July 9, 2021

Superannuation Meets Periodic Processing

Kristie Goss


Have a self-managed super fund? Listen up.

With the new Superannuation reporting obligations, Illumin8 are moving to periodic processing for our Self-Managed Funds. 

The move to periodic processing is due to the Transfer Balance Cap and Event Based Reporting 

What is Transfer Balance Cap and Event Based Reporting? 

Your Transfer Balance Cap is the limit on the total amount of superannuation that can be transferred into retirement phase. The transfer balance cap starts from 1st July 2017 with the cap starting at $1.6 million. It will be indexed periodically in line with CPI. 

A Self-Managed Superannuation Fund must report events that affect a member transfer balance. Some of these include: 

  • Details of Income Streams being received at 30th June 2017 and continued to be paid on or after 1st July 2017
  • Details of Income Streams commencing on or after 1st July 2017 
  • Death Benefit Income Streams 
  • Commutations of Retirement Phase Income Streams that occur on or after 1st July 2017

Why move to Period Processing? 

Here at Illumin8 we like keeping in contact with our clients. Going forward we are no longer able to look at SMSF Financials once a year. Implementing Periodic Processing as best practice for our SMSF clients means we can monitor:

  • Contribution Caps
  • Pension Payments
  • Tax Planning for SMSF Events 
  • Potential Conditions of Release being met
  • Lodge to the ATO Transfer Balance Cap Events by the due date

What does this mean for you?

Every quarter we will make contact and request SMSF information for the quarter. Also, we will check how everything is tracking for your Self-Managed Super Fund.  


Stapled Super Funds for Employees

Coming soon from the ATO, a plan to help reduce superannuation account fees.

Kate Stathis

Head of Bookkeeping


Super(annuation) Blog

Do you have some outstanding superannuation guarantee (SG) payments for your employees for the period 1 July 1992 to 31 March 2018? Read on.

Jason Williams

Business Sherpa


Self Managed Superannuation - Is It Right For You?

You’re invited to our Self Managed Superannuation seminar. It’s taking place at the Mornington Golf Club on the 29th of August. Join us for drinks and canapés.

by Illumin8

Your Local Accountant


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Andrew from Illumin8

If it sounds like we might make beautiful business together, why not get in contact and discuss your accounting and bookkeeping options with our team.

*PLEASE NOTE* We are currently only taking on clients that operate a business at this time. If you are on the lookout for an accountant to look after your individual return, we can connect you to a couple that we think are ace! 

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