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  • Trust

    Trust

    • Acknowledgement of Trust (already own asset) - $165
    • Change Appointor and/or Guardian of Family Trust - $110
    • Change of Name of Family Trust - $88
    • Change Trustee of Family Trust - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $99
    • Div 7A Loan Agreement - $55
    • Div 7A Loan Agreement for UPE - $55
    • Family Trust - $165
    • Family Trust - Streaming & Bamford Update - $165
    • Family Trust - Update to Allow Change of Appointor and Guardian - $165
    • Family Trust - Update to allow Sole Trustee - $55
    • Family Trust - Update to Exclude Foreign Persons (NSW) - $198
    • Family Trust - Vesting - $249
    • Forgiveness of Debt - $121
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Release of Unpaid Trust Entitlement - $121
    • The new small business restructure roll-over rules in practice (White Paper) - $55
    • Trust Distribution Minutes Library for 2008/09 - $99
    • Trust Distribution Minutes Library for 2009/10 - $99
    • Trust Distribution Minutes Library for 2010/11 - $99
    • Trust Distribution Minutes Library for 2011/12 - $99
    • Trust Distribution Minutes Library for 2012/13 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2012/13 - Single-Use - $110
    • Trust Distribution Minutes Library for 2013/14 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2013/14 - Single-Use - $110
    • Trust Distribution Minutes Library for 2014/15 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2014/15 - Single-Use - $110
    • Trust Distribution Minutes Library for 2015/16 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2015/16 - Single-Use - $110
    • Trust Distribution Minutes Library for 2016/17 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2016/17 - Single-Use - $110
    • Trust Distribution Minutes Library for 2017/18 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2017/18 - Single-Use - $110
    • Unit Trust - $149
    • Unit Trust - Add New Member Kit - $110
    • Webinar Recording - All About Family Trusts - $66
    • Webinar Recording - Employee v Contractor - $77
    • Webinar Recording - The Protected Super Myth’Conception - $77
    • Webinar Recording - Trust Tax Issues and CGT Small Business Concessions - $77
    • Webinar Recording - Trusts - Asset Protection on Peptides - $77
  • Superannuation

    Superannuation

    • Acknowledgement of Trust (already own asset) - $165
    • Commercial Lease - $220
    • Declaration of Trust (before you buy) - $99
    • Derivative Risk Statement for SMSF - $65
    • Investment Strategy for Self Managed Super 15/16 - $65
    • Investment Strategy for Self Managed Super 16/17 - $65
    • Investment Strategy for Self Managed Super 17/18 - $65
    • Investment Strategy for Self Managed Super 18/19 - $65
    • Pension Pack for Self Managed Super - $299
    • Product Disclosure Statement (general) - $66
    • Product Disclosure Statement (Pension only) - $99
    • Self Managed Superannuation Fund Deed - $149
    • SMSF - Minute to Appoint Administrator - $33
    • SMSF - Minute to Appoint an Auditor - $33
    • SMSF - Minute to Approve Financial Statements - $33
    • SMSF - Minute to Approve Financial Statements 07/08 - $33
    • SMSF - Minute to Approve Financial Statements 08/09 - $33
    • SMSF - Minute to Approve Financial Statements 09/10 - $33
    • SMSF - Minute to Insure The Members - $33
    • SMSF - Update Rules - $165
    • SMSF Full Valuation - $585
    • SMSF Kerbside Assessment - $415
    • SMSF Limited Recourse Borrowing Arrangement - $220
    • Statutory Declaration - $0
    • Webinar Recording - Accountant Road Rules for Super - $77
    • Webinar Recording - Investment Restrictions for Self Managed Superannuation Funds - $75
    • Webinar Recording - Time to Address the SMSF Sleeper - Estate Planning within the fund - $77
  • Estate Planning

    Estate Planning

    • Buy Sell Agreement Company - $197
    • Capital Gains Tax Asset Register kit - $33
    • Codicil to change the Executor - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Enduring Power of Attorney - NSW - $55
    • Enduring Power of Attorney - SA - $55
    • Enduring Power of Attorney - VIC - $55
    • Enduring Power of Attorney - WA - $55
    • Enduring Power of Attorney (Financial, Personal/Health) - QLD - $55
    • Enduring Power of Attorney (Medical Treatment) - VIC - $55
    • Enduring Power of Guardianship - NSW - $55
    • Enduring Power of Guardianship - WA - $55
    • Power Of Attorney By Company - $99
    • Webinar Recording - Time to Address the SMSF Sleeper - Estate Planning within the fund - $77
    • Will - Married or Defacto No Children - $77
    • Will - Married or Defacto with Children - $77
    • Will - Single No Children - $99
    • Will - Single With Children - $99
  • Commercial

