Understand the terms we use

Self Managed Super Funds Terms

Cash Flows

Inflows and outflows of cash and cash equivalents.

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Economically Recoverable Reserves

The estimated quantity of product in an area of interest that can be expected to be profitably extracted, processed and sold under current and foreseeable economic conditions.

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Impairment Loss

The amount by which the carrying amount of an asset exceeds its recoverable amount.

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Interest in Another Entity

An interest in another entity refers to contractual and non-contractual involvement that exposes an entity to variability of returns from the performance of the other entity.

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Preserved Benefits

Benefits within a super fund that cannot be accessed until the fund member turns 55 and/or retires, or a special circumstance has been met (eg severe financial difficulties or permanent incapacity).

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Self Managed Superannuation Fund (SMSF)

A self managed super fund (SMSF) is a form of retirement savings, controlled by members who act as trustees of their own fund.

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