Mclowd User Guide for SMSF Trustees

CODE

DESCRIPTION

EXPLANATION

EFFECTIVE DATE

1

APV

Accumulation Phase Value

This is the value of the accumulation interest that would become payable if the individual voluntarily caused the interest to cease at 30 June of the relevant financial year.

NOTE:  No member account type is required.

30 June in the relevant financial year

2

CC1

Commutation Authority

(A notice from the Commissioner issued to a superannuation income stream provider requiring the provider to commute an amount of a specified super income stream.)

The amount requested has been commuted in full

NOTE: If reporting event type is CC1, you must also answer the question ‘Was the commutation paid directly to the member?’ by selecting Yes or No.

the date the commutation occurred

3

CC2

Commutation Authority

(A notice from the Commissioner issued to a superannuation income stream provider requiring the provider to commute an amount of a specified super income stream.)

Unable to commute in full due to insufficient funds. This includes partial commutations.

NOTE: If reporting event type is CC2, you must also answer the question ‘Was the commutation paid directly to the member?’ by selecting Yes or No.

the date the commutation occurred

4

CC3

Commutation Authority

(A notice from the Commissioner issued to a superannuation income stream provider requiring the provider to commute an amount of a specified super income stream.)

Unable to commute because the member is deceased

no date is required

5

CC4

Commutation Authority

(A notice from the Commissioner issued to a superannuation income stream provider requiring the provider to commute an amount of a specified super income stream.)

Unable to commute due to a capped defined benefit income stream, as set out in Member Account Type field.

no date is required

6

ICB

Child death benefit income stream

A dependent child that receives a death benefit income stream because of a death of a parent. This event type should also be reported for a reversionary child death benefit income stream that commenced prior to 1 July 2016. Refer to ATO website https://www.ato.gov.au/Individuals/Super/Super-changes/New-transfer-balance-cap-for-retirement-phase-accounts/New-transfer-balance-cap—child-death-benefit-recipients/ for more information

NOTE:

For ICB events, the 3rd party surname or family name must be entered

If commenced prior to 1 July 2017, then 30 June 2017

Otherwise, the starting date

7

ICR

Reversionary child death benefit income stream

A superannuation income stream that automatically reverts to a dependent child because of the deaths of a parent, where the income stream commenced on or after 1 July 2016

Refer to ATO website for more information https://www.ato.gov.au/Individuals/Super/Super-changes/New-transfer-balance-cap-for-retirement-phase-accounts/New-transfer-balance-cap—child-death-benefit-recipients/

NOTE:

For ICR events, the 3rd party surname or family name must be entered

If commenced prior to 1 July 2017,  then 30 June 2017

Otherwise, the starting date

8

IRS

Reversionary income stream

A superannuation income stream that automatically reverts to a nominated beneficiary on the death of its current recipient, where the income stream commenced on or after 1 July 2016

Date of death of the original superannuation fund member if known.

If unknown, the date the income stream commenced

9

LRB

Limited Recourse Borrowing

A limited recourse borrowing arrangement the transfer balance cap credit arising from the repayment of an LBRA

NOTE:  No member account type is required

the date the loan repayment was made

10

MCO

Member commutation

The process of ceasing, in whole or in part, a superannuation income stream and converting it to a superannuation lump sum. In all circumstances with exception to a commissioner’s commutation authority. The superannuation lump sum that arises from a commutation must be cashed out of the superannuation system or can be retained within the superannuation system subject to the cashing rules for superannuation death benefits.

the date the commutation occurred

11

NTC

Notional Taxed Contributions

Uncapped Notional taxed contributions amount

NOTE:  No member account type is required

30 June in the relevant financial year

12

RPV

Retirement Phase Value

This is the value of the retirement interest that would become payable if the individual voluntarily caused the interest to cease as at 30 June of the relevant financial year

30 June in the relevant financial year

13

SIS

Superannuation Income Stream

A superannuation income stream in retirement phase. Usually, an income stream implies the right to receive a periodic payment of interest on superannuation investments (e.g. a pension or annuity). This event type should be reported for a reversionary income stream that commenced prior to 1 July 2016.

If commenced prior to 1 July 2017, then 30 June 2017

Otherwise, the starting date

14

SSP

Personal Injury (Structured Settlement)

Injury payments that a member contributes while notifying the provider that they are to be excluded from the non-concessional contributions cap.

NOTE:  No member account type is required

if a debit, the date the contribution was made

15

STO

Income Stream not in Retirement Phase

Income stream stops being in retirement phase

If commenced prior to 1 July 2017,  then 30 June 2017

Otherwise, the starting date