PROFESSIONAL PENSIONS

Transcription

1 PROFESSIONAL PENSIONS TRAINING MANUAL

2 ANYTIME, ANYWHERE LEARNING The Learning Channel is BGL's on-demand, self-paced training platform for CAS 360 and Simple Fund 360 clients. It s a great way for you and your team to access the latest BGL training material and courses online. As a subscriber to CAS 360 or Simple Fund 360, you receive complimentary access to the Learning Channel for three months from your initial purchase. For more information about the Learning Channel and its benefits, please contact your Account Manager on or us at info@bglcorp.com.au.

3 Table of Contents Lesson 1 - Segregation 4 Task Migrate Segregated Funds to Simple Fund Task Segregation Policy 9 Lesson 2 - Fund Processing for Financial Year 15 Task XML Upload 16 Task Transaction Matching 27 Task Corporate Actions 39 Task Contribution Splitting 50 Task Update the Segregation Policy 54 Task Depreciation 58 Lesson 3 - Super Reform 66 Overview 67 Task CGT Reset 68 Task Comply with the 1.6 million dollar cap 77 Lesson 4 - Reporting 82 Task Registry Data Service 83 Task Investment Summary 89 Task Operating Statement 93 Task Reconciliation Reporting 96 Task Rental Property Statement 99 Task Close Financial Year 101 Lesson 5 - The 17/18 Financial Year 103 Task Convert to TRIS Retirement Phase 104 Task Transfer Balance Account/Dashboard 107 Task Events Based Reporting 112 Task Transfer Balance Account Summary 116 Appendices 117 Appendix A - Segregation Report 118 Appendix B - Bank Statements 120 Appendix C Superannuation Reforms Flowchart 123 Page 2 BGL Corporate Solutions Pty Ltd 2018

4 Welcome to Simple Fund 360. BGL assume you have some general knowledge of accounting for superannuation funds. This Training Manual is divided into five lessons: Lesson 1 - Segregation This lesson will guide you through the process of setting up a Segregation Policy in Simple Fund 360. Lesson Fund Administration This section will cover the fund processing for the 2017 financial year. Learn how to create and use the BGL XML template, processing rights issue, takeovers, share consolidations, Contribution splitting and depreciation. Lesson 3 - Super Reform In this lesson, Super Reform measures will be introduced in regards to the application of CGT Relief and compliance with the $1.6 million Transfer Balance Cap. Lesson 4 - Reporting Simple Fund 360 provides a selection of useful reports that can be exported to PDF, printed, or converted to an Excel spreadsheet file. This lesson will introduce a number of useful reports that can be added to your year-end report packs. Lesson Fund Administration (Events Based Reporting) In thislessonthe Transfer Balance Dashboard will be outlined alongside the ATO's Events Based Reporting regime. BGL Corporate Solutions Pty Ltd This Training Manual has been prepared by BGL Corporate Solutions Pty Ltd for users of Simple Fund 360. Every effort has been made to ensure the accuracy and completeness of this Manual. However, the software author or supplier cannot be held liable for any errors or omissions, and this Manual should not be relied upon as a detailed specification of the system. In addition, the software author and supplier reserve the right to issue revisions, enhancements and improvements to the software at any time without notice. This Manual forms part of the cloud software, which is subject to a Cloud Software Subscription Agreement. It, therefore, remains the property of the software author and supplier and is subject to copyright and trade secrets protection. It must not be copied, disposed of, distributed or otherwise be made available to any person, other than employees of the authorised Simple Fund 360 client, without the prior consent of the software author and supplier. BGL Corporate Solutions Pty Ltd 2018v2 Page 3

5 Lesson 1 - Segregation This lesson will guide you through the process of setting up a Segregation Policy in Simple Fund 360. Task Migrate Segregated Funds to Simple Fund 360 Task Segregation Policy Page 4 BGL Corporate Solutions Pty Ltd 2018

6 Task Migrate Segregated Funds to Simple Fund 360 Objective In this task you will learn how to create a Segregation policy based on a Segregation Report that was generated from Simple Fund Desktop. By the end of this task, you will be able to: Prepare a Segregation Report in Simple Fund Desktop. Segregated Method Your SMSF has segregated assets if you have set aside certain assets so that the income from these assets can be specifically identified as having the sole purpose of paying a super income stream benefit. The ordinary income and statutory income that an SMSF earns from segregated current pension assets are tax exempt. For the purpose of working out the amount exempt from tax, ordinary income and statutory income of the SMSF is income other than assessable contributions and non-arm's length income of the SMSF. Subsection (6) of the ITAA 1997 provides that assets held for the relevant sole purpose in respect of prescribed pensions under subsection (4) are not segregated current pension assets to the extent that the market value of the assets exceeds the account balance supporting the benefit. Note: capital gains or capital losses from a capital gains tax event in relation to a segregated current pension asset are disregarded and will not be reported on the SMSF Annual Return. When all SMSF members are in Pension Phase - 100% Pension Fund When all SMSF fund members are receiving a pension, and the combined account balances of these pensions is equal to the market value of the fund's total assets, all fund assets meet the 'segregated' requirement as their sole purpose is to pay super income stream benefits. These funds are commonly referred to as being '100% in pension phase'. In this situation, we accept that the SMSF is not required to identify individual assets as being dedicated to funding a super income stream benefit. Refer to the following help article for more on How to treat a 100% Pension Fund in Simple Fund 360. Segregation Method in the year onward For the income year onwards, an SMSF will be unable to use the segregated method to calculate Except Current Pension Income when a member has total superannuation balance over $1.6 million immediately before the start of the relevant income year. BGL Corporate Solutions Pty Ltd 2018 Page 5

7 Additional Information: ATO Compliance approach on segregation for the income year and prior; The effect capital gains and capital losses have on an SMSF's claim for ECPI; How to calculate ECPI. Task 1.1.1: Prepare the Simple Fund Desktop Segregation Report A fund's existing segregation structure in Simple Fund Desktop will not be migrated up to Simple Fund 360. Once a fund has been migrated you will be required to create a Segregation Policy in Simple Fund 360. To assist with preparing the Segregation Policy a Segregation Report can be obtained from Simple Fund Desktop. To prepare the report for a fund From the Ribbon Toolbar: Select the Reports and Documents tab, in the Fund Reporting group, select Financial Reports Select the Member Reports tab. Locate the Segregated Report. You can Preview the report before print or export. Select Print or Export to PDF to print/export the report. Report Details The Report is broken down into the following sections: Pool Summary This section will provide you details about the pool and the percentages allocated to each member. Page 6 BGL Corporate Solutions Pty Ltd 2018

8 Pool Assets This section will list all the assets allocated to the pool. Note: Only assets/investments with units or that have a balance will display in the report. Bank accounts that are active or have a balance will show in the report. If you have allocated an investment/asset to a ceased member account, the member account will display as "Ceased" in the report. If a security is not attached to the investment account, the 'Code' column will be blank. Duplicate Security Codes If there are two or more investments with the same security code that have been allocated to multiple pools, these securities and investment accounts will display under a Duplicate Security Code section. When you migrate funds with investment accounts having the same security attached, the accounts will be merged upon migration so that only one account will be attached to that security in Simple Fund 360. BGL Corporate Solutions Pty Ltd 2018 Page 7

9 Task 1.1.2: Fund Selection From the Main Toolbar, select Home. Select Fund Selection. Once the migration has been completed, the Round Table Fund can be selected from the Fund Selection List. Page 8 BGL Corporate Solutions Pty Ltd 2018

10 Task Segregation Policy Objective In this task, you will learn how to create a Segregation Policy in three steps Create a Segregation Policy and set the policy period; Create asset pools and allocate members to the pool; Allocate investments to asset pools. Task 1.2.1: Create Segregation Policy and set the Policy Period From the Main Toolbar, go to Member. Select Segregation Dashboard from the list. A segregation policy will need to be created for the 01/07/ /06/2017 financial year in Simple Fund To create a new policy, from the Segregation Dashboard select Create New Policy. BGL Corporate Solutions Pty Ltd 2018 Page 9

11 2. Select Create New Policy once more. 3. Review the Policy Period (01/07/2016 to 30/06/2017) and select Set Policy Period. 4. Select OK to the confirmation message. When a segregation policy has been created and there is no change in the next financial period, The existing policy can be carried forward by selecting the Copy Existing Policy option. Task 1.2.2: Create Asset Pools and Member allocation 1. Select Create New Pool. 2. Input the Pool Name as Matt - Account Based Pension. Page 10 BGL Corporate Solutions Pty Ltd 2018

12 3. Link the member account to the pool. Select Matt's Pension Account. 4. Set the allocation percentage for each account. The total percentage must equal 100%. Input 100% as Matt is the sole owner of the pool. 5. Select Task 1.2.3: Allocate Investments to Asset Pools 1. Select the Matt - Account Based Pension Pool to allocate investments to. BGL Corporate Solutions Pty Ltd 2018 Page 11

13 2. The Account Selector will appear on the left. The account selector allows you to search Investments, Expenses, Bank Accounts and Income Accounts. Set the Account Type as Investment Account Type Investment Expense Bank /Term Deposits Income Explanation This will display investments in the fund. Select the Control account to expand and display an investment's sub-accounts. Note: Allocating an investment account will also allocate linked income and expense accounts to the pool. This will display one-off expense accounts of the fund that can be allocated to a pool. This will display all bank and term deposit accounts. Select the Control account to expand and display an asset's sub-accounts. Note: Allocating an investment account will also allocate linked income and expense accounts to the pool. This will display one-off income accounts that can be allocated to a pool. Page 12 BGL Corporate Solutions Pty Ltd 2018

