MySF Forums / MySF - The Application / MySF - Tips on Using MySF

Capital losses for financial year

MySF2 — Thu, 09 Oct 2008 17:29:01 GMT

Hi,

We have had a number of emails and phone calls about the year end process in MySF Manager allocating all of the unrealised loss for a financial year into account 2255 Carried forward capital losses.

This is incorrect and a setting needs to be changed to ensure that 85% of the losses wash through to a reduction in equity.

Please go to File > Settings > Capital Gains and Carried Forward Losses. On this tab please select 'Apply tax benefit of loss against tax payable'. This will ensure that 85% of the loss will be used to decrease equity, and the other 15% will go to 2255 Carried forward capital losses. The reason that only 85% goes through to equity is that a gain would be reduced by a provision for future tax payable and so a loss is also reduced by a provision for future real loss.

Regards,

MySF

Dividends - non-participating shares

blue-sky — Wed, 24 Sep 2008 22:32:45 GMT

How do we record the dividends where there are new shares purchased between the record date and payment of the dividend.

The specific case is where BKN shares were purchased under an rights issue, but they do not participate in the dividend. The purchase date (4 Sept) is the same as the dividend payment date, and the system wants to create entries against both classes of shares.

TOL distribution of VBA shares

blue-sky — Mon, 08 Sep 2008 14:23:49 GMT

Can you advise the best way to record the receipt of VBA shares received as a result of the demerger?

PBL to CWN rollover and capital return

MySF2 — Thu, 17 Jan 2008 17:41:49 GMT

This is a post to advise users on how to process the PBL capital return and subsequent rollover to CWN shares at a ratio of 1:1.

This message is based upon the assumption that there was only a $3 tax deferred cash component, classifiable as a capital return and 1 CWN shares received for each 1 PBL share owned.

To process this event please follow these steps:

[b]Step 1- Record cash return[/b]
Please go to the Housekeeping > Utilities > Capital Repayment screen and process a $3 per unit capital return for PBL for the date of the event

[b]Step 2- Scrip for scrip rollover[/b]
Please go to the Housekeeping > Utilities > Scrip for scrip rollover screen and process a 1:1 rollover from PBL to CWN. This will create a new asset and dispose of the old one and the investment is rolled from one to the other.

Regards,

MySF

Alinta - cash out option

MySF2 — Tue, 26 Aug 2008 20:41:36 GMT

The steps below outline the methods for processing the Alinta events that affected several MySF Manager users. These steps were prepared based on the [url=http://www.babcockbrown.com.au/media/364965/statement%20example%20-%20default.pdf]statement example document[/url] provided by Alinta as well as the relevant ATO documents and documents sent to us by MySF Manager users. Thank you to those who have assisted us by sending in helpful information.

These steps outline the [u]cash out option only[/u]. The default consideration is described in a separate posting.

Please ensure that you read all relevant documents, many of which are available from [url=http://www.babcockbrown.com.au/bnb-investor-information/alinta-tax-statement-update.aspx]here[/url]. Please also check all information with your accountant, financial advisor and/or ATO.

Before starting please make sure that you have a clearing bank account in your system already and process these entries using that clearing account. This ensures that there is no interference with any of the fund’s real bank accounts.

While processing acquisitions in steps 4 – 8 please ignore prompts to process opening balances. This will be done once, in step 10.

[b]1. [/b]
Record fully franked dividend for Alinta (section I.i) to a clearing account. This takes care of the details under “APA Distribution – Fully Franked Dividend”, shown on page 3, step 3 to 6.

[b]2.[/b]
Record return of capital (section I.ii) to a clearing account. Note that this includes the residual income that was paid in cash. This takes care of the details under “APA Distribution – Fully Franked Dividend”, shown on page 3, step 3 to 6.

[b]3.[/b]
Record one or more sales of existing Alina units at their cost base using the clearing account. You may wish to process one sale for each holding to ensure that the transactions do not produce a capital gain or loss at this point.

[b][u]Details for some of the points below can be found on page 6 of the guide. Please change the number of units shown in accordance with the information you received in your statement.[/b][/u]

The steps below differ from those posted for the default consideration because there is no need to split the stapled securities to their components as hey are sold in steps 11 - 15.

[b]4.[/b]
Record the acquisition of
108 APA Stapled securities at 3.765 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]5.[/b]
Record the acquisition of
271 BBI stapled securities at 1.710 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]6.[/b]
Record the acquisition of
241 BBP stapled securities at 2.882 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]7.[/b]
Record the acquisition of
94 BBW stapled securities at 1.669 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

Note that the total of steps 4 to 7 are the same as the totals of B – E on page 2 of the document linked above, though there may be a small difference due to roundings in the document. (There is a $1 in the sample document provided online.)

[b]8.[/b]
Record the acquisition of
576 units of BBI exchangeable preference shares (EPS) at a “reasonable cost base”
Please refer to the Tax Guide and Alinta Share Scheme Participant Tax Statement for what is considered reasonable.

[b]9.[/b]
Record the cash component of the base offer as a separate income item.

