P. 07 5510 3799
southgate accountants logo

Calculating your ‘total super balance’

Posted on May 25, 2017 by admin

Following changes to superannuation coming into effect from 1 July 2017, some super members will need to calculate their ‘total superannuation balance’ to work out their eligibility for a number of contribution measures.

A member’s ‘total superannuation balance’ refers to an individual’s total super interests on a given date. The ‘total superannuation balance’ is relevant when working out eligibility for:

SMSF trustees and trustees of a small APRA fund will need to know their members’ total superannuation balances to determine whether they can use the segregated assets method to calculate exempt current pension income (ECPI).

‘Total superannuation balance’ is generally calculated at the end of 30 June of each financial year. The first date it will be used is 30 June 2017 to determine eligibility for the aforementioned measures.

To calculate your ‘total superannuation balance’ add together:

Once you have added these together, subtract any personal injury or structured settlement contributions that have been paid into your super fund(s).

Transitional provisions for working out your retirement phase value of your ‘total superannuation balance’ at the end of 30 June 2017 apply as a transfer balance account does not commence until 1 July 2017.

The transitional arrangements apply so that your transfer balance at the end of 30 June 2017 is equal to:

This is subject to the transfer balance modifications for account-based income streams.

free consultation

Sometimes the only way to understand a person’s business or financial situation is by meeting face-to-face. All new clients or people looking to speak with an accounting professional are offered an initial consultation with the first hour at no charge.

If you would like a confidential discussion simply call 07 5510 3799 to arrange a meeting

Contact us today.