    Commercial

    • Advanced Legal Health Check for Businesses - $18
    • Buy a House with Friends Agreement - $110
    • Commercial Lease - $220
    • Commercial Property Valuation Request - $0
    • Confidentiality Agreement (Non Disclosure) - $99
    • Co-Owners Agreement - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Debt Recovery Kit - Qld - $44
    • Declaration of Trust (before you buy) - $99
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Div 7A Loan Agreement - $55
    • Div 7A Loan Agreement for UPE - $55
    • Forgiveness of Debt - $121
    • Loan Agreement (No Security) - $99
    • Release of Unpaid Trust Entitlement - $121
    • Statutory Declaration - $0
    • Terms of Trade (Non ROT) - $132
    • The new small business restructure roll-over rules in practice (White Paper) - $55
  • Employment

    Employment

    • Confidentiality Agreement (Non Disclosure) - $99
    • Employment - Conduct Issues Letter - $33
    • Employment - Employee Expenses Policy - $55
    • Employment - Performance Issues Letter - $33
    • Employment - Request for Medical Information - $33
    • Employment - Termination Letter - $33
    • Employment - Transferring Employee Letter - $33
    • Employment Contract - $99
    • Independent Contractors Agreement - $99
    • Partnership Deed - $220
    • Statutory Declaration - $0
    • Webinar Recording - Are you Ready for Bullying in the Workplace? - $66
  • Company

    Company

    • Acknowledgement of Trust (already own asset) - $165
    • Adopt Committee Recommendations kit - $33
    • Appoint a Committee kit - $33
    • Appoint an Alternate Director kit - $33
    • Appoint Managing Director & Confer Powers kit - $33
    • Build a Company - $99
    • Build a Company (ELodgement) - $607
    • Buy a House with Friends Agreement - $110
    • Buy Sell Agreement Company - $197
    • Capital Gains Tax Asset Register kit - $33
    • Change Registered Office kit - $33
    • Commercial Lease - $220
    • Company Constitution Update - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Convert to a Single Director Company - $99
    • Co-Owners Agreement - $110
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Declaration of Trust (before you buy) - $99
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Director‘s Indemnity Agreement - Compulsory Insurance - $197
    • Director‘s Indemnity Agreement - No Insurance - $197
    • Directors Conflict of Interest Kit - $44
    • Div 7A Loan Agreement - $55
    • Div 7A Loan Agreement for UPE - $55
    • Employment Contract - $99
    • Family Trust - Vesting - $249
    • Forgiveness of Debt - $121
    • Independent Contractors Agreement - $99
    • Loan Agreement (No Security) - $99
    • Minutes for Members to Inspect Books - $33
    • Minutes for Resigning Director - $33
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Power Of Attorney By Company - $99
    • Release of Unpaid Trust Entitlement - $121
    • Remove a Managing Director kit - $33
    • Remove and Replace a Director kit - $44
    • Replace Company Secretary kit - $44
    • Self Managed Superannuation Fund Deed - $149
    • Statutory Declaration - $0
    • Terms of Trade (Non ROT) - $132
    • Transfer of Shares Kit - $0
    • Unit Trust - $149
    • Unit Trust - Add New Member Kit - $110
  • Webinars