[b]10.[/b] If the date you used in steps 4 – 8 falls within the current financial year of your fund then you would have seen various transactions generated in steps 4 – 8 and you can skip to step 11.

If you saw prompts to create opening balances and clicked ‘No’ in accordance with the directions at the top of this document then please follow the directions below to create opening balances now.

Go to System Setup > Load Opening Balances. Scroll down through the asset list and find the accounts representing the assets added in steps 4 – 8. Tick the boxes next to the accounts and you should find that a value appears automatically in the DR column.

After you have ticked the lines for all accounts representing the assets added in steps 4 – 8 please go to the top of the asset accounts and type the value that appears in the DR total into the CR line for the clearing account.

You should find that the debit and credit totals equal. Click Process to post the transaction.

[b]** The date of the acquisition of the original units should be retained for ‘rollover relief’, so the full answer here would be to split the units according to the purchases of Alinta and have several different parcels. However, given the complexity of the event this may not be practical and you may choose to ignore the various parcels and choose just one purchase date. [u]Please ensure that you check all this information in this post with the ATO and your financial advisor or accountant before making a decision regarding this matter.[/u]
[/b]

[b]11.[/b]
You now have all of the new assets in the fund and have no more Alinta units. It is time to process the sales and realise gains and losses.

[b]12.[/b]
Sell all of the BBI EPS holding at 0.904 each
Sell all of the BBI stapled securities at 1.650 each
Sell all of the BBP stapled securities at 2.92 each
Sell all of the BBW stapled securities at 1.65 each
Sell all of the APA stapled securities at 3.75 each

(the information for step 12 is shown on page 2 of the sample document linked from the top of this post)
See page 4 of Alinta Share Scheme Participant Tax Statement for more information

Regards,

MySF

Alinta - default consideration

MySF2 — Mon, 25 Aug 2008 22:35:14 GMT

The steps below outline the methods for processing the Alinta events that affected several MySF Manager users. These steps were prepared based on the [url=http://www.babcockbrown.com.au/media/364965/statement%20example%20-%20default.pdf]statement example document[/url] provided by Alinta as well as the relevant ATO documents and documents sent to us by MySF Manager users. Thank you to those who have assisted us by sending in helpful information.

These steps outline the [u]default consideration only[/u]. The cash out option is described in a separate posting.

Please ensure that you read all relevant documents, many of which are available from [url=http://www.babcockbrown.com.au/bnb-investor-information/alinta-tax-statement-update.aspx]here[/url]. Please also check all information with your accountant, financial advisor and/or ATO.

Before starting please make sure that you have a clearing bank account in your system already and process these entries using that clearing account. This ensures that there is no interference with any of the fund’s real bank accounts.

While processing acquisitions in steps 4 – 8 please ignore prompts to process opening balances. This will be done once, in step 10.

[b]1. [/b]
Record fully franked dividend for Alinta (section I.i) to a clearing account. This takes care of the details under “APA Distribution – Fully Franked Dividend”, shown on page 3, step 3 to 6.

[b]2.[/b]
Record return of capital (section I.ii) to a clearing account. Note that this includes the residual income that was paid in cash. This takes care of the details under “APA Distribution – Fully Franked Dividend”, shown on page 3, step 3 to 6.

[b]3.[/b]
Record one or more sales of existing Alina units at their cost base using the clearing account. You may wish to process one sale for each holding to ensure that the transactions do not produce a capital gain or loss at this point.

[b][u]Details for some of the points below can be found on page 6 of the guide. Please change the number of units shown in accordance with the information you received in your statement.[/b][/u]

[b]4.[/b]
Record the acquisition of
108 units of Australian Pipleine Trust at 2.797 each
108 units of APT Investment Trust at 0.968 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]5.[/b]
Record the acquisition of
271 Babcock & Brown Infrastructure Limited at 0.079 each
271 Babcock & Brown Infrastructure Trust at 1.631 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]6.[/b]
Record the acquisition of
241 Babcock & Brown Power Limited at 0.929 each
241 Babcock & Brown Power Trust at 1.935 each
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.

[b]7.[/b]
Record the acquisition of
94 Babcock & Brown Wind Partners Limited at 0.000 each
94 Babcock & Brown Wind Partners (Bermuda) Limited at 0.004 each
94 Babcock & Brown Wind Partners Trust at 1.665
For the same date as the original Alinta acquisition. Choose your date if you had several purchase dates for Alinta**.
Note that the total of steps 4 to 7 are the same as the totals of B – E on page 2 of the document linked above, though there may be a small difference due to roundings in the document. (There is a $1 in the sample document provided online.)

[b]8.[/b]
Record the acquisition of
576 units of BBI exchangeable preference shares (EPS) at a “reasonable cost base”
Please refer to the Tax Guide and Alinta Share Scheme Participant Tax Statement for what is considered reasonable.

[b]9.[/b]
Record the cash component of the base offer as a separate income item.

[b]10.[/b] If the date you used in steps 4 – 8 falls within the current financial year of your fund then you would have seen various transactions generated in steps 4 – 8 and you can skip to step 11.

