 |
Auditor fees* |
– |
$ 1,000 |
Income tax* |
– |
$ 2,500 |
Supervisory levy* |
– |
$ 259 |
* These amounts were paid in 2015–16.
Member closing account balance 30 June 2016
Opening account balance |
$50,000 (2014–15 closing account balance) |
N TOTAL CONTRIBUTIONS |
$12,000 (employer contributions) |
O Allocated earnings or losses** |
$ 3,241 |
S CLOSING ACCOUNT BALANCE |
$65,241 |
** O Allocated earnings or losses is the total of all the transactions for 2015–16, excluding transactions accounted for at another question (in this case employer contributions, which are already accounted for at N TOTAL CONTRIBUTIONS).
End of example