Sentences with phrase «balance of superannuation»

If the value of all your superannuation interests supporting superannuation income stream / s is likely to exceed $ 1.6 million as at 30 June 2017, you will need to closely monitor the balance of your superannuation interests that support superannuation income streams to ensure that you do not exceed your transfer balance cap initially and / or at the end of 31 December 2017.

netwealth charges an administration fee, determined by the total balance of your superannuation.

You should use the form Rollover initiation request to transfer whole balance of superannuation benefits to your self - managed super fund (NAT 74662) to transfer your super to a self - managed super fund (SMSF).

Not exact matches

With constraints on bank balance sheets, banks are rationing their lending and facilitating debt deals, Mr Barker told delegates at the annual Council of Major Superannuation Funds conference in Brisbane.

The average retirement balance of a person with an accumulation superannuation account (the kind most people have) is about $ 140,000.

A superannuation income stream will not be in the retirement phase in an income year if a superannuation income stream provider has failed to comply with a commutation authority in respect of a member's transfer balance cap.

The amount of your transfer balance cap worked out under special rules for a child recipient of a superannuation income stream.

From 1 July 2018, members will be able to make «carry - forward» concessional super contributions if they have a total superannuation balance of less than $ 500,000.

From 1 July 2018 you are eligible to carry - forward concessional (before - tax) contributions, depending on your total superannuation balance as at the end of June of the previous financial year.

Note, the fund could not use the segregated method for the 2017 - 18 income year because Tina's total superannuation balance exceeds $ 1.6 m on 30 June 2017 (refer to paragraphs 25 to 27 of this Ruling).

The fund could not use the segregated method for the 2017 - 18 income year because Tina's total superannuation balance exceeds $ 1.6 m on 30 June 2017 (refer to paragraphs 25 to 27 of this Ruling).

This Ruling provides guidance on the transitional CGT relief [A1] available for trustees of complying superannuation funds and pooled superannuation trusts because of the transfer balance cap and transition - to - retirement reforms commencing on 1 July 2017 (the CGT relief provisions).

As no member of the fund had a total superannuation balance of $ 1 million or more as at 30 June 2017 (the year before the first fund member commenced an income stream), the SMSF has an annual reporting obligation.

As Gary has a total superannuation balance of less than $ 1 million as at 30 June 2017, the SMSF will report events that occur on an annual basis.

To work out if the quarterly or annual arrangements apply, an SMSF will need to understand the total superannuation balance of all of its members at the later of:

Fiona, of Seagull SMSF, has a total superannuation balance at 30 June 2018 of $ 500,000 and starts an income stream valued at $ 500,000 on 1 July 2018.

As Alex had a total superannuation balance of $ 1 million or more as at 30 June 2017, the SMSF is required to report events 28 days after the end of the quarter in which the event occurs.

Jimmy is a member of Seagull SMSF and has a total superannuation balance of $ 1 million or more as at 30 June 2018.

As Mary had a total superannuation balance of $ 1 million or more as at 30 June 2018, the SMSF is required to report any events 28 days after the end of the quarter in which the event occurs.

Under age 65 on 1 July 2017: Members have the option of contributing up to $ 300,000 over a three - year period, depending on their total superannuation balance.

A member's total superannuation balance is essentially the sum of all their accumulation and retirement phase superannuation interests across all their accounts and funds.

Where an SMSF has only one member with an individual total superannuation balance of $ 1 million or more, it must report all events for all members within 28 days after the end of the relevant quarter, even if the balance of the first member to start a retirement phase income stream is below $ 1 million.

From 1 July 2018, individuals will be able to make «carry - forward» concessional super contributions if they have a total superannuation balance of less than $ 500,000.

From 1 July 2018, if you have a total superannuation balance of less than $ 500,000 at the end of 30 June of the previous year:

You will only be able to carry - forward your unused concessional contributions cap if your total superannuation balance at the end of 30 June of the previous financial year is less than $ 500,000.

The concept of «total superannuation balance», which commences from the end of 30 June 2017, is a way to value your total super interests on a given date.

