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S Closing account balance

Last updated 12 February 2019

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



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)


$12,000 (employer contributions)

O Allocated earnings or losses**

$ 3,112



** 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