How to enter the details for a superannuation account
To understand what data should be entered in Optimo Factfinder, it's helpful to first understand the account statement from the superannuation provider.
Information on the super account statement | How to find this information | Where to enter it in Factfinder | |
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1 | the total superannuation balance | The total account balance is usually listed on the first page of the statement. | You don't need to enter this value, but it's good to know. |
2 | Figure out if the funds are in the accumulation phase, pension phase or both. | If the statement doesn't explicitly say, then as a general rule, the individual will be in the accumulation phase if:
The individual should have funds in the pension phase if:
| You don't need to enter this into Factfinder, but knowing the phases will help you enter information in the next steps. |
3 | If the individual has funds in the accumulation phase, enter the accumulation phase Tax free amount ($) |
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4 | If the individual has funds in the pension phase, enter the Tax exempt ratio |
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5 | If the individual has funds in the pension phase, enter their Super transfer balance information | This is on the individual at the Current situation > Personal details step. | |
6 | Figure out what investment choices the individual has. |
| For each investment option:
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7 | Figure out if the individual is paying any insurance from the superannuation fund. | The individual may also be paying insurance premiums from the super account. To see what premiums the individual is paying, if any, check the statement for an Insurance section. This will list insurances such as:
For each of these, it should also list the premium or monthly/annual charge. |
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Related pages
- How to include or exclude the super guarantee (SG)
- Investigating why voluntary super contributions are not what you expected
- Understanding why funds are kept in in the accumulation phase of super instead of the pension phase
- How to model downsizing contributions to superannuation (a workaround)
- How to enter existing Transfer Balance Cap information
- How to prevent rollbacks from pension phase to accumulation phase in a superannuation fund
- How to make contributions over the concessional cap (a workaround)
- How to enter the details for a superannuation account
- How to skip entering a super account (a workaround)
- How to review the results for a transition to retirement income stream (TRIS)
- How to add a 'Return of Capital' pension fund (super or SMSF)
- How to include an account-based pension (ABP)
- How to include or exclude a Transition to retirement income stream (TRIS, formerly known as TTR)