If you saw prompts to create opening balances and clicked ‘No’ in accordance with the directions at the top of this document then please follow the directions below to create opening balances now.

Go to System Setup > Load Opening Balances. Scroll down through the asset list and find the accounts representing the assets added in steps 4 – 8. Tick the boxes next to the accounts and you should find that a value appears automatically in the DR column.

After you have ticked the lines for all accounts representing the assets added in steps 4 – 8 please go to the top of the asset accounts and type the value that appears in the DR total into the CR line for the clearing account.

You should find that the debit and credit totals equal. Click Process to post the transaction.

[b]11.[/b]
You now have all of the new assets in the fund and have no more Alinta units. This is the end of the instructions for default consideration.

[b]** The date of the acquisition of the original units should be retained for ‘rollover relief’, so the full answer here would be to split the units according to the purchases of Alinta and have several different parcels. However, given the complexity of the event this may not be practical and you may choose to ignore the various parcels and choose just one purchase date. [u]Please ensure that you check all this information in this post with the ATO and your financial advisor or accountant before making a decision regarding this matter.[/u]
[/b]

Regards,

MySF

How do I get a fresh install of MySF on my new computer and transfer data

scott — Mon, 04 Aug 2008 06:24:03 GMT

Hi I've purchased a new computer and would like to know how I can get a fresh install of the MySF program on it. The program is on my old computer and has been upgraded on line many times. When I have done that how do I shift the data to populate the program from the old computer? Can I just back it up onto a memory stick and then restore it on the new computer or is the file going to be too big? Do previous years transfer across or are they stuck on the old computer. Should I continue to use the old computer until I have done my end of year role or does it not matter when I do it?

As I am very dumb, a step by step guide would help me a great deal.

Thanks

Recording Fixed Interest Interest

blue-sky — Sat, 28 Jun 2008 17:59:55 GMT

How do I record term deposits as a Fixed Interest asset?

If I use a Bank Account, it defaults to cash

Contribution accounts

jimc — Mon, 23 Jun 2008 21:23:07 GMT

I am new to MySF and need to record after tax contributions for a member. Can you please clarify whether I should use 4640 Member Contributions - Undeducted or 4648 Member Contributions - Non Concessional and what are the differences between these.

Revaluing international assets

MySF2 — Sun, 01 Jun 2008 22:05:46 GMT

Version 5.0.0 of MySF Manager introduced support for international investments. The software now reads data from 50 major exchanges worldwide (including ASX) and foreign exchange rates for most major currencies are loaded automatically. Up to 6 months of historical data is available for foreign currencies.

The foreign currency converter can be accessed in three ways.

First, when you revalue an asset (Housekeeping > Asset Revaluation Table) the software will load exchange rates as appropriate. If the asset being revalued is listed on the ASX, then no exchange rates are loaded and the asset is simply revalued to the closing price for that date. However, if the asset being revalued is listed on an international exchange then the software will load the closing price of the asset as well as the exchange rate for that date. MySF Manager will then revalue the asset in AUD by multiplying the closing price by the exchange rate on that date.

Second, the currency converter can be accessed by pressing Ctrl + F on your keyboard any time that a currency field is selected on the screen. You can then enter the amount to convert and select the currency you are converting from. You can also select which currency you wish to convert to, but this field is preselected as AUD, since SMSFs are denominated in Australian Dollars.

Third, you can access the currency converter by clicking on the 'Foreign Exchange Calculator' link which is present in the bottom left hand corner of several screens throughout the software.

Note that the foreign exchange calculator allows you to override the exchange rate if needed.

Regards,

MySF

Benchmark codes

wanzhu — Tue, 01 Apr 2008 23:07:35 GMT

I am curious to know what codes are available to use when benchmarking the asset market valuation graph. You say that "^AORD" represents the ASX200 index, but no other code seems to be offered. Also, "AORD" would suggest the All Ordinaries index rather than the ASX200, but maybe I am wrong.

Just wondering!

Off market transfers - shares

Debra_Forbes — Tue, 10 Apr 2007 00:02:26 GMT

How do I enter shares transferred to the fund that have no cash consequence? That is, transferred via an Off Market Transfer.

Bank Account Transfers Create Wrong Entries

guymc — Sun, 07 Oct 2007 02:24:05 GMT

When entering a transfer using Cash & Journal Transfer > Bank transfer, the dialog prompts for "Transfer From" (which I interpret as reducing an account balance) and "Transfer To" (which I interpret as increasing an account balance.

However the transactions generated are:

A Debit for the "Transfer From" entry; and
A Credit for the "Transfer To" entry

This does not seem to be correct and there appears to be no help topics on this "feature" to clarify what the product should be doing.

I'm using MySF Ver 3.1.3.

Any suggestions?

Guy

Guy Mc

Data Entry

belp — Sun, 11 Nov 2007 04:31:19 GMT

Hello,

My data file is currently in the financial year ended 30 June 2007. I am currently finishing off entries to finalise the year.

