Super: What is total superannuation balance (TSB)?

It’s important to know what’s going on with your super, whether you’re in at the start of your working life, the peak of your career or looking at retirement.

You may know your current superannuation account balance, but do you know your total superannuation balance (TSB)?

There is a different between the two and it’s worth knowing what the TSB is if you want to make the most of contribution caps, co-contributions and tax offsets.

What is total superannuation balance (TSB)?

Your total superannuation balance is a measure of the value of your total superannuation interests in all your super funds at a point in time. It is usually calculated at the end of the financial year, on June 30.

Your TSB may be different from your super fund account balance as it includes all your super interests.

It is calculated by adding the accumulation phase value (APV) and the retirement phase value (RPV) of your super interests and the roll-over benefit not included in the APV or RPV, and subtracting any personal injury or structured settlement contributions that have not been paid into your super.

If you are in a self-managed super fund, your TSB also includes the outstanding limited resource borrowing arrangement amount, in certain situations.

If your personal income tax return is done by a tax agent, they can also advise your TSB, and transfer balance cap (TBC), that is recorded by the ATO.

What is the total superannuation balance used for?

Your total superannuation balance is used to determine if you are eligible for certain super-related measures for the next financial year, including carry-forward contributions, the non-concessional contributions cap, the work test exemption, government co-contributions, and the spouse tax offset.

If you have a TSB of less than $500,000, then you can access an increased concessional contributions cap where you haven’t fully used the cap in one of the previous five financial years.

If your TSB exceeds $1.7 million, then you cannot make any non-concessional contributions to your super.

For self-managed super funds and small APRA funds, the TSB will determine if you are eligible to use the segregated asset method for calculating exempt current pension income.

What is the difference between the TSB and the transfer balance cap?

Both the total superannuation balance and the transfer balance cap were introduced as part of the 2017 super reforms and for some super measures they are indexed to the same amount ($1.7 million on July 1, 2021), which is why they can be confused.

The general transfer balance cap is a limit on the amount of superannuation that can be transferred into a retirement phase pension. It caps the total amount of super that can be transferred into retirement-phase income streams, such as pensions and annuities, and restricts a fund’s entitlement to receive a tax exemption on retirement phase earnings.

Your total super balance, on the other hand, is relevant when working out your eligibility for contribution caps, co-contributions and tax offsets.

How do you check your total super balance (TSB)?

You can view your total super balance using the ATO’s online services.

Your super fund can also provide your TSB but if you have multiple funds, you’ll need to source this information for each and add all of the values together.

If you are in retirement phase, then you can view your TSB or your transfer balance account via MyGov.

What do I need to know about TSB reporting?

Total superannuation balance reporting is done annually through a member’s contribution statement (MCS) or an annual return for self-managed super fund members.

If the reported TSB differs from the APV or RPV, the fund should submit a transfer balance account report (TBAR) with the ATO.

TSB reporting can be more complicated if you are in a self-managed super fund.

Need help with your super? Call in the experts

Superannuation can be complex to navigate, and the rules are regularly changing.

If you have any questions about how the total superannuation balance relates to you, please contact LDB’s superannuation specialists by phoning (03) 9875 2900 or filling out the contact form below.