Sentences with phrase «superannuation account balances»

While superannuation account balances and house prices were improving, unemployment was on the rise and could reach 6 per cent later this year.

Not exact matches

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

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.

In addition to any age pension, it is assumed you (and your spouse where applicable) have retired on or after the relevant preservation age and have converted any superannuation savings up to the Transfer Balance Cap to an account - based pension product.

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

This Ruling provides guidance on how the transfer balance cap (set at $ 1.6 million for the 2017 - 18 financial year) operates for account - based superannuation income stream products.

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.

[46] As such you, or your spouse in respect to payment splits, will need to notify us in the approved form if a payment split or reduction in the superannuation interest supporting your superannuation income stream occurs for a debit to arise in your transfer balance account.

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.

As Raj has no superannuation income streams in the retirement phase he is not a retirement phase recipient and does not have a transfer balance account.

[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 credit will arise in your transfer balance account in relation to a payment made by a superannuation provider under a limited recourse borrowing arrangement (LRBA) that was entered into on or after 1 July 2017 where:

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).

The Commissioner will issue determinations based on information that we hold about your transfer balance account (such as information reported to the Commissioner by superannuation income stream providers and transfer balance debits notified by you).

[48] If the non-member spouse chooses to use that lump sum amount to start a superannuation income stream, a transfer balance credit arises in their transfer balance account.

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.

In determining the amount to commute, you should take into account your original excess transfer balance, excess transfer balance earnings that will be credited to your transfer balance account and the time required for your superannuation provider to action a commutation.

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.

Similarly, a superannuation interest that supports a superannuation income stream that decreases in value because of investment losses [25] or a drawdown of superannuation income stream benefits does not have that reduction reflected in your transfer balance account.

The TRIS is in the retirement phase on 15 July 2019 (the time of notifying the superannuation provider of his retirement) and Raj commences to have a transfer balance account on 15 July 2019.

Your transfer balance account is credited with the value of the superannuation interest that supports the superannuation income stream just before 1 July 2017 (end of 30 June 2017).

When a superannuation income stream is fully or partially commuted, a debit arises [38] in your transfer balance account at the time you receive the superannuation lump sum, not at the time that you instruct your superannuation income stream provider to commute a superannuation income stream.

The «starting day» (for the purposes of the transfer balance account) for reversionary beneficiaries is the date of death of the original superannuation member as this is the time the reversionary superannuation income stream becomes payable to them.

Where the split is achieved by dividing the superannuation income stream benefits payable from the superannuation income stream, a credit to the full value of the superannuation interest that supports the superannuation income stream (at the time of the payment split) arises in the transfer balance account of the non-member spouse.

That means a superannuation interest that supports a superannuation income stream that increases in value because of investment earnings [24] does not have its growth reflected in your transfer balance account.

A debit arises in the individual's transfer balance account at the time the superannuation income stream stops being a superannuation income stream in the retirement phase.

You commence to have a transfer balance account on the later of 1 July 2017 and the day you first start to be a retirement phase recipient of a superannuation income stream.

• Perform general and specific accounting calculations using 10 - key calculators and copy machines • Maintain and balance company books • Handle employee payroll services by calculating salaries and superannuation • Prepare periodic accounting reports and assure their correctness • Assure mathematical accuracy of all posted entries • Classify and summarize numerical and financial data for record maintenance purposes • Perform debit, credit and totaling activities on accounting systems and spreadsheets • Recognize and report discrepancies in accounting data and perform reconciliation duties • Monitor loan and advance statuses and prepare and deposit checks for payment of utility bills • Complete and submit tax forms on timely basis • Calculate and issue bills, invoices and account statements