    Webinars

    • Webinar - Superannuation: Current status of the proposed changes - $88
    • Webinar Recording - Accountant Road Rules for Super - $77
    • Webinar Recording - All About Family Trusts - $66
    • Webinar Recording - Are Family Trusts “Done” as an Asset Protection Tool? - $77
    • Webinar Recording - Are you Ready for Bullying in the Workplace? - $66
    • Webinar Recording - Asset Protection - Dealing with Risk in Hard Times - $77
    • Webinar Recording - Avoiding Business Disputes - $77
    • Webinar Recording - Beneficiary Entitlements in Trusts - $77
    • Webinar Recording - Companies - Things you should know, but probably don’t! - $77
    • Webinar Recording - Dealing with Divorce - An Accountant’s Perspective - $77
    • Webinar Recording - Demise of the Accountants’ Exemption - Walking the line, post 1 July 2016 - $77
    • Webinar Recording - Do Pre-Nups Work Anymore? - $77
    • Webinar Recording - Employee Engagement and Share Plans - $77
    • Webinar Recording - Employee v Contractor - $77
    • Webinar Recording - Estate Planning Basics for Professional Advisers - $77
    • Webinar Recording - Family Trust v Family Court - Not a marriage made in Heaven - $77
    • Webinar Recording - Fixing Family Trust Deeds - $77
    • Webinar Recording - How does the 2016 Budget affect SMSF Trustees? - $77
    • Webinar Recording - Investment Restrictions for Self Managed Superannuation Funds - $75
    • Webinar Recording - Know Thy Business Structure - $77
    • Webinar Recording - Managing Trust UPEs - How to do it and potential tax exposures - $77
    • Webinar Recording - Maximising your Business Value - $77
    • Webinar Recording - Navigating Small Business Restructure Roll-overs - $77
    • Webinar Recording - Pitfalls that SMSF Trustees should avoid - $77
    • Webinar Recording - Private Company Cash - Division 7A Complications for Professional Advisors - $77
    • Webinar Recording - Project Do It - ATO Amnesty Information Session - $0
    • Webinar Recording - SMSF End of Year Essentials - $77
    • Webinar Recording - SMSFs and Related Party Loans - $77
    • Webinar Recording - Social Media in the Workplace - $77
    • Webinar Recording - The Powers and Problems of Trustees - $77
    • Webinar Recording - The Pros and Cons of Unit Trusts - $77
    • Webinar Recording - The Protected Super Myth’Conception - $77
    • Webinar Recording - The who, what, when & how of Family Trust Elections - $77
    • Webinar Recording - Time to Address the SMSF Sleeper - Estate Planning within the fund - $77
    • Webinar Recording - Tips and Traps for Property Investment in your SMSF - $77
    • Webinar Recording - Trust Tax Issues and CGT Small Business Concessions - $77
    • Webinar Recording - Trusts - Asset Protection on Peptides - $77
    • Webinar Recording - Trusts Revisited - $77
    • Webinar Recording - Understanding the 2017 Superannuation Changes - $77
    • Webinar Recording - Unit Trust v Family Trust - Which is Better for Investing? - $77
    • Webinar Recording - Untangling Discretionary Trusts – A Family Lawyer’s Perspective - $77
    • Webinar Recording - When a Will is not Simple - $77
    • Webinar Recording - Winding Up Trusts and Tax Consequences - $77
    • Webinar Recording - You’ve Been Served! - How to deal with a family law subpoena - $77
  • All documents