14 3. Allocate Plant and Equipment (at Written down Value) including the 3 sub accounts to Matt - Account Based Pension Pool using the green arrow. Now allocate account Real Estate Properties (Australian - Residential) to Matt's pool. BGL Corporate Solutions Pty Ltd 2018 Page 13

15 4. To allocate the Bank Account switch the Account Type to Bank/Term Deposits. To view Sub Accounts select the > besides the Control Account Select the arrow beside the CBA Sub Account to allocate to Matt - Account Based Pension. Select Create New Pool and complete the remaining segregation steps with reference to Appendix A - Segregation Report. Once you have completed the asset segregation, select save the fund's segregation policy. Back to Segregation Dashboard. This will Page 14 BGL Corporate Solutions Pty Ltd 2018

16 Lesson 2 - Fund Processing for Financial Year This lesson will involve the administration of fund data for the 2017 financial year. Task XML Upload Task Transaction Matching Task Corporate Actions Task Contribution Splitting Task Update the Segregation Policy Task Depreciation BGL Corporate Solutions Pty Ltd 2018 Page 15

17 Task XML Upload Objective Microsoft Excel will be used to enter transactions in the BGL template to create a transaction file (XML) which can be directly uploaded into Simple Fund 360. Instructions on how to setup and use the BGL XML import will be explained in 3 stages: How to setup the BGL XML import in Simple Fund 360; How to create the XML ready for upload; How to import the XML into Simple Fund 360. Task 2.1.1: How to setup the BGL XML import in Simple Fund 360 From the Main Toolbar, go to Connect. Select Manage data feeds from the list. Under the Wraps and Platforms section, select Start Using. 1. From the Wrap and Platform Feed Management screen, select Add Feed. 2. The Setup Wrap and Platform Feed screen will appear. The fund name will appear in the Fund field. Page 16 BGL Corporate Solutions Pty Ltd 2018

18 3. Select BGL Import as the Feed Provider. 4. Keep the External Account ID as BGL 5. Select the Jeevan TRIS - Macquarie Bank Account as the default. Bank transactions entered in the XML template with no BSB and Account Number will be coded by default to the allocated Bank Account Select Download Template, the template will be used to create the transaction file (XML) which will be uploaded into Simple Fund 360 Select Save. BGL Corporate Solutions Pty Ltd 2018 Page 17

19 How to create the Transaction File (XML) When creating the Transaction File in Excel, the BGL import currently supports three main transaction types: Transaction Types 1.Bank Transactions Explanation Banking transactions are any cash entries displaying on the Bank Statement. Investment income transactions and investment transactions entered into the XML will be automatically matched on upload and coded to the relevant accounts. Transaction matching rules will also apply to the upload, any exceptions in the XML will use the Transaction Matching screen to reconcile. Multiple banks are supported in the one XML file. Ensure that the banking details are recorded in Simple Fund 360 and during the upload, Simple fund 360 will code to the bank account based on the BSB and account number. When no BSB or Bank Account Details are recorded in the XML, transactions will be loaded to the default account selected in the feed setup. 2. Income Transactions Directly record income transactions for unitised investments (such as share dividends). Tax data can also be recorded. The income transaction in the XML will be automatically matched against the Bank Transaction entry in the XML. Select the Security Type and record the security code (both listed and unlisted securities supported) to map the transaction to the correct income account. 3. Investment Transactions Record unitised investment purchases and disposals with purchase/disposal parcel amounts. The Investment Transaction in the XML will be automatically matched against the Bank Transaction entry in the XML. Select the Security Type and record the security code (both listed and unlisted securities supported) to map the transaction to the correct income account. How to enter a Bank Statement into the BGL Excel Template Data entry guidelines must be followed when creating the spreadsheet. The bank statement transaction will determine if a single entry is required or double entry is required in the spreadsheet. Page 18 BGL Corporate Solutions Pty Ltd 2018

20 Double-entry requirements when creating the transaction file in Excel: Category Required Fields Transaction Type Data Entry Guidelines Bank Transaction Investment Transaction Income Transaction Investment Purchase Transaction Date Amount Description Security type Security Code Quantity Investment Disposal Transaction Date Amount Description Security type Security Code Quantity Investment Income Transaction Date Amount Description Security type Security Code Single Entry requirements when creating the transaction file in Excel: Transactions that are single entry will use the Transaction Matching in Simple Fund 360 to reconcile the bank. However, any Transaction Matching Rules that have been previously created in Simple Fund 360 will also apply to the upload. BGL Corporate Solutions Pty Ltd 2018 Page 19

21 Category Required Fields Enter amounts in XML template as Bank Transaction General Income Transaction Date Amount Description Expenses Transaction Date Amount Description International Share Purchase Transaction Date Amount Currency Description Page 20 BGL Corporate Solutions Pty Ltd 2018

22 Task 2.1.2: Create the BGL Transaction File using Excel Open the BGL Excel Template and continue to enter the outstanding transactions. Refer to Appendix B - Bank Statements and the detailed instructions below: A - BHP Billiton Limited - Dividend Date: Supported Format When entering dates in the XML template, use the following format: DD/MM/YYYY Ensure the "/" is entered in the appropriate places as these will not be automatically inserted by Excel. First, enter the income entry to record the dividend paid by BHP: Transaction Type Income Transaction Transaction Date 28/03/2017 Amount ($) Description Security Type Security Code -1, (Negative) BHP Billiton Limited - Dividend Shares in Listed Companies (Australian) BHP Finish the transaction by entering the Bank Statement entry to record the cash received by the Bank Account: Transaction Type Bank Transaction Transaction Date 28/03/2017 Amount ($) Description 1, (Positive) BHP Billiton Limited - Dividend Bank Account Details As no BSB or Account Number have been specified, this Bank Transaction will automatically post to the default bank account (Macquarie Bank ). Because this is a double entry transaction, Simple Fund 360 will automatically match both entries to the appropriate Bank Account and Income Account (23900/BHP.AX). BGL Corporate Solutions Pty Ltd 2018 Page 21

23 Refer to Appendix B - Bank Statements, locate the Macquarie Bank Statement and now code the Webjet Limited Dividend received on the 12 Apr 2017 B - Withdrawal Jeevan Pension This transaction will be recorded as a Bank Transaction. This will automatically record the withdrawn amount leaving the bank account against the appropriate account in Simple Fund 360 but will require the pension payment to be matched in the Transaction Matching screen. Transaction Type Bank Transaction Transaction Date 22/04/2017 Amount ($) Description -23, (Negative) Withdrawal Jeevan pension C - Purchase of Amazon shares (International) To use the currency conversion feature, the transaction type must be Bank Transaction. Transaction Type Bank Transaction Transaction Date 05/05/2017 Amount ($) Currency Description -7,601.4 (Negative) USD International 10 units NASDAQ: AMZN BSB Bank Account No The Bank Account details have been added to this transaction as it is not being recorded against the default bank account. The acquisition of the shares will need to be matched in the Transaction Matching screen as only the Bank Statement entry has been entered. Page 22 BGL Corporate Solutions Pty Ltd 2018

24 Refer to Appendix B - Bank Statements and record the following into the transaction file using the CBA Bank Statement for Matt. Pension Payment for Matt Rental Income Council Rates Agent Management Fees D - Purchase of General Mining Corporation Limited Shares First, enter the Investment entry to record the acquisition of the investment: Transaction Type Investment Transaction Transaction Date 01/07/2016 Amount ($) Description Security Type Security Code 800 (Positive) Purchase 1600 units of GMM.AX Shares in Listed Companies (Australian) GMM Quantity 1,600 Settlement Date 03/07/2016 Contract Date 01/07/2016 Bank Transactions Only Bank Transaction types require bank accounte details (BSB and Account number) to be entered Finish the transaction by entering the Bank Statement entry to record the cash amount leaving the bank account: The Investment transaction's Settlement Date and the Bank Statement's Transaction date must match for Simple Fund 360 to automatically record the share acquisition. BGL Corporate Solutions Pty Ltd 2018 Page 23

25 Transaction Type Bank Transaction Transaction Date 03/07/2016 Amount ($) Description -800 (Negative) Purchase 1600 units of GMM.AX BSB Bank Account No Refer to Appendix B - Bank Statements and record the following into the transaction file using the CBA Bank Statement for Toni. ATO Refund Income Protection Premium Internet Withdrawal Acc & Audit. Creating the Transaction File After entering all the transactions, click on Create Transaction File to generate the file for upload into Simple Fund 360: Click Yes on the dialogue box that appears and select a location to store the generated XML file. Enter a name for the XML file and ensure that the cell range is correct. Page 24 BGL Corporate Solutions Pty Ltd 2018

26 Task 2.1.3: XML File Import From the Main Toolbar, go to Connect. Select Manage data feeds from the list. Under the Wraps and Platforms section, select Start Using. 1. From the Wraps and Platforms dashboard, under the Fund column, select Import Manual File Select Browse. Ensure the XML file is stored on your computer or network. Select Import. BGL Corporate Solutions Pty Ltd 2018 Page 25

27 Please ensure that Create Entries has not been processed in the current year when importing an XML file. Page 26 BGL Corporate Solutions Pty Ltd 2018

28 Task Transaction Matching Objective In this task you will learn how to match transactions loaded from an uploaded XML import. Task International Share Purchase The following task will cover how to match the International Share Purchase using the Transaction Matching Screen. The bank statement entry that was uploaded in USD in the XML has now been automatically converted to AUD by Simple Fund 360. Instructions To match the unmatched transactions: 1. Navigate to the Transaction Matching screen. From the Main Toolbar, go to Accounting. Select Transaction matching from the list. 2. From the Transaction Matching screen select Unmatched. 3. Type Amazon (case-insensitive) in the search bar to locate the Amazon share purchase transaction. BGL Corporate Solutions Pty Ltd 2018 Page 27

