Super tax calculations and adjustments

If the annual tax liability of a member is less than the tax payments made during the year, we credit a refund to the member’s Cash Account, otherwise their account is debited with a tax charge.

The tax calculations and adjustments for the period 1 July to 30 June are generally completed for clients’ super and pension accounts at the beginning of the new calendar year. 

Resulting tax adjustments are made to your clients’ Cash Accounts and are visible in the Cash Transactions report available online.

To assist you in explaining to your clients the principles and assumptions that we have used to calculate each member’s notional tax return, we have released the:

• Online Superannuation Tax Calculation report (available as a client report)
• Guide to Member Tax Calculation.

The Guide to Member Tax Calculation is provided to you for information purposes only. No action is required from you or your clients.

Clients affected are those who held active accounts during the period 1 July to 30 June and kept their accounts open and active until the annual tax adjustment process is completed. This happens generally by March in the new calendar year.

Members who leave the Fund prior to the year's annual processing date won't receive the benefit of any franking credits, foreign income tax offsets or any revenue/capital losses that have accrued. The balance of this benefit is retained in the Fund’s reserves and may be used to cover certain fees and costs of the Fund.  

For further information, please refer to the Annual taxation adjustments section of the relevant Product Disclosure Statement.  

You can find these on Adviser Tools.