    All documents

    • Acknowledgement of Trust (already own asset) - $165
    • Adopt Committee Recommendations kit - $33
    • Advanced Legal Health Check for Businesses - $18
    • Appoint a Committee kit - $33
    • Appoint an Alternate Director kit - $33
    • Appoint Managing Director & Confer Powers kit - $33
    • Build a Company - $99
    • Build a Company (ELodgement) - $607
    • Buy a House with Friends Agreement - $110
    • Buy Sell Agreement Company - $197
    • Capital Gains Tax Asset Register kit - $33
    • Change Appointor and/or Guardian of Family Trust - $110
    • Change of Name of Family Trust - $88
    • Change Registered Office kit - $33
    • Change Trustee of Family Trust - $110
    • Codicil to change the Executor - $99
    • Commercial Lease - $220
    • Commercial Property Valuation Request - $0
    • Company Constitution Update - $99
    • Confidentiality Agreement (Non Disclosure) - $99
    • Convert to a Single Director Company - $99
    • Co-Owners Agreement - $110
    • Dealing with Forgiven Debts (White Paper) - $55
    • Debt Recognition (including pre-Div 7A Loans) - $33
    • Debt Recovery Kit - Qld - $44
    • Declaration of Trust (before you buy) - $99
    • Demand and Statement of Claim for Debt - NSW - $88
    • Demand and Summons for Debt - VIC - $88
    • Demand and Summons for Debt - WA - $88
    • Derivative Risk Statement for SMSF - $65
    • Director‘s Indemnity Agreement - Compulsory Insurance - $197
    • Director‘s Indemnity Agreement - No Insurance - $197
    • Directors Conflict of Interest Kit - $44
    • Disclaimer - Email - $55
    • Div 7A Loan Agreement - $55
    • Div 7A Loan Agreement for UPE - $55
    • Employment - Conduct Issues Letter - $33
    • Employment - Employee Expenses Policy - $55
    • Employment - Performance Issues Letter - $33
    • Employment - Request for Medical Information - $33
    • Employment - Termination Letter - $33
    • Employment - Transferring Employee Letter - $33
    • Employment Contract - $99
    • Enduring Power of Attorney - NSW - $55
    • Enduring Power of Attorney - SA - $55
    • Enduring Power of Attorney - VIC - $55
    • Enduring Power of Attorney - WA - $55
    • Enduring Power of Attorney (Financial, Personal/Health) - QLD - $55
    • Enduring Power of Attorney (Medical Treatment) - VIC - $55
    • Enduring Power of Guardianship - NSW - $55
    • Enduring Power of Guardianship - WA - $55
    • Family Trust - $165
    • Family Trust - Streaming & Bamford Update - $165
    • Family Trust - Update to Allow Change of Appointor and Guardian - $165
    • Family Trust - Update to allow Sole Trustee - $55
    • Family Trust - Update to Exclude Foreign Persons (NSW) - $198
    • Family Trust - Vesting - $249
    • Forgiveness of Debt - $121
    • Independent Contractors Agreement - $99
    • Investment Strategy for Self Managed Super 15/16 - $65
    • Investment Strategy for Self Managed Super 16/17 - $65
    • Investment Strategy for Self Managed Super 17/18 - $65
    • Investment Strategy for Self Managed Super 18/19 - $65
    • Loan Agreement (No Security) - $99
    • Minutes for Members to Inspect Books - $33
    • Minutes for Resigning Director - $33
    • Opening Minutes for the Unit Trust - $33
    • Partnership Deed - $220
    • Pension Pack for Self Managed Super - $299
    • Power Of Attorney By Company - $99
    • Product Disclosure Statement (general) - $66
    • Product Disclosure Statement (Pension only) - $99
    • Release of Unpaid Trust Entitlement - $121
    • Remove a Managing Director kit - $33
    • Remove and Replace a Director kit - $44
    • Replace Company Secretary kit - $44
    • Self Managed Superannuation Fund Deed - $149
    • SMSF - Minute to Appoint Administrator - $33
    • SMSF - Minute to Appoint an Auditor - $33
    • SMSF - Minute to Approve Financial Statements - $33
    • SMSF - Minute to Approve Financial Statements 07/08 - $33
    • SMSF - Minute to Approve Financial Statements 08/09 - $33
    • SMSF - Minute to Approve Financial Statements 09/10 - $33
    • SMSF - Minute to Insure The Members - $33
    • SMSF - Update Rules - $165
    • SMSF Full Valuation - $585
    • SMSF Kerbside Assessment - $415
    • SMSF Limited Recourse Borrowing Arrangement - $220
    • Sophisticated Investor Certificate - $22
    • Statutory Declaration - $0
    • Terms of Trade (Non ROT) - $132
    • The new small business restructure roll-over rules in practice (White Paper) - $55
    • Transfer of Shares Kit - $0
    • Trust Distribution Minutes Library for 2008/09 - $99
    • Trust Distribution Minutes Library for 2009/10 - $99
