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  • Total superannuation balance

    Your total super balance (TSB) is a way to value your superannuation interests in all your super funds. It is calculated on a given date, usually 30 June (the end of the financial year).

    Your total super balance:

    • may be different from your super fund account balance as the calculation includes figures that do not form part of your account balance
    • includes all your super interests and is not a separate figure for each interest
    • may be relevant if you are a member of a self-managed superannuation fund (SMSF).

    From 30 June 2017, your TSB is used to determine whether you are eligible for several super-related measures for the following financial year.

    Some of these super-related measures set the limit for the total super balance as being equal to the general transfer balance cap ($1.6 million from 2017–18; $1.7 million from 2021–22).

    You need to comply with these separate limits – for both the general transfer balance cap and the total super balance – from 1 July 2017.

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    How your total super balance is calculated

    Your total super balance at a particular time is calculated by:

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    Accumulation phase value

    The accumulation phase value (APV) of your super interests is the total amount of super benefits that would be payable if you had chosen to close a super interest at the time of calculation. Generally, this is the withdrawal value for an accumulation fund.

    The APV does not include super interests that are in the retirement phase.

    If you have a defined benefit interest, the super regulations may specify a different method for determining the APV.

    The APV also includes:

    • certain deferred super income streams
    • transition-to-retirement income streams that are not in the retirement phase
    • super income streams that have not complied with the pension or annuity standards or a commutation authority.

    Your APV for a super interest is reported to us by your super fund annually in either the:

    • SMSF annual return
    • member account transaction service (MATS) for APRA-regulated funds.

    Some super funds may report your APV as zero if, as at 30 June, the amount they could pay to you or roll over to another fund is zero.

    See also:

    • LCR 2016/12 Superannuation reform: Total superannuation balance

    Retirement phase value

    If you have a transfer balance account, your retirement phase value (RPV) is your transfer balance at the end of 30 June.

    Your transfer balance is modified if you have either:

    We obtain your RPV for a super interest from either the:

    • balance of your transfer balance account
    • amounts reported to us by each of your super funds annually in either the    
      • SMSF annual return
      • member account transaction service (MATS) for APRA-regulated funds.
       
    Account-based super income streams

    For account-based super income streams, the transfer balance account items are modified to be the current value of the super interest that supports the super income stream at the end of the financial year. The current value is the amount that would become payable if you were to choose to close the interest.

    If you only have account-based income streams, your RPV will normally equal the current value of these income streams.

    For all other super income streams the transfer balance account items are not modified when calculating your RPV.

    In addition, certain other transfer balance account items are not modified, for example:

    • credits for excess transfer balance earnings
    • debits for non-commutable excess amounts.
    Structured settlement contributions

    If you have made a structured settlement contribution to a super interest, your transfer balance is modified by disregarding the debit in your transfer balance account that is due to the structured settlement contribution. This modification applies to both account-based and non-account-based income streams.

    See also:

    • LCR 2016/12 Superannuation reform: Total superannuation balance explains and has examples of how modifications to the transfer balance account work
    Transitional period

    Because the transfer balance cap and transfer balance account were only introduced on 1 July 2017, there are transitional arrangements for working out the RPV of your total super balance at the end of 30 June 2017.

    Your transitional transfer balance at the end of 30 June 2017 is equal to the total transfer balance credits at 1 July 2017 minus any debits due to payment splits.

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

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    Outstanding limited recourse borrowing arrangement amount

    A member of an SMSF will have an outstanding limited recourse borrowing arrangement (LRBA) amount included in their total super balance if:

    • the LRBA was entered on or after 1 July 2018 and either      

    This does not include refinancing an existing LRBA that was entered before 1 July 2018 and refinanced on or after 1 July, if both of the following apply:

    • The new borrowing is secured by the same asset or assets as the old borrowing.
    • The refinanced amount is the same or less than the existing LRBA.

    The LRBA amount is equal to the share of the outstanding balance of the LRBA on 30 June. This relates to your share of the total super interests in the SMSF that are supported by the LRBA assets.

    If the fund in which you have a super interest has an affected LRBA the fund must report the outstanding LRBA amount for you in that member‘s section of the SMSF annual return.

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      Last modified: 27 Apr 2021QC 19749