Write at S the member’s account balance at 30 June 2017. 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 2017:
- add
- Opening account balance (at 1 July 2016)
- 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.
Total superannuation balance
We will use the amount you enter at ‘Closing account balance’ to calculate the total superannuation balance for each of the members.
From 1 July 2017 the member’s total superannuation balance may impact upon their non-concessional contributions cap and affect other superannuation measures. If the amount you enter at ‘Closing account balance’ does not equal the sum of the member’s accumulation phase value and retirement phase value, you can provide those two values to us separate from this annual return from October 2017.
For more information see Super changes.
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 2016 was $50,000.
Transaction |
Add/subtract |
Amount |
|---|---|---|
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 2016–17.
Item |
Amount |
|---|---|
Opening account balance |
$50,000 (2015–16 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 2016–17, excluding transactions accounted for at another question (in this case employer contributions, which are already accounted for at N TOTAL CONTRIBUTIONS).
End of example