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Regular Member
 
Group: Forum Members
Last Login: 21/07/2008 11:57:17 PM
Posts: 15,
Visits: 60
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| Hi, I started an Account Based Pension during the 2007-2008 year. I just want to make sure I am doing the right thing in crystallising the various components. As I understand it, I need to get all my account balances into Concessional and Non Concessional accounts. Is that correct? My thoughts were that I would process a number of journals to move the balances from my member's account 3160 to 3185 and from 3170 to 3186. For the 3200 accounts (Rollovers), I was going to journal the balance in 3210 to the 3185 account. For the 3220 account, I was going to journal the pre-1983 component into the 3186 account and the remainder into the 3185 account. That should give me my pre-1983 and undeducted amounts in the Non Concessional account and everything else in the Concessional account Is this the right approach? The question then arises as to what to do about the balances in the 4700 accounts (i.e. rollovers that took place in the 2007-2008 year)? Will they sort themselves out when I run the Year End wizard? I won't be surprised if I am completely off track here so I look forward to your comments! Regards pelagic
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MySF Administrator
Group: Administrators
Last Login: Yesterday @ 8:08:32 PM
Posts: 293,
Visits: 390
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Hi,
You may not need to reclassify all of your member's equity into concessional and non-concessional, since those categories are typically only important when determining tax levels applicable to income to the fund (such as member contributions). The many accounts which show income to the fund are under account number 4000.
The best person to ask about this would be the an accountant or perhaps the ATO.
If you are told that you do need to reclassify equity from undeducted, preserved etc into concessional, non-concessional etc, then the approach and account numbers you have described look correct.
Regards,
MySF
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