    • Trust Distribution Minutes Library for 2010/11 - $99
    • Trust Distribution Minutes Library for 2011/12 - $99
    • Trust Distribution Minutes Library for 2012/13 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2012/13 - Single-Use - $110
    • Trust Distribution Minutes Library for 2013/14 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2013/14 - Single-Use - $110
    • Trust Distribution Minutes Library for 2014/15 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2014/15 - Single-Use - $110
    • Trust Distribution Minutes Library for 2015/16 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2015/16 - Single-Use - $110
    • Trust Distribution Minutes Library for 2016/17 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2016/17 - Single-Use - $110
    • Trust Distribution Minutes Library for 2017/18 - Multi-Use - $350
    • Trust Distribution Minutes Library for 2017/18 - Single-Use - $110
    • Unit Trust - $149
    • Unit Trust - Add New Member Kit - $110
    • Webinar - Superannuation: Current status of the proposed changes - $88
    • Webinar Recording - Accountant Road Rules for Super - $77
    • Webinar Recording - All About Family Trusts - $66
    • Webinar Recording - Are Family Trusts “Done” as an Asset Protection Tool? - $77
    • Webinar Recording - Are you Ready for Bullying in the Workplace? - $66
    • Webinar Recording - Asset Protection - Dealing with Risk in Hard Times - $77
    • Webinar Recording - Avoiding Business Disputes - $77
    • Webinar Recording - Beneficiary Entitlements in Trusts - $77
    • Webinar Recording - Companies - Things you should know, but probably don’t! - $77
    • Webinar Recording - Dealing with Divorce - An Accountant’s Perspective - $77
    • Webinar Recording - Demise of the Accountants’ Exemption - Walking the line, post 1 July 2016 - $77
    • Webinar Recording - Do Pre-Nups Work Anymore? - $77
    • Webinar Recording - Employee Engagement and Share Plans - $77
    • Webinar Recording - Employee v Contractor - $77
    • Webinar Recording - Estate Planning Basics for Professional Advisers - $77
    • Webinar Recording - Family Trust v Family Court - Not a marriage made in Heaven - $77
    • Webinar Recording - Fixing Family Trust Deeds - $77
    • Webinar Recording - How does the 2016 Budget affect SMSF Trustees? - $77
    • Webinar Recording - Investment Restrictions for Self Managed Superannuation Funds - $75
    • Webinar Recording - Know Thy Business Structure - $77
    • Webinar Recording - Managing Trust UPEs - How to do it and potential tax exposures - $77
    • Webinar Recording - Maximising your Business Value - $77
    • Webinar Recording - Navigating Small Business Restructure Roll-overs - $77
    • Webinar Recording - Pitfalls that SMSF Trustees should avoid - $77
    • Webinar Recording - Private Company Cash - Division 7A Complications for Professional Advisors - $77
    • Webinar Recording - Project Do It - ATO Amnesty Information Session - $0
    • Webinar Recording - SMSF End of Year Essentials - $77
    • Webinar Recording - SMSFs and Related Party Loans - $77
    • Webinar Recording - Social Media in the Workplace - $77
    • Webinar Recording - The Powers and Problems of Trustees - $77
    • Webinar Recording - The Pros and Cons of Unit Trusts - $77
    • Webinar Recording - The Protected Super Myth’Conception - $77
    • Webinar Recording - The who, what, when & how of Family Trust Elections - $77
    • Webinar Recording - Time to Address the SMSF Sleeper - Estate Planning within the fund - $77
    • Webinar Recording - Tips and Traps for Property Investment in your SMSF - $77
    • Webinar Recording - Trust Tax Issues and CGT Small Business Concessions - $77
    • Webinar Recording - Trusts - Asset Protection on Peptides - $77
    • Webinar Recording - Trusts Revisited - $77
    • Webinar Recording - Understanding the 2017 Superannuation Changes - $77
    • Webinar Recording - Unit Trust v Family Trust - Which is Better for Investing? - $77
    • Webinar Recording - Untangling Discretionary Trusts – A Family Lawyer’s Perspective - $77
    • Webinar Recording - When a Will is not Simple - $77
    • Webinar Recording - Winding Up Trusts and Tax Consequences - $77
    • Webinar Recording - You’ve Been Served! - How to deal with a family law subpoena - $77
    • Website Terms And Conditions - $99
    • Will - Married or Defacto No Children - $77
    • Will - Married or Defacto with Children - $77
    • Will - Single No Children - $99
    • Will - Single With Children - $99
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Print Version Back