My question is, can I continue to do data entry for the period 1st July 2007 to current, while I haven't finalised the year end rollover? Or do you need to finalise the current financial year and rollover before you are able to do entries in the next period?

Thanks.

Year End Rollover Guide

leonie — Tue, 23 Oct 2007 17:18:36 GMT

There is reference to a guide of this nature in a much earlier post however the link leads to vacant cyberspace. Can you point me in the right direction please.

'Not all tax rates have been defined' message.

MySF — Tue, 21 Aug 2007 18:16:08 GMT

Hello everyone,

A lot of people have been emailing us with the error that occurs during the start of the Year End Rollover. The error says, "Not all tax rates have been defined".

In order to correct this issue, please follow these steps:

Go to 'File > Settings' and click the 'Financial' tab. You will see a drop down box with the different tax rates associated with your fund. What you need to do is the following for [b][u]every tax rate[/u][/b] in the drop down box:

1. Select a tax rate from the drop down list.

[center][img]http://www.mysf.com.au/pics/ForumPosts/TaxRates1.jpg[/img][/center]

2. You will notice that the tax rates shown in the white box below the drop down list only go up to 30/06/2006. You need to click [color="#4800DE"][u]Add Entry[/u][/color] underneath the white box to include a new tax rate entry.

3. The next screen will ask you to enter the tax rate and effective date. Unless the tax laws have changed for Australia with that particular tax rate (please check [url=http://www.ato.gov.au]www.ato.gov.au[/url]), the tax rate field should be the same as the previous ones shown in the white box. The effective date should be the day after the last entry shown in the white box.

[center][img]http://www.mysf.com.au/pics/ForumPosts/TaxRates2.jpg[/img][/center]

4. You need to perform the same steps again for each tax rate shown in the drop down box.

Once you have completed all the tax rates, if you go back to the Year End Wizard, you should be able to proceed past the first screen.

The next update for MySF Manager will contain the latest tax rates. We will also change the aforementioned error message to include the solution to the error.

If you require any assistance with any of this or you have any further queries or questions, please do not hesitate to contact us at [email]info@mysf.com.au[/email]

Regards,

MySF

Starting a Pension Account for Existing Member

markfacer — Mon, 04 Jun 2007 00:38:37 GMT

One of our members is starting a pension in July, however that member still will be, from time to time, contributing to their superannuation account. So, we will have for that member a pension account and a superannuation (accumulation account). What is the best way in MySF to start a second, "pension" account for that member? I assume there is a way to create a second account for the member (not sure how to do this), journal an amount from the accumulation account to the pension account, then pay the pension from the pension account. The superannuation (accumulation) member account would still be there and cash receipts could be allocated to that member account.If you could help with this, that would be much appreciated, thanks.

New Functionality re. distribution entry

bryanlovquist — Wed, 04 Jul 2007 03:41:26 GMT

Hello

Is there any documentation on the new functionality re. entry of distributions?

Thanks

Bryan Lovquist

End of year report

katfish2 — Thu, 22 Feb 2007 04:03:25 GMT

After completing the end of year roll over, I noticed that the franked / unfranked amounts had somehow undone itself and the total was now franked. I used the major edit function (other details) to split the total between franked & unfranked. It accepted this but the Profit & Loss sheet then disappeared!!! Can anyone explain how the franked / unfranked thing happened (I am certain they were entered correctly in the beginning), and how the Profit & Loss sheet disappeared.Kerryanne

handling oversubscriptions

bruceb — Tue, 13 Feb 2007 00:33:03 GMT

HiWhat's the best way of handling oversubscriptionsI applied for 15625 @ 0.32 - cheque for $5,000 was banked. Was then allocated 15,000 and sent a cheque back for $200.How do I enter this in ?ThanksBruce

delete assets

linda2 — Mon, 15 Jan 2007 22:09:03 GMT

hi how do i delete a asset that was saved by mistake?

bank a/c transfers

nejamaka — Sun, 26 Nov 2006 23:41:33 GMT

How do I enter transfers of monies between my high yield super bank a/c and the primary super cheque a/c. The bulk of money is held in the high yielding a/c and money is transferred into the cheque a/c to purchase shares etc.Regards,Nejamaka

End of year Journals

MySF — Sun, 10 Sep 2006 04:16:41 GMT

At the end of each year the rollover function in MySF asks you to revalue your asset as at the 30th of June. This is a requirement of the ATO.MySF will then automatically generate a journal entry which is:DR Increase in the Market Value of Assets (This is an asset account)and CR Income account Increase in the Market value of assets.This may seem strange that you are declaring income that you have not received because you have not yet sold the assets. This Income Account is Non Taxable so it does not increase your Tax Liability.For ATO purposes this is all that is required.One of the problems however is that the Accounting Standards (AAS3) says that where you identify income you need to also make a provision for the Tax that would be payable on that in the future. This would be a liability called Deferred Tax. Your Auditor will probably ask for this journal to be entered.So in the Year end Rollover (Version 1.4.5) you will be prompted with the question: Do you want to generate entries for Deferred Tax ? If you answer yes then an additional journal will be created which isCR Deferred Tax (This is 15% of the Increase in value)DR Members accountsThis entry will be generated on 30 June. You also have the option at the end of the Year End Rollover to Reverse this Journal (recommended). If you tick yes then the reversal will be processed on 1 July. What this does then is to have the journals present for the 30th of June and all the reports for Audit purposes, and then reverts back to normal operation on July 1.RegardsMySF

Entering Fixed Interest Deposits

mark_newton — Tue, 08 Aug 2006 23:41:30 GMT

How do I enter a fixed term/interest deposit with a quarterly auto-reinvestment facility?

