Common Support Query
The member's balance does not reconcile with the Total Superannuation Balance as displayed on the Contribution Dashboard/Transfer Balance Dashboard.
From 1 July 2018 (2019 FY), SMSFs that have an LRBA in place must include a member's share of the outstanding balance of the LRBA at 30 June each income year in their Total Superannuation Balance and reported in the SMSF Annual Return, when specific criteria are met.
Refer to the following ATO help article to work out whether you need to report the outstanding LRBA amount.
Simple Fund 360 has already made the necessary changes to reflect this change in the Tax Return and will update the TSB amount within the Contribution Dashboard and Transfer Balance Dashboard.
Where you'd like to make a change on whether or not the LRBA is to be included in the Tax Return & the member's TSB, follow the below steps:
|From the Main Toolbar, go to Accounting.||
|Select Chart of accounts from the list.||
1. Locate the Limited Recourse Borrowing Arrangement sub-account, and select more details.
For example, the 85500/ANZ.AX account is selected here:
2. Tick or untick the option to Report the LRBA balance in the tax return. Where this option is ticked, it will impact members' Total Super Balance (TSB).