29 4. From New Transaction next to the Amazon share purchase entry, create a new Investment by selecting Account and Add New Account. 5. From the Securities List input and select the Security as AMZN.NDQ and click Save to create /AMZN.NDQ in the Chart of Accounts. Page 28 BGL Corporate Solutions Pty Ltd 2018

30 6. Returning back to the Transaction Matching Screen, account 77700/AMZN.NDQ will now be selected. Input 10 as the number of units purchased for Amazon.com Inc. 7. Select More Detail and enter the following details: Contract Date 02/05/2017 Settlment Date 05/05/2017 BGL Corporate Solutions Pty Ltd 2018 Page 29

31 8. Select Match to post to the Transaction List. Task Pension Payments The Fund paid benefits to both Matt and Jeevan Hockey in the financial year. While running an account-based pension, you must maintain appropriate records of the pension, including records of: The value of the pension at commencement; The earnings from assets set aside to support the pension; The pension payments made. You must ensure that payments are made at least annually and meet the requirements for minimum pension payments. If these standards are not met in an income year, the super income stream may cease for income tax purposes. The minimum annual pension amount each financial year must be paid. The minimum annual pension amount is calculated based on the balance of the member's pension account at the commencement or at 1 July for every subsequent year and the member's age. Page 30 BGL Corporate Solutions Pty Ltd 2018

32 Minimum pension rates Transition to retirement (TRIS) TRIS pensions commencing on or after 1 July 2007 must also satisfy the minimum pension standards as well as the additional requirement that pension payments must be restricted to a maximum of 10% of the pension account balance as it stands at 1 July of each financial year or the commencement day of the pension. Transaction details Matt Coughs has an Account-based pension with an annual withdrawal on the 25/05/2017 for $94, The Second member Jeevan Hockey has a TRIS Account with a once off withdrawal on the 22/04/2017 for $23, Instructions 1. Navigate to the Transaction Matching Screen. From the Main Toolbar, go to Accounting. Select Transaction matching from the list. BGL Corporate Solutions Pty Ltd 2018 Page 31

33 2. From the Transaction Matching screen, select Unmatched. 3. Type pension in the search bar to locate the pension payments by the transaction description. 4. Match the pension transactions to the following accounts: Withdrawal Matt Pension Withdrawal Jeevan Pension (Pensions Paid) Coughs, Matt (Pensions Paid) Hockey, Jeevan Page 32 BGL Corporate Solutions Pty Ltd 2018

34 5. Select Match for each transaction. Pension Payments are automatically applied to member components based on the proportioning rules. Task Insurance Premiums SMSFs may use a variety of life insurance policies. Depending on the policy type and its use, deductions may be claimed on the insurance premiums paid. The following accounts are available in Simple Fund 360 to deal with insurance premiums. Account Name life insurance premiums (Deductible) Life Insurance Premiums (Non-Deductible) Proceeds from Insurance Policies Income Protection Premiums (Deductible) Income Protection Premiums (Non-Deductible) Member Expenses - Non specific Account Code 39000/MemberCode 39300/MemberCode 27500/MemberCode 39400/MemberCode 39450/MemberCode 40500/MemberCode When a premium has both a deductible and non-deductible component, you will need to manually apportion the amounts between accounts. example 39000/MemberCode and 39300/MemberCode. For pension members, Simple Fund 360 will not apply the non-deductible expense percentage to the expenses. Transaction details Fund member Toni Fernandez has paid $ for Income Protection on the 21/06/2017 which is fully deductible. Instructions 1. Navigate to the Transaction Matching screen. From the Main Toolbar, go to Accounting. BGL Corporate Solutions Pty Ltd 2018 Page 33

35 Select Transaction matching from the list. 2. From the Transaction Matching screen, select Unmatched. 3. Type Premium in the search bar to locate the Income Protection Premium transaction. 4. Match the Income Protection Premium to the following account: Income Protection Premium (Income Protection Premiums) Fernandez, Toni Task Audit and Accounting Fees Split transactions can be posted from the Transaction Matching screen. In this task, one bank entry will be split between Audit (30700) and Accountancy Fees (30100). Instructions 1. Navigate to the Transaction Matching screen. Page 34 BGL Corporate Solutions Pty Ltd 2018

36 From the Main Toolbar, go to Accounting. Select Transaction matching from the list. 2. From the Transaction Matching screen click the Unmatched tab. 3. Type Audit to search for the Audit & Accounting Fees uploaded using the XML. 4. The Bank Account will already be allocated. Split the $2500 between the following accounts: Accountancy Fees $ Auditor's Remuneration $500 Account Input Account Accountancy Fees Amount Change the $ debit entry to $ Debit. Account Input Auditor's Remuneration against the $ Debit. BGL Corporate Solutions Pty Ltd 2018 Page 35

37 5. Select Match. Task Income Tax Payable/Refundable The ATO Notice of Assessment was received for the Fund, an income tax refund was received for $ The fund will also be required to pay the Supervisory levy. By the end of this task, you will be able to record both the: Tax refund Payment of the supervisory Levy Instructions 1. Navigate to the Transaction Matching screen. From the Main Toolbar, go to Accounting. Select Transaction matching from the list. Page 36 BGL Corporate Solutions Pty Ltd 2018

38 2. From the Transaction Matching screen select Unmatched. 3. Type ATO in the search bar to locate the ATO Tax Refund transaction. 4. Set the Account as Income Tax Payable/Refundable. 5. Select More Detail and set the Financial Year to This will automatically set the SMSF Supervisory Levy to $ Select Match. BGL Corporate Solutions Pty Ltd 2018 Page 37

39 Task Remaining Transactions The remaining transactions to match are: Agents Management Fees; Council Rates; Rental Income; WebJet Rights Issue Entitlement ( leave unmatched as this will be addressed in the Corporate Actions lesson). Do not match the Webject Rights Issue Entitlement transaction. This will be matched in the next lesson. Page 38 BGL Corporate Solutions Pty Ltd 2018

40 Task Corporate Actions Objective In this task you will learn how to process Share Rights transactions using the Corporate Actions screen and how to process a takeover and a share consolidation. Task WebJet Limited Retail Entitlement Offer An Entitlement Offer from WebJet Limited to raise capital for the acquisition of New Zealand company One Republic was announced on the 6th of June Under the Entitlement Offer (Non-Renounceable), eligible shareholders were invited to subscribe for 1 new Webjet share for every 6.25 existing Webjet shares ("Entitlement") held as at 7:00pm (Sydney time) on Wednesday, 8 June 2016 ("Record Date").The offer price of A$5.60 per new share represents a 10% discount to the theoretical ex-rights price of A$6.21 on 3 June The Round Table SMSF currently holds 20,000 shares as at 8 June The Non-Renounceable Share Rights Issue can be processed via the Corporate Actions screen by completing the following: 1. Prior to the exercising/lapse of the Rights, the Rights account and number of Rights held by the fund can be created via the Corporate Actions screen using the Non-Renounceable Rights Issue Corporate Action type. 2. Complete the exercising of the Rights via the Corporate Actions screen. 3. Match the Bank Transaction with the Rights Issue transaction BGL Corporate Solutions Pty Ltd 2018 Page 39

41 Part 1 - Add Account and Number of Rights Issued From the Main Toolbar, go to Investments. Select Corporate actions from the list. 1. From the Corporate Actions screen, view the Type column. Confirm Non-Renounceable Rights Issue appears under the column before proceeding. 2. Select Process under the Action column. 3. The Security will be automatically selected. 4. The Ex / Balance Date (the Corporate Action Ex Date) and the Corporate Action Date (Transaction Date) will be selected. Simple Fund 360 will create a purchase transaction in the Transaction List. Page 40 BGL Corporate Solutions Pty Ltd 2018

42 5. Select the Rights Issue Account. 6. The number of Rights issued will display. 7. Input the Amount Paid for the Rights as $0. 8. Select Process Corporate Action once all information has been input. 9. The Rights Issue will be posted to the ledger as a single line transaction. Part 2 - Exercise Entitlement 1. From the Corporate Actions screen, view the Type column. Confirm Non-Renounceable Rights Issue Excerised/Lapsed appears under the column before proceeding. BGL Corporate Solutions Pty Ltd 2018 Page 41

43 2. Select Process under the Action column. 3. The existing Rights account held by the fund will display. 4. Select "Exercised the Entitlement". The number of Rights will display. 5. Input the number of New Shares Acquired as 3, Select Process Corporate Action. The transaction will be posted to the general ledger. Page 42 BGL Corporate Solutions Pty Ltd 2018

44 Part 3 - Match Exercised Entitlement with Bank amount 1. Navigate to the Transaction Matching screen. From the Main Toolbar, go to Accounting. Select Transaction matching from the list. 2. Locate the Rights Suggestion on the 04/07/ Select Match. Task Takeover of General Mining Corporation Limited On Monday 30/05/2016 Galaxy Resources Limited (ASX:GXY) announced their off-market takeover bid of General Mining Corporation Limited (ASX:GMM). Under the terms of the offer, existing shareholders of GMM would receive 1.65 GXY shares per 1 GMM share held. The Round Table SMSF, with a holding of 1,600 GMM shares, accepted the terms of the offer and received 2,640 GXY shares on 16/08/2016. The cost base of the fund's existing holding of GMM shares is $800. BGL Corporate Solutions Pty Ltd 2018 Page 43