Important Dates with the ATO

MySF — Sat, 04 Mar 2006 03:00:40 GMT

July 2005July 1 • Superannuation guarantee quarter 1 commences. • Fund choice begins. Employers must provide eligible employees with a standard choice form by 28 July 2005. • Contribution limits and RBLs for 2005/06 year apply from this date.July 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in June 2005 must be reported to the ATO on or before this date.July 28 • Last day for superannuation guarantee contributions for quarter 4 (1 April – 30 June 2005) to be made to a superannuation provider. • Last day for employer to provide a Standard choice form to eligible employees.August 2005August 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in July 2005 must be reported to the ATO on or before this date. • Due date for lodgement of a superannuation guarantee statement and payment of the superannuation guarantee charge for quarter 4 (1 April – 30 June 2005) if sufficient contributions have not been made on time. The superannuation guarantee charge is not tax deductible.September 2005September 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in August 2005 must be reported to the ATO on or before this date.September 15 • Amended superannuation member contribution statements due for inclusion in November 2005 processing of assessments.October 2005October 1 • Superannuation guarantee quarter 2 commences.October 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in September 2005 must be reported to the ATO on or before this date. October 28 • Last day for superannuation guarantee contributions for quarter 1 (1 July – 30 September 2005) to be made to a superannuation provider.October 31 • Earliest due date for lodgement of 2005 income tax return for super funds • Lodgement date for super funds with 2 or more prior year returns outstanding as at 30 June 2005. • Due date for lodgement of SIS regulatory return for funds regulated by APRA. • Last day for lodgement of member contribution statement (MCS) for all superannuation providers other than for self-assessing superannuation providers (SASPs). SASPs must lodge MCS when lodge tax return.November 2005November 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in October 2005 must be reported to the ATO on or before this date. • Due date for lodgement of a superannuation guarantee statement and payment of the superannuation guarantee charge for quarter 1 (1 July – 30 September 2005) if sufficient contributions have not been made on time. The superannuation guarantee charge is not tax deductible.December 2005December 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in November 2005 must be reported to the ATO on or before this date.January 2006January 1 • Superannuation guarantee quarter 3 commences.January 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in December 2005 must be reported to the ATO on or before this date.January 28 • Last day for superannuation guarantee contributions for quarter 2 (1 October – 31 December 2005) to be made to a superannuation provider.February 2006February 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in January 2006 must be reported to the ATO on or before this date. • Due date for lodgement of a superannuation guarantee statement and payment of the superannuation guarantee charge for quarter 2 (1 October – 31 December 2005) if sufficient contributions have not been made on time. The superannuation guarantee charge is not tax deductible.February 28 • Final date for income tax return lodgement and payment of new registrants superannuation funds.March 2006March 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in February 2005 must be reported to the ATO on or before this date.March 31 • Final date for income tax return lodgement where one year prior return was outstanding as at 30 June 2005.April 2006April 1 • Superannuation guarantee quarter 4 commences.April 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid should be reported to the Tax Office by 14th day of the month following the month in which the benefit was paid.April 28 • Last day for superannuation guarantee contributions for quarter 3 (1 January – 31 March 2006) to be made to a superannuation provider.May 2006May 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid in April 2006 must be reported to ATO.May 14 • Due date for lodgement of income tax returns for all superannuation funds and companies with turnover of less that $2 million. • Due date for lodgement of a superannuation guarantee statement and payment of the superannuation guarantee charge for quarter 3 (1 January – 31 March 2006) if sufficient contributions have not been made on time. The superannuation guarantee charge is not tax deductible.June 2006June 3 • Final date for income tax return lodgement of non-taxable (nil tax) superannuation funds and companies.June 14 • Reasonable benefit limits (RBL) reporting. All RBL reportable benefits paid should be reported to the Tax Office by the 14th day of the month following the month in which the benefit was paid.June 30 • Superannuation guarantee contributions must be paid by this date to qualify for a tax deduction in the current financial year.

AMP and HHG Demerger Example.

