Accumulation phase value
It is now conditional as to whether you provide for each member their 30 June accumulation phase value. The accumulation phase value is the total amount of the superannuation benefits that would become payable if the member voluntarily caused the interest to cease.
The accumulation phase value is often less than the value at S1 Accumulation phase account balance as the costs to cease the interest are subtracted from the account balance.
You may provide an accumulation phase value if your accumulation phase account balance does not equal your accumulation phase value.
You must provide an accumulation phase value where the difference between the accumulation phase value and the accumulation phase account balance is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
If you provide the accumulation phase value, we will use it to work out the total superannuation balance for the member and we will no longer use S1 Accumulation phase account balance for that calculation.
X2 Retirement phase value
It is now conditional as to whether you provide for each member their 30 June retirement phase value. The retirement phase value is the total amount of the superannuation benefits that would become payable from retirement phase accounts (non-CDBIS only) if the member voluntarily caused the interest to cease.
The retirement phase value is often less than the value at S2 Retirement phase account balance – Non CDBIS as the costs to cease the interest are subtracted from the account balance.
You may provide a retirement phase value if your retirement phase account balance does not equal your retirement phase value.
You must provide a retirement phase value where the difference between the retirement phase value and the value at S2 is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
If you provide the retirement phase value, we will use it to work out the total superannuation balance for the member and we will no longer use S2 for that calculation.
Y Outstanding limited recourse borrowing arrangement amount
Label Y represents the member’s outstanding limited recourse borrowing arrangement (LRBA) amount at 30 June (if applicable). The information below will help you decide if you need to report an amount at this label.
Does the fund have an LRBA that is a:
- new LRBA entered into on or after 1 July 2018
- refinancing of an existing LRBA and the refinanced amount entered into on or after 1 July 2018 is greater than the outstanding balance of the original LRBA, or
- refinancing of an existing LRBA to acquire different assets on or after 1 July 2018.
No | Leave label Y blank. |
|---|---|
Yes | Read on. |
Is the lender of the LRBA an associate of the fund?
No | Read on. |
|---|---|
Yes | Write at label Y for each member the total value of the outstanding LRBA amount at 30 June 2021 that is attributable to them. |
Has the member met a condition of release with a nil cashing restriction?
No | Leave label Y blank. |
|---|---|
Yes | Write at label Y the total value of the outstanding LRBA amount at 30 June 2021 that is attributable to the member that meets a condition of release with a nil cashing restriction. |
The total of all the amounts at Y for all the members should not be greater than the amount you report at V1 Borrowings for limited recourse borrowing arrangements in section H.
Do not include the value of the assets held under the LRBA amount here. Include this in section H.
For more information, see:
- Outstanding LRBA amount for total superannuation balance
- Changes to other laws relating to LRBAs
- LCR 2016/12 Superannuation reform: total superannuation balance
Total superannuation balance
We will use the amount you enter at S1, S2, X1 and X2 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.
For more information, see Total superannuation balance.
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 2020 was $50,000.
Transaction | Add/subtract | Amount |
|---|---|---|
Employer contributions | + | 12,000 |
Bank interest | + | 5,000 |
Partnership distribution | + | 2,000 |
Auditor fees (see note 1) | − | 1,000 |
Income tax (see note 1) | − | 2,500 |
Supervisory levy (see note 1) | − | 259 |
Note 1: These amounts were paid in 2020–21.
Item | Amount |
|---|---|
Opening account balance | 50,000 (2019–20 closing account balance) |
N Total contributions | 12,000 (employer contributions) |
O Allocated earnings or losses (see note 2) | 3,241 |
S Closing Account balance | 65,241 |
Note 2: O Allocated earnings or losses is the total of all the transactions for 2020–21, excluding transactions accounted for at another question (in this case employer contributions, which are already accounted for at N TOTAL CONTRIBUTIONS).
End of exampleContinue to: Section H: Assets and liabilities