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Overview


Simple Fund 360 users can use the following instructions as a guide to complete the 2016/2017 year-end processing for funds affected by the Super Reforms.

Note

BGL do not provide accounting or taxation advice. The following is designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.

Step 1: Fund Processing 


This does not change from previous years.

  1. Ensure all transactions have been matched or have been entered in for 2016/2017.

  2. Enter all transactions which affect the Cost base for 2016/2017 e.g. Tax Deferred Distributions, Depreciation, Dividend Reinvestments and other Corporate Actions.

  3. All assets should have a Market Value as at 30/06/2017 (or CGT reset date if applicable).

Step 2: CGT Relief (if applicable) 


Determine if the fund is eligible for CGT relief. If not, go to Step 3.

  1. Unsegregated funds should apply for a Draft Actuarial Certificate and/or ensure the draft actuarial percentage has been entered in Fund Pension Policies screen for the 2016/17 Financial Year. This is to ensure the correct decisions are made when selecting which assets to apply relief to.  

  2. Enter CGT Reset Transactions and complete CGT Reset Documentation.

Step 3: Comply with Transfer Balance Cap as at 30 June 2017 (if applicable) 


Determine if any of the fund’s members need to process either a full or partial commutation to comply with the Transfer Balance Cap as at 30 June 2017. If not, go to Step 4.

  1. Create Entries until 30/06/2017 to reflect updated Market values.

  2. Enter any full or partial commutation(s) as at 30/06/2017 to comply with Transfer Balance Cap.

  3. Complete Commutation Documentation.

Step 4: Finalise Fund 


  1. Unsegregated funds need to apply for a FINAL Actuarial Certificate and/or ensure the actuarial percentage has been entered in the Fund Pension Policies screen for the 2016/17 Financial Year. This application will include all commutations made during the financial year including those made on 30/06/2017.

  2. If the Actuarial Percentage has not changed from Step 2, there is no need to reverse the last Create Entries.

  3. If the Actuarial Percentage has changed, you will need to reverse the last Create Entries and then Create Entries again to update the Tax Return and Allocations.

  4. If the commutation is paid out of super (cash) as at 30 June 2017, you will need to reverse entries and Create Entries again to update the Tax Return

  5. Complete Fund Review ready for Audit.