How is my Total Superannuation Balance (TSB) calculated?

The concept of a Total Superannuation Balance, or TSB, was introduced on 1 July 2017 to measure the value of your total interests in the superannuation system.

It is used to determine eligibility for a number of superannuation measures, such as the ability to carry forward unused concessional contribution caps, and is calculated as of 30 June each year.

What is the Total Superannuation Balance?

Your total super balance is calculated by adding:

• The total superannuation balance value of your super accounts (including accumulation accounts, pensions, and annuities)
• The amount of each rollover super benefit not already included in the amount above. These are rollovers that are in transit between super funds on 30 June
• The outstanding limited recourse borrowing arrangement (LRBA) amount in an SMSF or small APRA fund, if either:            
  • The LRBA is with an associate of the fund
  • You have satisfied a condition of release with a nil cashing restriction

And subtracting:            

• Any personal injury or structured settlement contributions that have been paid into your super funds.

A structured settlement payment is the result of an agreement between parties to a personal injury case. A structured settlement contribution is when that payment is contributed to superannuation.

In most cases, the total superannuation balance value of a super account is the dollar amount in the account.

If you have a non-account based pension/annuity or a defined benefit, the total superannuation balance value is calculated by your super fund or annuity provider every 30 June, based on the relevant regulations. The regulations specify how to calculate a fair value for these interests because they do not have an account balance.

This all sounds very complicated, but for most people it isn’t. Except in a few special cases, your TSB is simply the balance of all your super accounts (including account-based-pensions) – the Total Super Balance is true to its name! The exceptions are when you:

• Have a non-account-based income stream
• Are not entitled to the entire balance of your super account because it is subject to a family law payment split that has been registered on the interest but has not yet occurred (your ex-spouse’s portion will not count towards your total super balance)
• Are entitled to some of your ex-spouse’s super account because of a family law payment split that has been registered on the interest but has not yet occured (your share of your ex’s super account will appear in your total super balance)
• Are a member of a defined benefit fund
• Are a member of an SMSF or small APRA fund that has limited recourse borrowing arrangements
• Have made structured settlement contributions.