Total Superannuation Balance

Issue: 538 - Wednesday, 18 July 2018

In this Issue

  1. Total Superannuation Balance

1. Total Superannuation Balance

By Monica Rule

Since the changes to superannuation from 1 July 2017, a member’s total superannuation balance has become an important factor.

A member’s total superannuation balance is the sum of all their accumulation accounts and retirement accounts across all of their superannuation funds minus any personal injury (structured settlement) contributions that have been paid into any of the member’s superannuation funds.

Some self managed superannuation fund (SMSF) members are calculating their total superannuation balance incorrectly by only counting their superannuation savings in their SMSF and not including their superannuation balances in their other superannuation funds. 

The following areas of superannuation are affected by a member’s total superannuation balance.

Non-concessional contributions

A non-concessional contribution is personal contribution made by a member where the member has not claimed a tax deduction on the contribution.  It is also referred to as a “post tax” contribution because the contribution is usually made from a member’s wages that has already paid tax.  When it is contributed into an SMSF, no additional tax is payable.  As no tax concession applies, it is referred to as “non-concessional” contribution.  For an SMSF member to be eligible to make non-concessional contributions into their SMSF, one condition they must meet is that their total superannuation balance must be below $1.6 million immediately before the start of the financial year in which the contribution is made. 

Catch-up concessional contributions

A concessional contribution is a contribution made by a member where the member claimed a tax deduction on the contribution.  It can also be a contribution made by the member’s employer due to the requirements of the Superannuation Guarantee law.  If an employee also has a salary sacrifice arrangement (SSA) with their employer to contribute some of their pre-tax wages into superannuation, then the SSA contribution is also treated as a concessional contribution. Superannuation funds pay 15% tax on concessional contributions. Because the concessional tax rate applies, the contribution is referred to as a “concessional” contribution.  SMSF members are able to contribute concessional contributions of up to a total of $25,000 per annum.  However, from 1 July 2018, if a member did not make any concessional contributions in one year, then provided their total superannuation balance is below $500,000, immediately before the start of the financial year in which the contribution is made, they can carry over any of the unused limit from 1 July 2018 in the following five consecutive years. 

Spouse contributions

For a member to be able to make contributions for their spouse, the spouse’s total superannuation balance must be below $1.6 million immediately before the start of the financial year in which the contribution is made.  The spouse must also not have exceeded their non-concessional contributions cap in the financial year.  The spouse will need to be below the age of 70 and not living apart on a permanent basis with the member at the time the contribution is made.  If the spouse is aged 65 to 69, they will also need to satisfy the work test (i.e. 40 hours in 30 consecutive days) to be eligible to receive spouse contributions.  The age and work status of the contributing member is not relevant.  The contributing spouse can claim a tax offset of 18% of the maximum non-concessional contributions of $3,000, provided their spouse’s annual income does not exceed $37,000.  The tax offset gradually reduces once the spouse’s income exceeds $37,000 and cuts out once their income reaches $40,000.

Government superannuation co-contributions

The government will contribute fifty cents for every dollar of non-concessional contributions made by a member into an SMSF.  The conditions for the entitlement is that the member’s total superannuation balance must be below $1.6 million, their total income must not exceed $52,697, and the member must be under the age of 71 at the end of the income year in which their contribution is made.  The maximum non-concessional contribution that is taken into account is $1,000.  The maximum co-contribution of $500 is reduced by 3.333 cents for every dollar above the member’s income in excess of $37,697.

Transfer balance account reporting

If any SMSF member has a total superannuation balance of $1 million or more, then their SMSF must report their transfer balance account transactions within 28 days after the end of the quarter in which the event occurs.  Where all SMSF members have a total superannuation balance of less than $1 million, then their SMSF can report on an annual basis at the same time as when its tax return is due.  

Tax exemptions on pension income

If an SMSF has a member with a total superannuation balance of more than $1.6 million across all of their superannuation funds (as at 30 June of the previous financial year) and the person is in receipt of a retirement pension, then their SMSF can only calculate the tax exemption using the unsegregated or proportionate method.  However, if an SMSF has members in receipt of a retirement pension and each of these members’ total superannuation balances do not exceed $1.6 millionacross all of their superannuation funds (at 30 June of the previous financial year), then the SMSF can claim the tax exemption using the relevant segregated and/or unsegregated method.

Work test exemption for recent retirees

In the 2018 Federal Budget, the government proposed that from 1 July 2019, an individual aged 65 to 74 with a total superannuation balance of less than $300,000 will be permitted to make voluntary contributions for twelve months from the end of the financial year in which they last met the work test. This means these individuals will receive a one-year exemption from the work test to be able to make either concessional or non-concessional contributions.

Opt-in requirements for life insurance

In the 2018 Federal Budget, the government proposed that from 1 July 2019, life insurance cover will move from the default framework to an opt-in basis for members with balances of less than $6,000,members under the age of 25 years, or members whose accounts have not received a contribution in 13 months and are inactive.

Capping passive fees

In the 2018 Federal Budget, the government proposed that from 1 July 2019, a three per cent annual cap will be placed on passive fees (i.e. administration and investment fees) charged by superannuation funds on accounts with balances below $6,000.         

For Gold and Platinum members, Monica has provided areas of superannuation that are not affected by a member’s total superannuation balance.

Platinum Members, click here to view content

Monica Rule is an SMSF Specialist and author of The Self Managed Super Handbook – superannuation law for SMSFs in plain English www.monicarule.com.au

Disclaimer: The content of this Bulletin is general information only. It is not legal advice. The statements and opinions are the expression of the author, not Law Central, and have not been checked for their accuracy, completeness or changes in the law. Law Central recommends you seek professional advice before taking any action based on the content of this Bulletin.

Related documents:

  • Self Managed Superannuation Fund
  • SMSF - Update Rules
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