45 The details for the consideration received are: Galaxy Resources Limited Shares to receive 1.65 x 1,600 = 2,640 Price per share as at 16/08/2016 $0.385 Market value of shares received 2,640 x = 1, Scrip for Scrip Rollover If a company in which you owned shares was taken over and you received new shares in the takeover company, you may be entitled to a scrip for scrip rollover. A scrip for scrip rollover allows the following: Deferred Capital Gains The rollover allows you to disregard the capital gain made from the original shares, units or other interest. You are taken to have acquired the replacement shares, units or other interest for the cost base of the original interest. Backdating to original purchase date The replacement shares or interest, are taken to have been acquired on the original shares' or interest's purchase date. Applying the scrip for scrip rollover to this takeover, the fund will recognise the cost-base of the GXY shares at: GMM's cost-base of $800 and not GXY's market rate of $1, To record this in Simple Fund 360, the following journal will be recorded: Account Units Debit ($) Credit ($) GXY Shares 2, GMM Shares 1, Page 44 BGL Corporate Solutions Pty Ltd 2018

46 Instructions 1. Navigate to the Transaction List. From the Main Toolbar, go to Accounting. Select Transaction list 2. Select New Transaction. 3. Select Journal. 4. Click Select an Account and Add New Account. Choose Investment. BGL Corporate Solutions Pty Ltd 2018 Page 45

47 5. Set the Security as GXY.AX Galaxy Resources Limited and select Save. 6. Input the following transaction: Date 16/08/2016 Reference 27 Description GXY takeover of GMM Account Units Debit ($) Credit ($) 77600/GXY.AX Galaxy Resources Limited 2, /GMM.AX General Mining Corporation Limited 1, Select next to the acquisition entry for Galaxy Resources Limited and backdate the Contract Date and Settlement Date to 01/07/2016. This is the original purchase date of the General Mining Corporation Limited shares: Page 46 BGL Corporate Solutions Pty Ltd 2018

48 8. Select next to the disposal entry for General Mining Corporation Ltd and ensure that there are no Capital Gains associated with the disposal: 9. Select Post. 10. Review the transaction in the Transaction List. Task Galaxy Resources Limited Share Consolidation On 17 May 2017, Galaxy Resources Limited announced a security consolidation for their existing shareholders effective 23 May The Notice of Consolidation lists that the securities will be consolidated on the basis that every 5 preconsolidation securities will be consolidated into 1 post-consolidation security. To process the consolidation: 1. Navigate to the Corporate Actions screen: From the Main Toolbar, go to Investments. BGL Corporate Solutions Pty Ltd 2018 Page 47

49 Select Corporate actions from the list. 2. Select Action Required: 3. Ensure that the 1 to 5 share consolidation of GXY.AX appears awaiting processing and select Process: 4. Review the details of the Share Consolidation: Page 48 BGL Corporate Solutions Pty Ltd 2018

50 5. Select Process Corporate Action: BGL Corporate Solutions Pty Ltd 2018 Page 49

51 Task Contribution Splitting Objective Contribution splitting allows members to split their concessional contributions with their spouse. For more information refer to the ATO website. In this task Jeevan made a concessional contribution of $10,000 in the previous financial year that will be split to his spouse Toni in the current year. By the end of this task you will be able to process contribution splitting transactions in Simple Fund 360. Steps: Jeevan would have recorded a concessional contribution in the prior year ($10,000) which will be taxed at 15%. Refer to How to Enter Contributions for more. In the current financial year, the contribution split will occur. Jeevan will transfer $8,500 (net of 15% tax on concessional contributions) to Toni as a rollover from account In this example, the transfer takes place on 01/07/2016. In the same transaction, Toni will record a transfer into account of $8,500. Once the transaction has been recorded it can be saved and the documents (Superannuation contribution splitting application) can be prepared. Contributions splitting does not reduce the amount counted towards the original member's concessional contributions cap. 5. Bank Transfer for the split of $8,500 completed in Task 2.2 between Jeevan and Toni's bank accounts on 01/07/2016. Task 2.4.1: Record Contribution Split Record the contribution split through the Transaction List. Selecting account 46000/MEMBERCODE will prompt Simple Fund 360 to present you with the Rollover Payment Details section allowing you to record the transaction. Important When the Contribution Spit occurs partway through the year, ensure you have completed The Create Entries Process a day before the event. From the Main Toolbar, go to Accounting. Page 50 BGL Corporate Solutions Pty Ltd 2018

52 Select Transaction list From the Transaction List screen, select New Transaction. From the drop-down menu, select Journal. 1. Input the the following: Date 01/07/2016 Reference 11 Description Contribution Splitting 2. Under the first Account heading, select account for Jeevan Hockey Accumulation, Input the Rollover payment as $8, Debit. 3. Select and Input the Rollover Payment Details. BGL Corporate Solutions Pty Ltd 2018 Page 51

53 Required Information: Type of Payment, Member, Spouse and Display in Operating Statement options Type of Payment select Contributions Splitting for a Spouse. Member: select the original member who received the contribution. Spouse: input the members spouse. This contact will be picked up from the Contacts screen. Select Yes or No as to whether the payment amount will appear in the Operating Statement. The contribution amount will be reflected in SMSF Annual return under Section F, member outward rollovers and transfers. 6. Select the Transfer In 28500/MEMBERCODE Account to record the contribution. Select the More Details Panel, input the amount into the taxable component (to reflect the original contribution made) enter the appropriate preservation component. Page 52 BGL Corporate Solutions Pty Ltd 2018

54 This contribution amount will be reflected in and transfers. SMSF Annual return under Section F, member Inward rollovers Select Post and then select Post and Prepare Documents to produce the supporting documentation. BGL Corporate Solutions Pty Ltd 2018 Page 53

55 Task Update the Segregation Policy Objective By the end of this task you will be able to update the fund's Segregation Policy. The segregation policy will be updated to account for both the new: Investments and expenses from the XML upload; Galaxy Resources Limited's takeover of General Mining Corporation Limited To view the assets yet to be allocated to a pool: 1. Navigate to the Segregation Dashboard. From the Main Toolbar, go to Member. Select Segregation Dashboard from the list. Page 54 BGL Corporate Solutions Pty Ltd 2018

56 2. Scroll to the bottom of the Segregation Dashboard to view the Unsegregated Pool. Task 2.5.1: Update Segregation Policy To edit the current the current segregation policy to account for the unallocated accounts: 1. From the Segregation Dashboard select Edit Current Policy. BGL Corporate Solutions Pty Ltd 2018 Page 55

57 2. Under Account Selector set the Account Type as Investment. 3. Allocate the Investments per the table below: Investment 77600/GXY.AX - Galaxy Resources Limited 77700/AMZN.NDQ - Amazon.com Inc Allocate to pool Toni Accumulation Matt- Account Based Pension Page 56 BGL Corporate Solutions Pty Ltd 2018

58 4. Under Account Selector set the Account Type as Expense. 5. Allocate the Expenses per the table below: Expense Allocate to pool Accountancy Fees Toni Accumulation ATO Supervisory Levy Toni Accumulation Auditor's Remuneration Toni Accumulation BGL Corporate Solutions Pty Ltd 2018 Page 57

59 Task Depreciation Objective By the end of this task you will be able to: Use Simple Fund 360's Depreciation Schedule to automatically calculate and post depreciation journals to the Transaction List; and Link depreciable assets to an investment property. The purpose of linking a depreciable asset to an investment property is that the depreciation of the depreciable assets will be included in the Rental Property Statement of the investment property. In Simple Fund 360 you have the ability to: Record manual depreciation journals through the Transaction List. This is recommended when manually calculating and entering in the depreciation expense. Prepare a Depreciation Schedule and automatically calculate and post depreciation journals to the Transaction List Simple Fund 360 will automatically create a linked depreciation account (33400) when an investment is created. Depreciation amounts will be posted to this account. Depreciation amounts are automatically reduced against the cost base when recorded. This will present the correct Written Down Value of the investment when completing an Investment Disposal. Task 2.6.1: The Depreciation Schedule The Depreciation Schedule in Simple Fund 360 has simplified the process of processing journal entries and preparing a schedule for your depreciable assets. In this task we will : 1. Add assets to the Depreciation Schedule; 2. Post depreciation entries from the Depreciation Schedule; 3. Generate a Depreciation Schedule; 4. Review the journals posted. Page 58 BGL Corporate Solutions Pty Ltd 2018

60 The investment type needs to be Unitised for an asset to be able to use the Depreciation Schedule. To access the Depreciation Schedule: From the Main Toolbar, go to Compliance. Select Period compliance from the list. Select Depreciation. Add assets to the Depreciation Schedule The fund has an investment property (606 Hawthorn Road, Brighton East) that has three appliances installed: an Air Conditioner; a Dishwasher; and an Oven. The fund wishes to automatically calculate and post depreciation journals for these three assets without needing to manually calculate and enter depreciation amounts at year end. This will require adding the assets to the fund's Depreciation Schedule. To add an asset to the Depreciation Schedule: BGL Corporate Solutions Pty Ltd 2018 Page 59

61 1. Select Add Asset: 2. Type AIR CONDITIONER and select the asset that appears in the drop down menu. 3. Ensuring the correct asset appears, select Save: Repeat this for the: Dishwasher Oven Entering depreciation details for an asset To allow Simple Fund 360 to calculate and post depreciation journals, the following details will need to be entered in the Depreciation Schedule for each asset: Opening Written Down Value Depreciation Method. Depreciation Rate Simple Fund 360 supports the following Depreciation Methods: Diminishing Value Prime Cost 3. Low Value Pool Page 60 BGL Corporate Solutions Pty Ltd 2018

