X1 Accumulation phase value

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

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.

Is the lender of the LRBA an associate of the fund?

Has the member met 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.