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SMSFs: reporting change

Self-managed super funds (SMSFs) are required to provide an accumulation phase value (APV) on their transfer balance account report for 30 June 2017 in certain circumstances.

SMSFs should note, APV is often different to the account balance of the SMSF member’s accumulation phase assets. This is due to the exit and administration fees and realisation costs that would be taken into account if the SMSF member would voluntarily close their account.

APV is a component of a member’s total super balance which shows the value of the member’s assets in the accumulation phase at 30 June.

Providing a member’s APV is conditional for SMSFs in the 2016-17 financial year. The member’s APV will be calculated as the difference between the closing account balance from the SMSF annual return and the value of the member’s transfer balance account for the SMSF at 1 July 2017 if not provided.

SMSFs need to provide their APV if the SMSF member has interests in the accumulation and retirement phase at 30 June 2017 where the member has a capped defined benefit income stream or a flexi-pension in that SMSF. It is also mandatory to provide the APV where the difference between the APV and the closing account balance is not limited to the value of exit and administration fees, and realisation costs.

If the SMSF member has 100 per cent of their interest in the accumulation phase at 30 June 2017, then providing the APV is conditional and only required when the difference between the APV and the closing account balance is not limited of the value of exit and administration fees, and realisation costs.

Where the SMSF member has 100 per cent of their interest in retirement phase, then the APV is only mandatory where the member has a capped defined benefit income stream or a flexi pension in that SMSF. The APV value to be supplied is zero.

APV reporting for 30 June 2017 is due by 8 September 2018.

Posted on 22 June '18 by , under Super.

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The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

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Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

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