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  • S Closing account balance

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Write at S the member’s account balance at 30 June 2015. 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 2015:

    • add        
      • Opening account balance (at 1 July 2014)
      • 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 2014 was $50,000.

    Transactions for 2014–15

    Employer contributions

    +

    $12,000

    Bank interest

    +

    $ 5,000

    Partnership distribution

    +

    $ 2,000

    Auditor fees*

    –

    $ 1,000

    Income tax*

    –

    $ 2,500

    Supervisory levy*

    –

    $ 388

    * These amounts were paid in 2014–15.

    Member closing account balance 30 June 2015

    Opening account balance

    $50,000 (2013–14 closing account balance)

    N TOTAL CONTRIBUTIONS

    $12,000 (employer contributions)

    O Allocated earnings or losses**

    $ 3,112

    S CLOSING ACCOUNT BALANCE

    $65,112

    ** O Allocated earnings or losses is the total of all the transactions for 2014–15, excluding transactions accounted for at another question (in this case employer contributions, which are already accounted for at N TOTAL CONTRIBUTIONS).

    End of example
    Last modified: 13 Feb 2019QC 44344