62 Enter the details below for each asset in the Depreciation Schedule: Asset Depreciation Method Depreciation Rate (%) Air Conditioner Prime Cost 6.70 Dishwasher Prime Cost Oven Prime Cost 8.30 Simple Fund 360 will automatically calculate the: Cost Opening Written Down Value Depreciation amount Closing Written Down Value after the Depreciation Method and Rate are entered. The Opening Written Down Value may be edited if required (e.g. after entering opening balances or migrating from Simple Fund Desktop) Posting Depreciation Journals Simple Fund 360 will now be able to post the depreciation entries for each asset. To post the depreciation expense to the Transaction List: 1. Tick the checkbox next to each of the assets: 2. Select Post Entries: BGL Corporate Solutions Pty Ltd 2018 Page 61

63 3. Select Ok on the dialog box that appears: Generating a depreciation schedule The depreciation schedule can be viewed after posting the depreciation entries. To view the depreciation schedule: 1. Select Depreciation Schedule: Reviewing the posted journals To show the depreciation journals posted: From the Main Toolbar, go to Accounting. Select Transaction list Page 62 BGL Corporate Solutions Pty Ltd 2018

64 Ensure the Depreciation checkbox filter is ticked: Task 2.6.2: Linking Depreciable Assets to an Investment Property The fund would also like to include the depreciation amounts for the three depreciable assets in the investment property's Rental Property Statement to make it easier to reconcile amounts appearing here to the tax return. This will require linking the three assets to the investment property. Linking a depreciable asset to an investment property allows that asset's depreciation expense to be included in the investment property's Rental Property Statement. To link an asset to an investment property: From the Main Toolbar, go to Accounting. BGL Corporate Solutions Pty Ltd 2018 Page 63

65 Select Chart of accounts from the list. 1. Search for 77200/IPJMT: 2. Click 77200/IPJMT to enter the Edit Investment Account screen for that account. 3. Click Page 64 BGL Corporate Solutions Pty Ltd 2018

66 4. Under Depreciable Assets search for OVEN: 5. Select / OVEN12 as it appears in the drop down list: 6. Click Save Repeat this for the: 1. Dishwasher 2. Air Conditioner BGL Corporate Solutions Pty Ltd 2018 Page 65

67 Lesson 3 - Super Reform In this lesson, Super Reform measures will be introduced in regards to the application of CGT Relief and compliance with the $1.6 million Transfer Balance Cap. Task CGT Reset Task Comply with the 1.6 million dollar cap Page 66 BGL Corporate Solutions Pty Ltd 2018

68 Overview In the 2016/17 budget, the government announced a package of reforms designed to improve the sustainability, flexibility and integrity of the superannuation system. Information on the ATO Website regarding Super changes for self-managed super funds can be found here. In regards to the Round Table SMSF, Pension member Matt Coughs holds a pension interest greater than the $1.6 million Transfer Balance Cap (TBC), which is effective from 1 July When complying with the TBC, trustees of an SMSF can apply for transitional CGT Relief. The CGT Relief provides relief for SMSFs from the tax consequences for capital gains accumulated before 1 July 2017 where these gains would have been exempt income if realised prior to a commutation being made to comply with the transfer balance cap or the change to the treatment of a TRIS. The assets must be held during the pre-commencement period of 9 November 2016 to just before 1 July 2017 (precommencement period) in order to be eligible. By the end of this lesson you will be able to: Complete the CGT Relief process for the Round Table SMSF using the Segregated method; Commute pension interests greater than $1.6 million to the accumulation phase to comply with the TBC. BGL Corporate Solutions Pty Ltd 2018 Page 67

69 Task CGT Reset Introduction to CGT Reset As part of the Super reform, CGT Relief allows the cost base of investments to be reset to market value. This is known as a cost base reset. This CGT relief is not automatic, the trustee of the super fund must elect if CGT relief will apply for an investment. They can pick and choose which investments will be reset. This choice is irrevocable and must be made prior to lodging the fund's tax return. Which Trustees and funds can apply for CGT relief? The reason for CGT relief is to provide a tax break for those funds that are most affected by the super reform such as: Pension member accounts that exceed 1.6 Million. Transition to retirement pensions. When a fund only has accumulation accounts or a trustee with a pension balance totalling less than 1.6 million, you will not be eligible for CGT Relief. Another thing you need to note is that the CGT relief can only apply to investments held before the 9th of November Investments acquired after 9th of November 2016 and before 1st July 2017, which is known as the pre commencement period, will not be able to have its cost base reset. How does the CGT reset work? The trustee that is eligible for the CGT relief will make an election to reset an investment. When the cost base is reset, the investment is deemed to have been sold and then repurchased at current market value. Because it is a deemed sale, it is going to trigger a capital gains tax event. The treatment of the capital gain is going to differ depending on if the fund is segregated or unsegregated. SEGREGATED FUNDS The trustee can pick any date during the pre-commencement period (09/11/ /06/2017) to reset the investment to the current market value. As is the case with pension accounts and segregated funds, capital gains will be ignored in the Tax Return. UNSEGREGATED FUNDS Page 68 BGL Corporate Solutions Pty Ltd 2018

70 Unsegregated funds, also known as funds using the proportionate method, are able to reset the investment cost base. However, they must reset the investment as at 30 June The biggest difference between a fund with segregated investments and a fund using the proportionate method is that the proportionate method may trigger a taxable capital gain once reset. Two options are available to treat the notional gain: Option 1: Pay the tax in the 2017 financial year just like you would if the investment was actually sold in the year. If there is a net capital gain, this will be added to the fund s assessable income in which the actuary percentage would apply as per normal tax treatment. If an investment s cost base reset creates a capital loss, this will also be brought into account in the 2017 financial year. Option 2: Defer the capital gain and pay this capital gain when the investment is sold. In calculating this capital gain from the reset, you apply any CGT discounts that can be claimed for the investment and further reduce the amount by the actuary percentage. With this option, the capital gain from the Cost base reset is not paid in the current year and is instead paid in the year that investment is sold. For a summary of how and when to apply the 2017 Superannuation Reforms to a fund, please refer to Appendix C Superannuation Reforms Flowchart Applying the CGT Reset The fund wishes to elect for CGT Relief for three of its investments. This will require the following investments having their cost-base reset in Simple Fund 360: Investment Investment Property Macquarie Group Limited Shares Webjet Limited Shares Data Feed Source Manual Australian Securities Exchange Australian Securities Exchange The fund will choose to reset the cost-base for its investments on 30/06/2017. No notional gain will result as the fund is Segregated. To do this, each of the above investments must have a market price as at the CGT reset date: 30/06/2017. BGL Corporate Solutions Pty Ltd 2018 Page 69

71 Updating Investment Market Prices BGL's ASX and UUT Automatic Data Feed is included in your subscription to Simple Fund 360. This will provide you with a daily update of all market values of ASX listed securities and Unit Trusts, and dividend /distribution and asset allocation (managed funds and trusts) details where available. International share codes and share prices are also available for the following stock exchanges: NASDAQ New York Stock Exchange (NYSE) London Stock Exchange (LSE) Hong Kong Exchange (HKE) Singapore Exchange All listed ASX Securities for the Round Table SMSF and the Amazon Shares (NASDAQ) contain the correct prices at 30 June and no manual update is required. Unlisted Investments A market price as at 30/06/2017 will need to be entered for the Investment Property. This will not need to be done for the shares as their market price is automatically updated daily through the ASX Data Feed. To set a market price for the Investment Property as at 30/06/2017: 1. Navigate to the Investment Security List From the Main Toolbar, go to Investments. Select Investment security list from the list. 2. Click UUT / Other Page 70 BGL Corporate Solutions Pty Ltd 2018

72 3. Locate 77200/IPJMT and click Edit under Action: 4. Under the Prices tab click Add Price 5. Enter the following details and click Add Date 30/06/2017 Net Asset Value ($) 2,400,000 BGL Corporate Solutions Pty Ltd 2018 Page 71

73 6. Update the remaining investments. Asset Date Price ($) Air Conditioner 30/06/2017 4, Dishwasher 30/06/2017 1, Oven 30/06/2017 1, The depreciable assets will be entered at the Closing Written Down Value. CGT Reset Pre-Requisites Prior to resetting the cost base of the fund's assets, it is recommended that the following is done: Fund All transactions have been entered in for 2016/2017. Enter all transactions which affect the Cost base for 2016/2017 e.g. Tax Deferred Distributions. Unsegregated funds should have applied for an Actuarial Certificate and the actuarial percentage has been entered in Fund Pension Policies for the 2016/17 Financial Year. All assets should have a Market Value as at 30/06/2017 (or reset date). Ensure no corporate actions have been processed after 30/06/2017 prior to recording the cost base reset. If you have Created Entries until 30/06/2017, you will need to reverse entries for the last segment. Note: Create Entries is not required to be completed prior to the Cost Base Reset. There needs to be at least 1 active pension member. Page 72 BGL Corporate Solutions Pty Ltd 2018

74 Assets If the fund is a 100% pension fund, ensure 100% has been entered as the actuarial percentage in the Fund Pension Policies for the 2016/17 Financial Year. Assets should be unitised with at least 1 unit. Only assets purchased prior to 09/11/2016 will be available for reset. For Segregated Assets, assets must be allocated to a Pool with at least 1 pension member. Assets purchased prior to 20 September 1985 (pre CGT) will not appear. Instructions Now that all three assets have a market price as at the reset date, the fund is able to apply the cost-base reset. To apply the cost-base reset: 1. Navigate to the Corporate Actions screen From the Main Toolbar, go to Investments. Select Corporate actions from the list. 2. Click Cost Base Reset BGL Corporate Solutions Pty Ltd 2018 Page 73

75 The button Year. will only display during the 2016/2017 Financial 3. Under Segregated Method record the Disposal Date as 30/06/2017. Note: No Actuarial Percentage is required as the fund is Segregated 4. Tick the check-boxes for the following accounts: 77200/IPJMT Hawthorn Road 77600/MQC.AX - Macquarie Group Limited 77600/WEB.AX - Webjet Limited 5. Click Next Page 74 BGL Corporate Solutions Pty Ltd 2018

