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Total superannuation balance

Superannuation measures impacted by total superannuation balance

Section: 18.1

The measurement of a client's total superannuation balance at 30 June of the previous financial year is relevant for the following superannuation measures:

Non-concessional cap
  • Where a client's total superannuation balance is greater than or equal to $1.6 million at 30 June, their non- concessional contributions cap in the following financial year will be nil
  • Where a client's total superannuation balance exceeds $1.4 million at 30 June of the previous financial year, the amount they can contribute under the bring-forward rule is restricted.
Government co-contribution In addition to the other eligibility criteria, a client's total superannuation balance at 30 June of the previous financial year must be less than $1.6 million to be eligible for the Government co-contribution
Tax offset for spouse contributions In addition to the other eligibility criteria, a receiving spouse's total superannuation balance at 30 June of the previous financial year must be less than $1.6 million for the contributing spouse to be eligible for a tax offset for spouse contributions
SMSFs: ability to use segregated method SMSF's and small APRA funds will not be able to use the segregated assets method to calculate exempt current pension income for an income year if:
  • At any time during the year, at least one superannuation interest is in retirement phase, and
  • Just before the income year, a member with an interest in the fund has a total superannuation balance that exceeds $1.6 million and they are a retirement phase recipient of an income stream (from any fund).
Concessional contribution carry forward From 1 July 2018, a client's total superannuation balance at 30 June of the previous financial year must be less than $500,000 to be eligible to carry forward unused amounts of concessional cap for up to five years.
Work test exemption in addition to other eligibility criteria, from 1 July 2019, a member's total superannuation balance at 30 June of the previous financial year must be less than $300,000 to be eligible to use the work test exemption

Last modified: Wednesday, July 24, 2019