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SMSFs: reporting change

Posted on Jun 22, 2018 by CFL Financial

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.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Phone: 07 3328 8988
Fax: 07 3328 8999

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Level 15, 10 Market Street,
Brisbane,
QLD 4000

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Brisbane,
QLD, 4001

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