Total super balance is measure as at 30 June each financial year and combines all accumulation & pension account values for an individual.
Adding together:
- the accumulation phase value of your super interests that are not in the retirement phase – this is the total amount of benefits that would become payable if you voluntarily ceased the interest at that time (i.e. your accumulation account(s))
- the retirement phase value of your super interests – this is the balance of your transfer balance account, modified to reflect the value of account-based interests in the retirement phase at that time and disregarding certain debits
- the amount of each roll-over super benefit not already reflected in the accumulation phase value or the retirement phase value (that is, rollovers in transit between super funds on 30 June)
- in certain circumstances, the outstanding balance belonging to a limited recourse borrowing arrangement (LRBA) in an SMSF (or other regulated super fund with less than five members) you entered into from 1 July 2018, if either: the LRBA is with an associate of the fund; or you have satisfied a condition of release with a nil cashing restriction
- subtracting any personal injury or structured settlement contributions that have been paid into your super funds.
Contributions and total superannuation balance
It’s important to understand that your total superannuation balance impacts the amount of non-concessional contributions you can make to your SMSF:
| Total Superannuation Balance on 30/06/2020 | Non-concessional cap available | Bring-forward period |
| Less than $1.4m | $300,000 | 3 years |
| $1.4m to $1.5m | $200,000 | 2 years |
| $1.5 to $1.6m | $100,000 | 1 year only (current) |
| More than $1.6m | $0 | Not available |
It’s also important to understand that the total superannuation balance is determined based on 30 June of the prior financial year, i.e. 30 June 2020 for the SMSF end of financial year 2021.
2 comments
Sakthi
October 16, 2024 at 4:31 pm
Hi ,
I just had a question in regards to transfer balance cap, in a scenerio where there one member in the SMSF commenced pension and all paperwork work was done and that year has been lodged and audited. While doing the next years work it was realised that the T BAR doc was not submitted to the ATO when the member started pension in the previous year. So what can be done now? Just lodge a T BAR now for the initial date or does the ATO need to be contacted directly ?
Basiclly I need to know what is the proceduce if T BAR was not submited in the Qtr after the pension started and it being reported a year later? has that happed to anyone that you now of?
Thanks in advance.
Kris Kitto
October 16, 2024 at 4:56 pm
That’s not ideal. Yes, have come across this a few times.
Originally, SMSFs with under $1m could lodge TBAR reporting annually, however, this has now moved to quarterly for all SMSFs.
It needs to be lodged ASAP with the original correct date of the event. Hopefully the ATO will be lenient.