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  • X1 Accumulation phase value

    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

    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

    Did the member have an outstanding limited recourse borrowing arrangement (LRBA) amount?

    No

    Leave Y blank.

    Yes

    Read on.

    Enter the outstanding LRBA amount attributable to the member for total superannuation balance purposes. Enter the total of the amounts that apply only to:

    • a LRBA entered into on or after 1 July 2018
    • the 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
    • the refinancing of an existing LRBA to acquire different assets on or after 1 July 2018.

    Write at Y the total value of the outstanding LRBA amounts attributable to the member at 30 June 2019, where:

    The total of all the amounts at Y Outstanding limited recourse borrowing arrangement 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:

    Total superannuation balance

    We will use the amounts you enter at S1, S2, Y, X1 and X2 to calculate the total superannuation balance for each of the members.

    From 1 July 2019 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.

    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 2018 was $50,000.

    Transactions for 2018–19

    Transaction

    Add/subtract

    Amount

    Employer contributions

    +

    $12,000

    Bank interest

    +

    $5,000

    Partnership distribution

    +

    $2,000

    Auditor fees (see note 1)

    $1,000

    Income tax (see note 1)

    $2,500

    Supervisory levy (see note 1)

    $259

    Note 1: These amounts were paid in 2018–19.

    Member closing account balance 30 June 2019

    Item

    Amount

    Opening account balance

    $50,000 (2017–18 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 2018–19, 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: 03 Oct 2019QC 58668