76 6. Review the assets to have their cost base reset. Note that as the fund is segregated there is no notional gain 7. Click Process Cost Base Reset and select Process & Prepare Documents 8. After reviewing the documents generated, click Close 9. Review the posted cost-base reset transactions BGL Corporate Solutions Pty Ltd 2018 Page 75

77 To reverse or undo a cost-base reset, simply just delete these transactions Cessation of the fund using the segregation method To access and apply CGT relief, an asset will need to cease being a segregated current pension asset. This can be acheived either by: transferring the asset out of the pool of segregated current pension assets recording an election to switch to the proportionate method Moving forward in the financial year, the fund will not be able to use the segregated method and will instead have to use the proportionate method. This is a result of Matt Cough's Pension account exceeding the $1.6m Transfer Balance Cap. The next lesson will look at how a fund can process amounts exceeding the $1.6m cap. Page 76 BGL Corporate Solutions Pty Ltd 2018

78 Task Comply with the 1.6 million dollar cap Objective In this task you will learn how to commute pension phase amounts in excess of the $1.6m transfer balance cap in addition to generating the appropriate documentation in Simple Fund 360. Transfer Balance Cap ($1.6 million) A transfer balance cap from 1 July 2017 is imposed to limit the amount of capital individuals can transfer into retirement phase to support superannuation income streams. In turn, this limits the amount of superannuation fund earnings that are exempt from tax. An individual s transfer balance cap is $1.6 million for the financial year and is subject to proportional indexation on an annual basis in $100,000 increments in line with the Consumer Price Index (CPI). An individual's balance that supports superannuation income streams as at 30 June 2017, plus the value of any new superannuation income streams that start after that date, count towards their cap. The transfer balance cap applies to net transfers to retirement phase and does not include earnings, losses or draw-downs that occur within retirement phase. If someone exceeds their transfer balance cap, the Commissioner of Taxation will direct their retirement phase interests to be commuted by the amount of the excess to rectify the breach. Matt's Pension Account has exceeded the Transfer Balance Cap by: Matt Coughs' Pension Account Balance 2,495, less Transfer Balance Cap (1,600,000.00) Excess 895, The excess of $895, will need to be commuted back into accumulation phase to comply with the transfer balance cap. BGL Corporate Solutions Pty Ltd 2018 Page 77

79 Create Entries before Commutation Matt Coughs will commute his pension on the 30/06/2017. We will need to create entries to update the member balance as at 30/06/2017. From the Main Toolbar, go to Compliance. Select Period compliance from the list. Follow the steps to complete the Create Entries process: 1. Change the Create Entries Period, input the following dates 01/07/ /06/ Select Create Entries. Page 78 BGL Corporate Solutions Pty Ltd 2018

80 Instructions to process commutation From the Main Toolbar, go to Member. Select Member list from the list. Select Member Transactions and from the drop down list, select Internal Transfer/Commutation. 1. Select Transfer Type Next to the Select Transfer/Transaction Type, select Commute Pension Account from the drop-down list. 2. Select the Member Select Coughs, Matt as the member the commutation is for. BGL Corporate Solutions Pty Ltd 2018 Page 79

81 Select Matt's only pension account to commute. 3. Input the date of the commutation and select where the balance is going Set the date of transfer as 30/06/2017 as the pension is being commuted to comply with the transfer balance cap. Select the option to commute the pension to a New Accumulation Account. 4. Commutation of member balance Select No as only part of the balance is being commuted. Simple Fund 360 automatically calculates the Specific Amount which will be the excess to be commuted to comply with the transfer balance cap. 5. Confirm the Transfer To complete the commutation, select Save and select Save & Prepare Documents. Select Yes to confirm that this commutation is to comply with the $1.6m Transfer Balance Cap. Page 80 BGL Corporate Solutions Pty Ltd 2018

82 Review the commutation documents and select Close. To reverse the Commutation, see Reverse a Commutation BGL Corporate Solutions Pty Ltd 2018 Page 81

83 Lesson 4 - Reporting Simple Fund 360 provides a selection of useful reports that can be exported to PDF, printed, or converted to an Excel spreadsheet file. This lesson will introduce a number of useful reports that can be added to your year-end report packs. Task Registry Data Service Task Investment Summary Task Operating Statement Task Reconciliation Reporting Task Rental Property Statement Task Close Financial Year Page 82 BGL Corporate Solutions Pty Ltd 2018

84 Task Registry Data Service Overview Simple Fund 360 now integrates with Share Registries to automatically receive Holding data based on the Fund's HIN or SRN. The Registry Data Service forms part of the Share Data Pack which also includes the Contract Notes Service. The initial request will retrieve the last four quarter holding balances into Simple Fund 360 automatically. Beyond the initial request, Simple Fund 360 will automatically request holding balances from the registry provider on a quarterly basis. Supported Registries Share Registry Computershare Link Market Services Boardroom Advanced Share Registry Security Transfer Registrars Supported YES YES NO NO NO BGL Corporate Solutions Pty Ltd 2018 Page 83

85 Setup the Registry Data Service To use the service please complete the following steps: Subscribe to The Share Data Pack; Setup the Registry Data Service ; Review holding balances using the Balance Review screen. Select the fund you wish to set up for the Registry Data Service. From the Main Toolbar, go to Home. Select Manage data feeds from the list. Under the Share Data Packs section, select Start Using. 1. Under the Tools column, select the checkbox and then select Setup Registry Data. 2. Input the Postcode and HINs/SRNs for the investor. ( X, I or C must be entered as a capital letter) Select the option Apply to All if the HIN/SRN applies to all investments. Note: The postcode will pre- fill from the Postal Address of the fund in Fund Details. This can be edited on screen. Page 84 BGL Corporate Solutions Pty Ltd 2018

86 Alternatively, add the postcode and HIN/SRN to investments individually. Select the Add icon next to the investment. Input the postcode and HIN/SRN. Select the green tick. Repeat this step for the remaining investments. 3. Select Save once all HIN/SRN and postcode information has been input. The initial request will be made to the registry provider for the retrieval of balance information. Refer to the Balance Review tab. BGL Corporate Solutions Pty Ltd 2018 Page 85

87 Balance Review Important The holding balance in Simple Fund 360 may differ from the third party source if year-end workflow has not been fully completed (if all Corporate Actions, buys, sells and Reinvestments have not been recorded in Simple Fund 360). Dividend From the Main Toolbar, select Investments. Select Balance Review. The Balance Review screen will display: Investment Code Investment Name Holding Reference (HIN/SRN obtained from the third party registry) Third Party Data (Data Feed Provider, Balance Date and Balance Amount) SF360 Ledger Data (Balance Amount) Variance Screen Filters/Search Page 86 BGL Corporate Solutions Pty Ltd 2018

88 Screen Filter Data Provider Report As At Date Report Download Holding Reference Variance Only Registered Name Explanation Feed importing data (Link, wrap, bank etc.). Use this date filter to display balances on screen from a particular quarter. The Balance Review screen will be available for download in a report format. HIN/SRN. Filter the screen to display only investments with variances. Filter based on a particular registry. The Balance Review screen can be used to confirm unit balances with each of the supported Registries on a quarterly basis. This service will support unlimited HINs or SRNs per fund. Remove HIN/SRN and Postcode Note: A Remove All option for all investment HINs/SRNs is now available under the Default HIN/SRN field. The removal of a HIN/SRN or postcode is completed from the Registry Data screen (Connect >> Manage Data Feeds >> Share Data Pack). Select the Add icon next to the investment. Remove the postcode and HIN/SRN and select the green tick. Complete this step for any remaining investments. BGL Corporate Solutions Pty Ltd 2018 Page 87

89 Page 88 BGL Corporate Solutions Pty Ltd 2018

90 Task Investment Summary Reports Simple Fund 360 now contains three types of Investment Summary Reports: Investment Summary - This report lists the units held, market price, market value, average cost, accounting cost, unrealised gain/(loss), percentage gain/(loss) and the percentage of total investments for each investment (portfolio weight). Investment Summary with Market Movement - This report lists the units held, market price, market value, average cost, accounting cost, unrealised movement for the current year, the overall unrealised movement for the investment and any realised movements. Note: The Investment Summary with Market Movement can be used to reconcile the realised and unrealised gains in Account Changes in Market Values of Investments. Segregated Investment Summary - A report is generated for each member of the fund detailing the asset allocation which is based on the segregation polic y. The Investment Summary Reports will display non-unitised fixed interest securities (Term Deposits). This is in contrast to the Investment Movement Report which will not display fixed interest securities. All other investments will need to be unitised to display in the Investment Summary Report. BGL Corporate Solutions Pty Ltd 2018 Page 89

91 How to prepare From the Main Toolbar, go to Reports. Select Investment Summary. Simple Fund 360 will open a new download tab and the report will generate dated 30 June of the respective financial year. Alternatively, if you wish to change the report dates and settings or prepare a report pack: From the Main Toolbar, go to Reports. Select Reports. Page 90 BGL Corporate Solutions Pty Ltd 2018

92 To download an individual report in PDF, Word or Excel format: 1. On the left-hand side of the Reports screen, Drag & Drop the Investment Summary or Investment Summary with Market Movement from the Investment Reports list. 2. Once the report has been dragged & dropped, select Options (to the right of the report). BGL Corporate Solutions Pty Ltd 2018 Page 91