Total superannuation balance is generally calculated at the end of 30 June of each financial year.

Ray's total superannuation balance at the end of 30 June 2018 is $ 1,350,000.

If you are a trustee of a self - managed superannuation fund (SMSF) or a small APRA fund, your members» total superannuation balances will determine whether you can use the segregated assets method to calculate exempt current pension income (ECPI).

As Artie is under 65 years and has a total superannuation balance under $ 1.4 million, he is able to make non-concessional contributions of $ 300,000 over three years.

Now fundamentally there are two new important aspects to be aware of: the transfer balance cap and the total superannuation balance, both of which commence on 1 July this year.

CGT relief is provided because a member reduces the value of their superannuation income stream before 1 July 2017 to comply with the start of the transfer balance cap reforms.

This Guideline provides guidance on the transitional CGT relief [A1] available for trustees of complying superannuation funds and pooled superannuation trusts because of the transfer balance cap and transition - to - retirement reforms commencing on 1 July 2017 (the CGT relief provisions).

This Guideline provides guidance on the transitional CGT relief [A1] available for superannuation funds because of the transfer balance cap and transition - to - retirement reforms commencing on 1 July 2017 (the CGT relief provisions).

In addition to the previous co-contribution eligibility requirements, you must now also have a total superannuation balance at the end of the previous financial year of less than the transfer balance cap and not have exceeded your after tax contributions cap.

Individuals with a total superannuation balance greater than or equal to the general transfer balance cap ($ 1.6 million for the 2017 - 18 financial year) at the end of 30 June of the previous financial year, and makes non-concessional contributions, will have excess non-concessional contributions.

You continue to have a transfer balance account even if you subsequently cease to be a retirement phase recipient of a superannuation income stream.

Once a superannuation income stream has commenced and a credit arises in your transfer balance account, subsequent changes in the value of the supporting superannuation interest do not affect your transfer balance.

Different treatment arises for the purposes of your transfer balance account depending on whether, under the payment split, the non-member spouse is entitled to either a lump sum amount or a percentage of the member spouse's superannuation income stream benefits payable from the superannuation income stream.

If you are a retirement phase recipient of a superannuation income stream just before 1 July 2017 (at the end of 30 June 2017), your transfer balance account commences on 1 July 2017.

[50] In these circumstances the transfer balance credit that originally arose in the member spouse's transfer balance account in respect of the superannuation income stream is not altered.

A transfer balance debit arises in Justin's transfer balance account on 1 April 2018 equal to 60 % of the value of the superannuation interest that supports the superannuation income stream on 1 April 2018 ($ 966,000).

Where the initial commutation authorities fail to reduce your transfer balance to or below your transfer balance cap, the Commissioner is able to issue further commutation authorities to any of your superannuation income stream providers to ensure you no longer have excess transfer balance.

You must commute an amount of your superannuation income stream in order to reduce your transfer balance so that you no longer exceed your transfer balance cap.

Your transfer balance cap limits the total amount of capital you can transfer to the retirement phase to support superannuation income streams.

If you are receiving a superannuation income stream immediately before 1 July 2017 (end of 30 June 2017), your transfer balance account commences on 1 July 2017.

As the sum of the transfer balance credits ($ 4.5 million) that arise in her transfer balance account on the 1 July 2017 in respect of superannuation income streams that Alice is receiving before 1 July 2017 is greater than her structured settlement contribution ($ 4 million), the debit that arises on 1 July 2017 is $ 4.5 million.

Where you have more than one superannuation income stream just before 1 July 2017 (end of 30 June 2017), your transfer balance will be the sum of the value of all of your superannuation interests supporting superannuation income streams just before 1 July 2017 (end of 30 June 2017).

A transfer balance debit also arises in Lizzy's transfer balance account on 1 April 2018 equal to 40 % of the value of the superannuation interest that supports the superannuation income stream on 1 April 2018 ($ 644,000).

Alice's transfer balance account commences on 1 July 2017 and a transfer balance credit of $ 3.5 million arises on this day in respect of this superannuation income stream.