MySF2 — Thu, 26 Aug 2004 06:48:41 GMT

This article details the process to follow to enter the demerger between AMP and HHG as occurred on the 23rd of December 2003 into MySF.As the process of the demerger involved a cancellation of a number of AMP Shares, a payment for this cancellation and an allocation of HHG shares, the way to input this information into MySF Manager is through a Sale, Purchase, Split process, which need to be done in that order.You do not use the Demerger function in MySF for this transaction.The example that follows contains information based on a document issued by AMP to Shareholders. Section 1 of the document is titled: “Information to assist you to determine your tax implications as a result of the AMP demerger”There are three steps to follow: recording a Sale of the number of Shares that were cancelled, for the sale per unit price of: $5.9142, recording a Purchase of the appropriate number of HHG Shares, and recording a Split of AMP so that the number of AMP Shares owned at the end of the procedure is the same as it was at the start.It is important that the same bank account be used for both the sale and the purchase transactions described herein.This example assumes the following:The fund holds a single parcel of 1065 AMP Shares, which were purchased on the 3rd of June in 1998 at $18.60 per unit (total capitalized cost of $19,809.00).( Step 1 )Record the sale of AMP shares. This is done to record the Cancellation of a number of AMP shares, subsequent Cancellation Entitlement received, and the Capital Gain / (Loss) associatedGo to the Managing Assets > Sell a Financial Asset > Shares (or the appropriate category for AMP)On the Sales screen, select AMP from the dropdown box near the top left. The number of units that were cancelled is 29.1947766% of the shares that were owned, rounded to one decimal place. In this example, (1065 x 0.291947766)= 310.9 units. Please check your information from AMP to ascertain the exact number in your case, it is shown in section (c) of the document sent by AMP.Enter this number (310.9) into the ‘Number of Units’ field. Into the ‘Sale Price’ field, enter: $5.9142, leave the brokerage fee as $0.00. Date of the Sale should be 23rd of December 2003. For the number of units being designated for sale in each line, enter a total number as shown in (c), in the case of the example, 310.9(Please note: if there is a Capital Loss at this point, you may wish to allocate the number of Units across the lines in such a way, so as to maximise the Capital Loss, therefore being able to offset a larger loss from this process against any Capital Gains there may be from Sales in the same Asset Class during the same Financial Year.)This will now show the amount of Capital Gain or Loss at the bottom of the screen, next to Totals. In the case of this example, there is a Capital Loss of $3,944.02. This should match the amount under section (i) of the document from AMP.Click Process.What this has done:- dropped the number of AMP shares, to show the cancellation- added the ‘Cancellation Entitlement’ – in the example $1,838.72 – to the Bank Account selected- created the entry for Capital Gain / (Loss)( Step 2 )Purchase entry of HHG Shares, using the amount received for ‘Cancellation Entitlement’Go to Manage Assets > Add or Manage Financial Assets > Shares (or the appropriate category for HHG Shares) Click on Add New, select New Purchase.Enter the ‘Code’ as HHG, and enter the ‘Short Name’ and ‘Name’ as appropriate.Select the same bank account to use as in Step 1. (Note: we are placing entries against the Bank Account which cancel each other out. For Audit purposes if you wish you can use the Transaction Reporter to enter a minor Edit of the transaction and put in an explanation into the Memo field of the Journal. This will need to be a separate step once all transactions have been entered)The ‘Cost per Unit’ is shown in section (k) of the document, and can be calculated using the following process:HHG cost per unit = Cancellation Entitlement / Number of HHG Shares received.In this example, the ‘Cost per Unit’ for HHG is ($1,838.72 / 1,065 units) $1.7265.The entry for ‘Number of Units Purchased’ should be the number of HHG Shares received, in this example 1,065. This number is shown in section (k) of the document.Leave the ‘Brokerage Fee’ as $0.00, and for ‘Transaction to Generate’ select ‘General Journal’Click Add.You may see a prompt for automatically adding an HHG business card; you should usually answer yes to this question.What this has done:- HHG asset has now been created- ‘Cancellation Entitlement’ amount has been moved to the account created for HHG, bringing the Bank Account back to what it was before the demerger process.( Step 3 )The final step is to enter a Split for AMP Shares, so that the number of shares owned after the Demerger process is the same as it was before.This can be done through Housekeeping > Utilities > Splits.Select the appropriate category for AMP Shares, and select AMP. Enter the Date as 23rd of December 2003. The ratio of the split should be 1 : 1.4122In the line(s) below, you should see the ‘Number of Units after the Split’ displayed totalling the number of shares originally owned in AMP, in this case 1,065. Once again, there may be a slight discrepancy, due to rounding.Click on Process, and confirm.This concludes the procedure, by returning the total number of shares in AMP to the number before the demerger, in this case 1,065.If you wish to check that all has been processed correctly, do the following:- check the number of HHG shares owned, and the number of AMP shares owned. This can be seen under ‘Ownership Record’ in the ‘Additional Information’ section of the ‘Manage Financial Asset’ screen for the appropriate category. AMP should total to the same number as was held before the demerger (in this example 1,065), HHG should total to the number of shares received in HHG (also 1,065 in this example).Any income from ‘Rights not taken up’ (section (n) in the document) should be recorded as a Cash Receipt for AMP.The numbers used in this example have been checked against the AMP demerger calculator, located on the ATO Website, at: http://www.ato.gov.au/individuals/content.asp?doc=/content/45400.htmThe only difference between the numbers used in this example and the ATO calculator results from roundings performed on the ATO calculator and on MySF Manager.Note: There may be a few cents left over in the bank account used when the process is completed, this is normal, and is once again due to rounding.Regards,MySF

