Sentences with phrase «superannuation balance»

From 1 July 2017, the non-concessional contributions cap amount that you can bring forward and whether you have a two or three year bring forward period will depend on your total superannuation balance.

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.

How the bring forward arrangement works — if the difference between the general transfer balance cap and the individual's total superannuation balance is:

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.

Should your projected total superannuation balance exceed the projected Transfer Balance Cap (see below) at any year in the projection, your projected non-concessional contributions will be restricted to zero for that year.

Therefore, Abdal's modified transfer balance, and subsequently his total superannuation balance, is $ 1.61 million.

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.

You may be entitled to a two or three - year bring - forward period for your non-concessional contributions cap based on your total superannuation balance.

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.

This document is also available in portable document format - Total superannuation balance (PDF, 184KB) This link will download a file.

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

Note: You can view your total superannuation balance using ATO online services through myGovExternal Link.

Additionally, the total superannuation balance is important for claiming the tax offset for spouse contributions and receiving co-contributions.

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

Therefore, Chen's total superannuation balance is $ 428,900, which is below the $ 500,000 limit.

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.

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.

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:

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.

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.

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.

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.

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.

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

Gary continues to make contributions and, as at 30 June 2018, his total superannuation balance is $ 1.1 million.

The TBAR enables us to record and track an individual's balance for both their transfer balance cap and total superannuation balance.

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.

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.

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:

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.

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.

This means that, from 1 July 2017, an SMSF or small - APRA fund could have a member with a transfer balance under the $ 1.6 m transfer balance cap, but who also has a total superannuation balance exceeding $ 1.6 m.

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).

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).

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.

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.

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).

Not exact matches

Given that balances in superannuation funds are essentially «at call» and can be moved at short notice, these funds need to ensure that they remain quite liquid at all times.

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.

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

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.

To prepare for the transfer balance cap reforms commencing on 1 July 2017, individuals may need to reduce amounts currently supporting superannuation income streams to comply with the new requirements.

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).

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).

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

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).