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Re: Total Super Balance

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The Total Super Balance is generally the cash value of all the member's accounts as at 30/6. This amount can be different to the balances reflected in the member's pension and/or accumulation accounts as these balances do not take into account the cost of asset sales which can be considerable, particularly with real estate. Given the major effect that this may have on a member's ability to make non-concessional contributions (and other matters) when a member is marginally over the $1.4M, $1.5M or $1.6M thresholds it is useful to adjust the member's total super balance using the TBAR. My problem is that I can't see how to do this. Section 15 of the TBAR askes if the event is accumulation or pension but only one is able to be selected online when the modification might be required for both. Questions 17 and 18 ask for the date and value. Do we need to report such an adjustment, to both an accumulation account and a pension account for a member, to be reported seperately?

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ATO Certified

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Hi @DavidBusoli,

 

Thanks for our patience whilst we received specialist advice regarding your question!

 

Super providers are required to use the super transfer balance account report to advise us of when a transfer balance account event has occurred for a member. We use this information to adjust the member’s transfer balance account so that we can correctly apply the transfer balance cap provisions. The super transfer balance account report is also used to calculate a member's total super balance when further information is required.

 

Super providers are required to complete and lodge separate super transfer balance account reports for each member. Multiple events for a member can be reported to us via the paper form or through our ATO online services.

 

The accumulation phase value for a member is only required to be reported to us on the super transfer balance account report in very specific circumstances for 30 June 2017. In most circumstances, the accumulation phase value for a member will not be required to be reported to us where the member only has an accumulation phase and a retirement phase interest as at 30 June 2017 with an account-based super income stream.

 

The different scenarios under which a SMSF would need to report the accumulation phase value on the transfer balance account report can be found on our website. The scenarios apply independently to each member in the SMSF.

 

You can find more information about calculating an individual’s total super balance on our website, or you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

 

5 REPLIES 5

Community Support

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Hi @DavidBusoli,

 

Welcome to our Community!

 

We're checking some information with a specialist area and we hope to get back to you as soon as possible with the relevant information.

 

Thanks, JodieH.

Best answer

ATO Certified

Community Support

Replies 1

Hi @DavidBusoli,

 

Thanks for our patience whilst we received specialist advice regarding your question!

 

Super providers are required to use the super transfer balance account report to advise us of when a transfer balance account event has occurred for a member. We use this information to adjust the member’s transfer balance account so that we can correctly apply the transfer balance cap provisions. The super transfer balance account report is also used to calculate a member's total super balance when further information is required.

 

Super providers are required to complete and lodge separate super transfer balance account reports for each member. Multiple events for a member can be reported to us via the paper form or through our ATO online services.

 

The accumulation phase value for a member is only required to be reported to us on the super transfer balance account report in very specific circumstances for 30 June 2017. In most circumstances, the accumulation phase value for a member will not be required to be reported to us where the member only has an accumulation phase and a retirement phase interest as at 30 June 2017 with an account-based super income stream.

 

The different scenarios under which a SMSF would need to report the accumulation phase value on the transfer balance account report can be found on our website. The scenarios apply independently to each member in the SMSF.

 

You can find more information about calculating an individual’s total super balance on our website, or you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

 

Newbie

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Hi Jodie
This is just a regurgitation of standard wordings I have already accessed. You have ignored my specific question.
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Anonymous

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If your talking about using the ATO business portal to lodge TBAR then you will have to lodge two seperate reports if you want to update information for Accumulation phase and APV, and whether you do just one or both is really left up to you.

 

The ATO business portal uses a type of form called a " smart form " , and it is a reduced version of the paper form.

It is reasonably easy to use and once you lodge the form it starts to update information automatically and you will be able to see the result in your own TSB reported on mygov, usually within 1 or 2 days.

 

It is reasonably easy to do...

 

If you have any questions regarding the useage of the ATO business portal online forms, just send a message via the portal asking someone to give you a call back.  These messages go to a dedicated team that assists with online enquiries and they usually get back to someone within a few days.

 

Alternatively you can give the general ATO contact number a call 13 10 20 but they will probably not be able to assist to the same extent of the dedicated team.

Newbie

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Thanks

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