New ATO Document - Its Your Money but not yet

MySF — Thu, 22 Jul 2004 02:05:28 GMT

Members may have seen the recent press about the ATO crackdown on SMSFs. This coincides with the publication of a new document put out by them called Its Your Money... but not yet.I would recommend this as a must read for all members. It is a good document and also has references of related documents towards the end that allows you to dig deeper on a specific issue.If you click on this link it will take you to the document on the ATO website. Once there if you Right Click where it says Portable Document Format version, you can download the PDF Version using Save Target As.[url]http://www.ato.gov.au/super/content.asp?doc=/content/47067.htm&pc=001/007/073/001/002&mnu=2148&mfp=001/007&st=&cy=1[/url]RegardsMySF

Year End Rollover

MySF — Thu, 17 Jun 2004 05:31:06 GMT

We are not there yet, however for those of you that want some relaxed night time reading here is a guide to Year End Rollover.As with the Accounting guide keep away from small children.The key thing is to do some home work before year end. You will be asked to record the value of all assets as at year end as well as things like your Adjusted Taxable Income (ATI) for each member.The most important thing to remember is to Backup before you start. Where possible backup to CD or USB Memory stick. If your Auditor wants you to make a change you will need to load the backup and make the change and then re roll the fund.There is of course no hurry to roll over, you can continue to enter into either financial year without actually rolling over. To do this you go to File>Settings and reset the dates of the Financial Year in which you wish to operate. This can be changed as often as you need. So you can go between the two yearsClick on the following link to download the Rollover Guide. Thanks to Ben for putting the guide together[url]www.mysf.com.au/pdf/yearend.doc[/url]Regards

Accounting Guide

MySF — Sun, 16 May 2004 02:49:22 GMT

We have prepared an accounting guide for those who may want to brush up or understand a little more about Debits and Credits and which account to use in MySF.Warning The guide should not be read to children as they may have nightmares about Debits and Credits, and we know that those nightmares are reserved for adults.Right Click on this link and use 'Save Target As' to download [url]www.mysf.com.au/pdf/accounting.doc[/url]RegardsMySF

Understanding the Chart of Accounts & GL

MySF — Sun, 02 May 2004 09:41:20 GMT

The General Ledger revloves around the Chart of Accounts. The screen used to display the chart can be found under System Setup>General Ledger Accounts.This screen has quite a bit of functionality which may not be immediately visible.Click on this link for a picture of the screen [url]www.mysf.com.au/pdf/gl.jpg[/url]Here are some points to note.1. Summary Accounts are ShadedSummary Accounts are used by the report tool and do not receive postings. No transactions are held against them, but they do display the total of the balance of the detail accounts which report to them.2. Double Click on a detail account to see all transactionsThe individual postings against an account can be accessed by double clicking on any detail account. This can be very useful for helping to reconcile say a Bank account. Once you double click you have the option of printing the ledger detail. Click this link for the GL Detail screen image. [url]www.mysf.com.au/pdf/gldetail.jpg[/url]3. Rollover to accountYear End processing goes through and zeros expense and income accounts and in a Company or business all of the balances in these accounts would be netted off to the Profit and Loss account. In a Super Fund there are some complications in doing this. Items such as Contributions are Income to the Fund, but we also need to keep track of Contributions for a member. So instead of rolling these amounts to the Profit and Loss and then allocating them to Members we roll the amount in the Members income accounts directly into the Members equity accounts. Using this technique we can preserve the Nature of the Receipt (ie Members Contributions) so that we can refer back to this at a later pointThe Rollover To account is how we determine what goes to what at year end.4. Preservation TypeThe Preservation Type only applies to Members Accounts and allow us to report on the the whether the Balance in the account is Preserved, Non-Preserved, Unrestricted Non Preseved, or Restricted Non-Preserved. This information is used in the Members Position Statement through the Report Tool.So there is a lot of detail in this one GL Account screen. We think it can be very useful in helping make balancing a little easier.

Bonus Shares, Scrip for Scrip, Demergers, Splits etc...

MySF — Sun, 02 May 2004 06:26:23 GMT

You may not be aware, but Bonus Share, Scrip for Scrip, Demergers, Splits and Capital Repayments can be handled through the software.The functions can be found under Houskeeping>Utilities from the Windows Menu.We have found that when a Company considers one of these options for their own business they always seem to come up with something different (obviously just to frustrate software developers). So it is best to trial what you want to do in the MySF sample fund. It may be that with a composite transaction you may need to enter a number of separate transactions in MySF.