93 Options Settings A. Display Market Price Footnote - Selecting this option will display a footnote if the market price does not exist as at report date and the last known price is being used. B. Display LRBA Accounts - Selecting this option will display LRBA Accounts in the Investment Summary Report. Refer to Limited Recourse Borrowing Arrangements (LRBA) for more information on how to purchase asset through an LRBA. C. Group BY GICS - The Investment Summary Report can now be sorted by Global Industry Classification Codes (GICS) codes. 3. Select either Download PDF, Download Word or Download Excel. You can also add these reports to a Report Pack. See Reports for instructions. Page 92 BGL Corporate Solutions Pty Ltd 2018

94 Task Operating Statement Operating Statement The Operating Statement will provide a report based on all income and expense items, summarised according to the control account selected. The Operating Statement will calculate the total amount of Benefits Accrued as a Result of Operations. The Detailed Operating Statement provides comprehensive information of each income and expense transaction, grouped according to the general ledger account to which they were assigned in the Transaction List. The Detailed Operating Statement will also show the breakdown of Changes in Market Movement between realised and unrealised movements in market value. Prepare Report From the Main Toolbar, go to Reports. Select Reports. From Financial Reports select the Operating Statement and Detailed Operating Statement To run both reports, select Preview Reports. BGL Corporate Solutions Pty Ltd 2018 Page 93

95 Reconciliation of Changes in Market Movement (Account 24700) Simple Fund Desktop Accounts 247 and 330 and capital gains Accounts 235 and 236 have been combined into the one account in Simple Fund 360 (account Changes in Market Movement) which will produce the NET amount of realised and unrealised market movements. This change aligns Simple Fund 360 with the Financial Reporting requirements applicable to SMSFs. Consistent with the standards set out in AAS 25, revenue will include changes in market values of investments and other assets held at the reporting date and, in respect of investments and other assets realised during the period, the difference between the carrying amount of the investment or other asset as at the beginning of the reporting period (or when acquired, if acquired after the beginning of the reporting period) and its market value when realised. Page 94 BGL Corporate Solutions Pty Ltd 2018

96 Which reports do I use to reconcile? To view a breakdown of the unrealised market movements and realised gains for investments generate the Market Movement Report. Other supporting reports: Investment Summary with Market Movement Report Detailed Operating Statement Detailed Trial Balance BGL Corporate Solutions Pty Ltd 2018 Page 95

97 Task Reconciliation Reporting Investment Income Comparison Report This report can be used to reconcile investment income entered into the Simple Fund 360 Ledger directly against the ASX Data for Shares in Listed Companies (Australian). Prepare Report From the Main Toolbar, go to Reports. Select Reports. From Investment Reports select the Investment Income Comparison Report. To run the report select Options and Download PDF. Page 96 BGL Corporate Solutions Pty Ltd 2018

98 Dividend Reconciliation Report The Dividend Reconciliation Report allows you to verify tax components of all dividends received for the financial year and to assist in reconciling dividends in the operating statement. For each dividend, the report lists: Australian Income (franked and unfranked components, franking credits); Foreign Income (foreign and NZ credits); TFN and Non-Resident withholding tax; LIC Deductions. Dividend reconciliation section added to the bottom of the report to link with The SMSF Annual Return. Totals for unfranked dividends (label J), franked dividends (label K) and franking credits (label L) will be displayed next to the relevant Annual Return label. Prepare Report From the Main Toolbar, go to Reports. Select Reports. From Work Paper Reports Select the Dividend Reconciliation Report BGL Corporate Solutions Pty Ltd 2018 Page 97

99 To run the report select Options and Download PDF. Other Reconciliation Reports Available in Simple Fund 360 Tax Reconciliation Distribution Reconciliation Exempt Pension Reconciliation Report Non Deductible Expense Report Deferred Tax Reconciliation Capital Gains Reconciliation Interest Reconciliation Accounting Workingpapers Market Movement Report Page 98 BGL Corporate Solutions Pty Ltd 2018

100 Task Rental Property Statement Overview Simple Fund 360 allows you to produce a Rental Property Statement detailing the income and expense transactions for an investment property for a specified period. This report can be used to complement the fund's Operating Statement. For the income and expenses details to show on the report, you need to ensure that the property income and expense transactions have been correctly posted to the linked property income and expense accounts. Refer to the How to Enter Rental Property Transactions help for more information. All income and expense transactions will display for the property(s) that have been selected including the corresponding tax return label. If the fund is registered for GST, the GST calculations and labels will also display for that fund. Simple Fund 360 will also calculate the following: Field Gross Rental Yield Net Rental Yield Calculation Total Income/Market Value Net Rental Income/Market Value Prepare Report From the Main Toolbar, go to Reports. Select Reports. 1. On the left-hand side of the Reports screen, Drag & Drop the Rental Property Statement from the Financial Reports list. Alternatively, select Add +. BGL Corporate Solutions Pty Ltd 2018 Page 99

101 2. Once the report has been dragged & dropped, select Options (to the right of the report). You have the option to select All properties or specific property(s) to display in the report. Only properties that have income/expense transactions within the Start/End Dates selected in the Reports screen will display. Otherwise, the following message will display: Property(s) do not have income/expense transactions. 3. Select either Download PDF, Download Word or Download Excel. You can also add this report to a Report Pack. See Reports for instructions. Page 100 BGL Corporate Solutions Pty Ltd 2018

102 Task Close Financial Year For existing Simple Fund users, "Balance Forward", or "Roll Forward" will now be referred to as "Close Period". Close Period From the Main Toolbar, go to Compliance. Select Period compliance from the list. This process is completed at the end of each financial year. Closing the financial year will balance the ledger forward to the next financial year. To balance the ledger forward to the next financial year, under the Action column, select Close Period. Before the financial year is closed, Simple Fund 360 will run the following checks: The Create Entries Process has been performed for the full financial year; Profit/loss for the financial year has been fully allocated to members; Any unmatched suspense entries (posted to accounts in the range) exist. You will need to complete these tasks before you can close the financial year. Re-Open Financial Year To reverse a Closed financial year in Simple Fund 360, under the Action column, select Re-Open. BGL Corporate Solutions Pty Ltd 2018 Page 101

103 Note: The re-open icon will not appear if the prior financial year was completed in Simple Fund Desktop and then migrated. Prior period information from Simple Fund Desktop cannot be opened or edited in Simple Fund 360. Page 102 BGL Corporate Solutions Pty Ltd 2018

104 Lesson 5 - The 17/18 Financial Year Overview Task Convert to TRIS Retirement Phase Task Transfer Balance Account/Dashboard Task Events Based Reporting Task Transfer Balance Account Summary In the 2016/17 budget, the government announced a package of reforms designed to improve the sustainability, flexibility and integrity of the superannuation system. Information on the ATO Website regarding Super changes for self-managed super funds can be found here. A prominent change within the reform is the introduction of a $1.6 million Transfer Balance Cap for amounts that can be transferred into the tax-free retirement phase for members. This is a general cap of $1.6 million for the 2017/18 financial year and will be indexed in $100,000 increments in line with CPI. In addition to the general Transfer Balance Cap, a member with tax-free retirement phase pension interests either from 1 July 2017 or commenced after this date will have a personal Transfer Balance Account. This account is used to track a member's retirement phase amounts and is the basis for reporting under the ATO's Events Based Reporting regime. Where a member has a personal Transfer Balance Account, they will also have a personal Transfer Balance Cap. This cap limits the amount that can be transferred into the tax-free retirement phase for a member and initially commences as the value of the general Transfer Balance Cap for the financial year it is created ($1.6 million for the 2017/18 financial year). The personal cap is subsequently proportionately indexed in line with the general cap and the CPI in $100,000 increments (as a result the general and personal caps may differ over time). For more information refer to the ATO's Law Companion Guide (LCG) 2016/9. The ATO's tracking of a member's personal Transfer Balance Account will be done so by the Events Based Reporting regime, and reporting and lodgement requirements differ for members based on amounts held within the tax-free retirement phase. BGL Corporate Solutions Pty Ltd 2018 Page 103

105 Task Convert to TRIS Retirement Phase Objective By the end of this task you will be able to: Convert an existing Transition to Retirement Income Stream (TRIS) into a TRIS - Retirement Phase; Understand the taxation implications for a TRIS or TRIS - Retirement Phase. From 1 July 2017, the pension earnings exemption has been completely removed for income derived from assets supporting a TRIS. Therefore, any income derived when a member is in TRIS phase will be taxed at the fund tax rate (15%). A TRIS - Retirement Phase was introduced as part of the reform for members to obtain the pension earnings exemption in certain circumstances: Meeting the condition of release of retirement ; Meeting the condition of release permanent incapacity ; Meeting the condition of release terminal medical condition ; Attains age 65 and satisfies a 'nil' cashing restriction. This Retirement Phase interest comprises pension interests that are of a tax-free nature and will have an affect on a member's personal Transfer Balance Account; in contrast to a TRIS which is not comprised of amounts in the tax-free environment. Task In this task The existing TRIS account of the Round Table SMSF, Jeevan Hockey - TRIS will be converted to the Retirement Phase as Jeevan has turned 65 and satisfied the nil cashing restriction. From the Main Toolbar, go to Member. Select Member list. Page 104 BGL Corporate Solutions Pty Ltd 2018

106 1. Select Convert to TRIS (Retirement Phase) next to the relevant TRIS member. 2. Input the conversion date as 01/07/2017 and the Condition of Release as Attaining Age 65. This will present the balance to convert. If this change is partway through the year, you will need to complete The Create Entries Process up until the day before the change. 3. Preservation amount will move to Unrestricted Non-Preserved. BGL Corporate Solutions Pty Ltd 2018 Page 105

107 4. A TRIS in the Retirement Phase is subject to inclusion in a member's $1.6 million transfer balance account as a credit event " SIS - Superannuation Income Stream". 5. Confirm the rollover and preservation components. Select Save and Prepare Documents to proceed with the conversion and to prepare documentation. Lesson 5 - The 17/18 Financial YearTask Transfer Balance Account/Dashboard Page 106 BGL Corporate Solutions Pty Ltd 2018

