Show download pdf controls
  • X1 Accumulation phase value

    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 Retirement phase account balance – non CDBIS 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 Retirement phase account balance – non CDBIS for that calculation.

    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 2018 the member’s total superannuation balance may impact upon their non-concessional contributions cap and affect other superannuation measures.

    For more information see Super changes.

    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 2017 was $50,000.

    Transactions for 2017–18

    Transaction

    Add/subtract

    Amount

    Employer contributions

    +

    $12,000

    Bank interest

    +

    $5,000

    Partnership distribution

    +

    $2,000

    Auditor fees (see note)

    $1,000

    Income tax (see note)

    $2,500

    Supervisory levy (see note)

    $259

    Note: These amounts were paid in 2017–18.

    Member closing account balance 30 June 2018

    Item

    Amount

    Opening account balance

    $50,000 (2016–17 closing account balance)

    N Total contributions

    $12,000 (employer contributions)

    O Allocated earnings or losses (see note 2)

    $3,241

    S Closing Account balance

    $65,241

    Note 2: O Allocated earnings or losses is the total of all the transactions for 2017–18, 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: 30 Mar 2021QC 55254