Cash Receipts and Payments

MySF — Sun, 02 May 2004 06:17:27 GMT

When entering payments and receipts there are a number of important things to remember.1. Use the Memo boxGet into the habit of using the memo box in the top right of the screen to record information about the transaction. eg ANZ Dividend, or Rent from Fred Smith. The Memo appears in the Transaction reporter and if you have entered meaningful text, locating a transaction is made much easier.2. Record transaction against the Asset or MemberWhen recording Line items make sure you use the Member and Asset drop down boxes to record against either a member or an asset. If it is a Dividend for example select the Company share code from the asset list. If it is a contribution or a members expense then select the member. This is in addition to what ever account you choose from the GL. The Asset and the Member fields are what are used to determine the Yield in the Analysis reporting. If you leave these out then the Yield reporting will not include either the receipt or payment amount in the calcultation.Click on this link to see what the screen should look like [url]www.mysf.com.au/pdf/cashrec.jpg[/url]3. Which Account to useRemember that you are recording on behalf of the Fund, and Cash Receipts of items such as Contributions or ETP Roll In are in fact Income to the Fund. So in the GL you should be looking at the Income accounts and selecting the appropriate account. Transactions are very rarely posted directly against Members Equity accounts. The year end processing of MySF will set the Income and Expense accounts to zero and move any items which are related to a member into the Members Equity accounts.

Setting up and Using Asset Categories

MySF — Sun, 21 Mar 2004 10:20:07 GMT

Asset Categories are used to show a different view of the assets owned by the Fund based on the where the funds are invested.For physical assets such as Commercial Property this will a one for one relationship between the Asset Class (the accounting classification) and the Asset Category. However for assets such as Managed Funds, it is likely that the fund is investing in different sectors, possibly on a global scale.Under the menu item System Setup>Asset Allocation Categories users can define the categories that are to be used. If you hold property and say collectables then it would be advisable to have a separate category for each of these. The standard list loaded with MySF allows for Property, Cash, International and Australian Shares and International and Australian fixed deposits. It is important to understand where your money is invested both directly and indirectly in order to show the exposure in a specific market.Whenever you add an asset you are prompted to make an entry in the asset allocation table for that asset. Asset Allocations reporting can be viewed in a number of areas of MySF1. Planned versus ActualThis feature compares the planned investments which are defined in the Investment strategy with the actual 'current value' of your portfolio as it is allocated to each ofthe Asset Categories. This is a very useful report for monitoring whether your fund is in line with your investment strategy.2. Yield AnalysisUsers can report the Yield being delivered in any or all Asset categories. This can be done using the Historical cost of the the asset as a base, or the current value. Yield Graphs can also provide a comparison of Asset Categories in the same manner.

Load Opening Balances

MySF — Sat, 20 Mar 2004 23:59:55 GMT

One of the early setup tasks in MySF is loading opening balances. This item explains how it works in a little more detail. There are 2 ways of Loading Opening Balances. Method 1 When you add an asset (either Financial or Physical) which you acquired in a previous Financial Year you are prompted with the message "Do you want to load opening balances now?" If you answer 'Yes' you will be taken to the Load opening balances screen and the amount of the asset will be recorded against a new account in the General Ledger for the Asset you have just entered. There is a Debit Amount against the entry equal to the capitalised cost, and a Credit amount for any amount of Accumulated Depreciation which has been recorded when the asset was entered. For example; If we enter an asset bought in 1999 for $100k and Accumulated Depreciation of $10k, then the $100k is recorded against the Asset record as a Debit, and the $10k as a Credit to an Asset called Accumulated Depreciation. The Balancing entry needs to be added against the Members Records as a Credit entry. An entry should be made against each member which splits the value proportionately based or each members equity in the fund. To do this correctly it is advisable to have the calculated predetermined percentage split to each member and apply it to each to each entry. If you choose to answer No to the question of adding current balances be aware that the General Ledger and the Asset system will be out of Balance until you add the overall entries through the Load Opening Balances Screen (see Below) Method 2 Load Opening Balances - A Single entry process The second way of loading balances is to do it as a Single entry process through the Load Opening Balances Menu item. These entries are entered agained the asset account and members accounts and can be saved away prior to processing. You can therefore take your time in adding the values. If you adopt this technique a single entry is made against the equity accounts for members again based on the total equity position of each member in the Fund. Either technique will arrive at the same result. Remember that the total of all Members accounts plus liabilities is equal to the net value of all Asset accounts

Getting Started with MySF

MySF — Sat, 20 Mar 2004 23:58:19 GMT

So now you have the software - What do you do ? The first thing is to make sure that the MySF Manager software is loaded correctly and you can use the MySF Sample Fund. Get some experience with the software and adding transactions. Run some of the reports in the MySF Sample Fund and then add some Cash Receipts or Payments. Go to the Analysis Reporting and see how the Yield analysis changes with the new entries you have made. There is no need to load the Advisor Link software - this is a read only version of MySF Manager - send the CD to your advisor so that you can share information. There is no problem with sharing the Advisor Link software. There is no activation required and it can be loaded as many times as is necessary. Most important please read Chapter 1 of the User Manual (or the on-line help by hitting F1). The order in which you add things to your own Fund is important. Please follow the order outlined in the manual.