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.
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.
From the Transaction List screen, select New Transaction. From the drop-down menu, select Journal.
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.
This contribution amount will be reflected in SMSF Annual return under Section F, member Inward rollovers and transfers.
Select Post and then select Post and Prepare Documents to produce the supporting documentation.