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Stephen Chiang

Jun 13, 2023

super balance in accumulation

in SMSF Technical Forum

A SMSF member born in 1960, in accumulation mode, had a member balance of $1,971,000 on 30.06.2022.

There are no other super balance elsewhere.

Are there any TBAR reporting requirements given that he is not in pension mode?

Are there any restrictions for future contributions given his total super balance?

Please advise!

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Jun 13, 2023

Hi Stephen

Thanks, normally there is no TBAR reporting required if a member is in accumulation mode.

TBAR reporting is required when a retirement phase income stream commences.

The members balance is reported to the ATO annually via the Fund's annual return (re a SMSF balance).

ATO provides guidance re TBAR reporting at:

www.ato.gov.au

What and when to report

What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late.

Yes if a member has a total superannuation balance greater than $1,700,000 at 30/6/2022 then any non-concessional contributions made post 1 July 2022 would be treated as excess non-concessional contributions. (The $1,700,000 total superannuation balance amount increases from $1,700,000 to $1,900,000 on 1 July 2023).

The ATO has guidance re the non-concessional contributions cap rules at:

www.ato.gov.au

Super contributions - too much can mean extra tax

See the limits to the amount of super you can contribute each year, to avoid paying extra tax.

Thanks

SMSF AAA