Skip to main content

Reporting the Accumulation Phase Value (APV)

  • Updated

Support Query

In what circumstances is a member's Accumulation Phase Value (APV) required to be reported to the ATO by 8 September 2018? Can this be completed in Simple Fund 360?

Solution

With reference to the ATO:

Reporting the APV at Question 15 on the TBAR is only required in specific circumstances for 30 June 2017. APV reporting for 30 June 2017 is due by 8 September 2018. 

Scenario Requirement
Scenario 1- Member has accumulation phase interests only at 30 June 2017 in that SMSF
  • APV is required where the difference between the APV and the closing account balance reported on the SMSF annual return is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
Scenario 2 - Member has retirement phase interests only at 30 June 2017 with account-based pensions only and no flexi pensions in that SMSF
  • APV is not required as SMSF closing account balance is equal to the Transfer balance account (TBA) balance at 1 July 2017.
Scenario 3 - member has retirement phase interests only at 30 June 2017 with at least 1 non-account-based pension or account-based flexi pension in that SMSF
  • APV is required for the member to ensure the SMSF annual return closing account balance is not consumed. APV value to be supplied is zero.
Scenario 4 - member has accumulation phase and retirement phase interests at 30 June 2017 with account-based pensions only and no flexi pensions in that SMSF
  • in most instances an APV is not required to be reported
  • only provide an APV where the difference between the APV and the closing account balance reported on the SMSF annual return is not limited to the value of the administration and exit fees and realisation costs if the member was to voluntarily cease the interest.
Scenario 5 - member has accumulation phase and retirement phase interests at 30 June 2017 with at least 1 non-account-based pension or account-based flexi pension in that SMSF
  • APV is required for the member to ensure SMSF annual return closing account balance is not consumed.

 

How do I record the APV for a member via the Transfer Balance Dashboard?

A manual adjustment will need to be recorded for the member using the Accumulation Phase Value (APV) Event Type (even if you are reporting a $0 APV value). This event will be added to the TBAR Management screen to include in a file for lodgement to the ATO. 

442886aa083ab3b2024c16f4c90ebf72f9a9bef469ee3f36c376104c22326e9b.png 

How do I report a $0 APV?

When recording the manual adjustment, select the option "Report Zero". This will switch to the On position and in Question 15 of the TBAR, a $0 amount will display. 

e7bf54b4fd1651ed25e39f4eef69f07697845990862ac9e0fe727a6d9e72c74a.png

f25366e1d926f9881b154fcbabac341f8229ab0cec56c3051808c352ac2abc30.png

 

Was this article helpful?
0 out of 0 found this helpful
Return to top

Related articles