108 Task Transfer Balance Account/Dashboard Objective By the end of this task you will be able to: Monitor a member's retirement phase interests using the Transfer Balance Dashboard; Understand the types of reporting events that are included in the dashboard and what amounts cause debit and credit adjustments; Make adjustments to a member's Transfer Balance Account. Important information about the Transfer Balance Dashboard: The dashboard will only be accessible for funds in the 2017/18 financial year onward; Events that are removed for members from this screen will not be removed from the Transaction List; Not all events are automatically populated in the dashboard; The member balance is for the fund only and does not include amounts for other SMSFs /superannuation funds (unless manual adjustments are made); Preparation of the Transfer Balance Account Report for ATO lodgement is completed using the dashboard. Task 5.2.2: Add and Adjustment to a Member's Transfer Balance Account Jeevan Hockey currently has an Account Based Pension balance outside of the Round Table SMSF to the value of $300,000 (credit event) commenced on 1 July 2017 which will be added as a manual adjustment. From the Main Toolbar, go to Member. Select Transfer balance dashboard from the list. BGL Corporate Solutions Pty Ltd 2018 Page 107

109 1. From the Transfer Balance Dashboard, select Add Adjustment for member Jeevan Hockey. 2. Record the income stream details: Field Input Date 01/07/2017 Transaction Type ABP External Balance Member Account Code Select Account Code Account Type Account Status EXTERNAL Hockey01 Account Based Pension Open Event Type Select Select No SIS: Superannuation Income Stream Did the income stream commence prior to 01 July 2017? Credit Input Select the green tick to process the adjustment and update Jeevan's balance. 4. The adjustment will be added to the dashboard and Jeevan's balance will be updated. Task 5.2.3: Debit and Credit Event Types Event Types are listed for each member with a tax-free balance in the fund and are a result of various member transactions which affect a member's Transfer Balance Account. These Event Types result in debit and credit events to a member's balance. The following events do not result in a debit or credit: Page 108 BGL Corporate Solutions Pty Ltd 2018

110 pension payments; investment earnings and losses; when an income stream is closed because the interest has been exhausted. When these occur the balance of a member is unaffected. For example, if a member incurs earning losses, the balance cannot be topped up. Automatically generated Event Types The following transactions posted in Simple Fund 360 are automatically added to a member's dashboard balance: Account Code Transaction Type Event Type Division 293 MCO Commutation (To Accumulation) MCO CC1 STO Commutation (Cash Out) MCO CC1 STO Pension Commencement SIS IRS Lump Sum/Rollover (Pension) MCO CC1 If you need to delete any of these transactions, you will need to delete them from the Transactions screen as removing them from the dashboard will not update or delete them from the Transactions screen. Full Event Type list Event Code SIS LRB Event Name Superannuation income stream Description A superannuation income stream in the retirement phase. Generally a right to receive a periodic payment from a superannuation interest, for example, a pension or annuity. This event type should also be reported for a reversionary income stream that commenced prior to 1 July BGL Corporate Solutions Pty Ltd 2018 Page 109

111 Event Code IRS ICB ICR Event Name Limited Recourse Borrowing Reversionary income stream Child death benefit income stream Reversionary child death benefit income stream Description Limited recourse borrowing arrangement the transfer balance cap credit arising from the repayment of an LRBA. A superannuation income stream that automatically reverts to a nominated beneficiary on the death of its current recipient, where the income stream commenced on or after 1 July A dependent child that receives a death benefit income stream because of the death of a parent. This event type should also be reported for a reversionary child death benefit income stream that commenced prior to 1 July Refer to the ATO website for more information. A superannuation income stream that automatically reverts to a dependent child because of the death of a parent, where the income stream commenced on or after 1 July Refer to the ATO website for more information. Note: If the Reporting event type field is ICB or ICR, then the 3rd party surname or family name must be entered. MCO CC1 CC2 Member commutation Commutation Authority Commutation Authority The process of ceasing, in whole or in part, a superannuation income stream and converting it into a superannuation lump sum. In all circumstances with exception to a commissioner's commutation authority. The superannuation lump sum that arises from a commutation may be cashed out of the superannuation system or can be retained within the superannuation system subject to the cashing rules for superannuation death benefits. The amount requested has been commuted in full. Unable to commute in full due to insufficient fund. This includes partial commutations. Note: If the Reporting event type field is CC1 or CC2, you must also answer the question Was the commutation paid directly to the member? by selecting Yes or No. CC3 CC4 Commutation Authority Commutation Authority Unable to commute due to the member is deceased. Unable to commute due to a capped defined benefit income stream. As set out at in Member account type field. Note: Commutation Authority is a notice the Commissioner issues to a superannuation income stream provider requiring the provider to commute an amount of a specified super income stream. Page 110 BGL Corporate Solutions Pty Ltd 2018

112 Event Code SSP STO APV RPV NTC Event Name Personal Injury (Structured Settlement) Income Stream Not in Retirement Phase Accumulation Phase Value Retirement Phase Value Notational Taxed Contributions Description Injury payments that a member contributes while notifying the provider that they are to be excluded from the non-concessional contributions cap. Income stream stops being in the retirement phase. This is the value of the accumulation interest that would become payable if the individual voluntarily caused the interest to cease at 30 June of the relevant financial year. This is the value of the retirement interest that would become payable if the individual voluntarily caused the interest to cease at 30 June of the relevant financial year. Uncapped Notional taxed contributions amount. BGL Corporate Solutions Pty Ltd 2018 Page 111

113 Task Events Based Reporting Objective By the end of this task you will be able to: Understand the requirements of the ATO's Events Based Reporting regime for members with balances either less or greater than $1 Million; Prepare Transfer Balance Account Reports for members using the Transfer Balance Dashboard; Understand the l odgement process of a member's Transfer Balance Account Report. Details Self-managed super funds now have new reporting obligations imposed by the ATO, due to the new transfer balance cap measure and event-based reporting framework. The transfer balance account report that is used to report is a separate form from the SMSF annual return. The TBAR enables the ATO to record and track an individual's balance for both their transfer balance cap and total superannuation balance. Reporting Frequency From 1 July 2018, all SMSFs must report events that affect their members' transfer balances. Timeframes for reporting are determined by the total superannuation balances of the SMSF's members: Where all members of the SMSF have a total superannuation balance of less than $1 million, the SMSF can report this information at the same time as when its annual return is due, or SMSFs that have any members with a total superannuation balance of $1 million or more must report events affecting members transfer balances within 28 days after the end of the quarter in which the event occurs. When an SMSF member has a pre-existing income stream, it must be reported on the TBAR on or before 1 July For more information on the new reporting obligations check out the ATO Website. Task 5.3.1: Preparation of Transfer Balance Account Report Matt Coughs has a pension balance of $1.6 million. In this example a TBAR will be prepared for Matt's Transfer Balance Account. Page 112 BGL Corporate Solutions Pty Ltd 2018

114 1. From the Transfer Balance Dashboard, select Matt Coughs. 2. To the right of the existing pension valuation on 01/07/2017, select Download PDF. Up to four events can be included on the one TBAR for a member. Select the checkbox to the left of each event and then select to the print icon to prepare the combined TBAR. 3. The Transfer Balance Account Report (TBAR) will populate in a new tab with the event information. Task 5.3.2: TBAR Lodgement Currently, paper lodgement is supported. The ATO will accept the TBAR to be uploaded via the ATO Portal. In addition to this BGL are currently developing the electronic lodgement capabilities which will allow you to bulk lodge events to the ATO. BGL Corporate Solutions Pty Ltd 2018 Page 113

115 Taken from the ATO website: File lodgment Super providers and intermediaries will be able to submit a data file via the Business Portal or Tax Agent Portal to lodge a TBAR. Online lodgement Online lodgment via ATO Online services will be available from 1 January Paper Report Refer to ato.gov.au/tbar-instructions to locate the paper report and instructions. Task 5.3.4: Cancel a previously reported event To cancel an incorrect event, it will need to be cancelled directly through the ATO Portal if the forms have previously been submitted. The transaction can be removed from Simple Fund 360 as well. If the event was generated as a transaction in Simple Fund 360 and is incorrect, this will need to be removed from the Transaction List. Editing or deleting a transaction from the dashboard will not update the transaction if it was posted in the Transactions screen. Page 114 BGL Corporate Solutions Pty Ltd 2018

116 Task Transfer Balance Account/DashboardTask Transfer Balance Account Summary BGL Corporate Solutions Pty Ltd 2018 Page 115

117 Task Transfer Balance Account Summary Objective By the end of this task you will be able to: Prepare the Simple Fund 360 Transfer Balance Account Summary for member events listed in the Transfer Balance Dashboard. Task 5.4.1: Prepare Report - Change to show summary update screenshots To download an individual report in PDF, Word or Excel format: 1. On the hand side of the Reports screen, Drag & Drop the Transfer Balance Account Report from the Work Paper Reports list. 2. Once the report has been dragged & dropped, select Options (to the right of the report). 3. Select either Download PDF, Download Word or Download Excel. You can also add this report to a Report Pack. See Reports for instructions. Task Events Based ReportingAppendices Page 116 BGL Corporate Solutions Pty Ltd 2018

118 Appendices Appendix A - Segregation Report Appendix B - Bank Statements Appendix C Superannuation Reforms Flowchart BGL Corporate Solutions Pty Ltd 2018 Page 117

119 Appendix A - Segregation Report Segregation Report Fund: The Round Table SMSF Page 118 BGL Corporate Solutions Pty Ltd 2018

120 BGL Corporate Solutions Pty Ltd 2018 Page 119