MySF Forums / MySF - The Application / General Discussion Area

Super Terms Explained

mysf — Sun, 29 Jan 2012 16:21:08 GMT

Hello all,

It seems a lot of users are interested in knowing the differences between the types of accounts such as 'Concessional', 'Undeducted', 'Non-Preserved', etc.

For your reference, the following link is an ATO document that explains each of the most common superannuation terms:

[url=http://www.ato.gov.au/super/content.aspx?doc=/content/00098674.htm]www.ato.gov.au/super/content.aspx?doc=/content/00098674.htm[/url]

Regards,

MySF

Accountant who uses MySF

DCB_1955 — Thu, 23 Dec 2010 12:19:21 GMT

I provided my accountant with my financial records using MySF. He promptly rekeyed this into his system and has produced financial reports that I cannot reconcile with my own.

Does anyone know of an Accountant (in or close to Canberra) who will use MySF and the associated auditor is prepared to accept the MySF financial records?

Previous Years Financials

tany_821 — Mon, 19 Sep 2011 19:52:29 GMT

Hi,

I have just starting using MySF and I am trying to input information for previous tax years but it won't accept me just adding an entry. can someone help as I am two years behind in submitting tax returns. Thanks

tany821

Notes to Accounts

wollburn — Sun, 07 Aug 2011 23:01:21 GMT

How can the text of the notes be edited?

Note 3 for example refers to asset values at 30th June 2008

The Basis of Accounting note says Cash Basis. Why is this?

Can we pick and choose which notes are attached to the financial statements?

Rob

Transaction listing by account number

wollburn — Fri, 29 Jul 2011 23:49:40 GMT

I know there is no "drill down" capability in any of the reports, a la MYOB or QuickBooks. Is there any other way to look up all the transactions for a particular account number?

Sydney Auditor

atkins12 — Mon, 11 Jul 2011 17:09:05 GMT

Can anyone recommend a SMSF auditor in the southern suburbs of Sydney? Preferably one who accepts MYSF data/reports and does not insist in rekeying all transactions into their own software package.

Thanks ..... Ron

SMSF Establishment Costs - who pays & are they deductible

PP Super — Wed, 06 Feb 2008 03:50:59 GMT

Hi,

I've recently setup my SMSF and was wondering:

Although I had to pay the costs of SMSF trust deed etc before the trust actually was created, am I right in thinking the SMSF establishment costs are actually a cost of the Fund - ie the SMSF should re-imburse me for these costs.

Also are these costs claimable against tax.

My understanding (I'm not sure where from!) was that the Establishment Costs were a Capital Cost and could be amortised over 5 years with a deduction of 20%/year.

However, I also seem to remember reading that this was only deductible for a business and that a SMSF was not "in business"

What have others done - and was the auditor happy!

Regards

Neil

Brisbane Auditor

wilsonsuper — Thu, 03 Mar 2011 13:35:25 GMT

Does anyone know of a Brisbane based auditor who can use MySF databases?

Thanks,

Chris

Users in Perth

John F — Wed, 12 Sep 2007 22:11:40 GMT

I would like to make contact with any other users in Perth Western Australia of the MySF software, who are interested in the formation of a user group or exchange of ideas regarding the best use and support of the software.

Regards

John F

How to record the details from a Rollover Benefits Statement

scott — Tue, 04 Mar 2008 03:48:19 GMT

Hi,

I've elected to use the portability rules to roll some funds from my employers fund to my SMSF. The paperwork includes an ATO Rollover Benefits Statement. Under Section C it splits the components into a Tax free section and a taxable component (element taxed in the fund) section. They add up to a preserved amount. How to I correctly record this? It's not really an ETP as it's not a termination. I just let the employer fund collected the contributions and then roll across to my fund.

Regards

Users in Canberra

DCB_1955 — Fri, 22 Apr 2011 00:47:58 GMT

I am keen to make contact with users of MySF in Canberra. Perhaps we can form a coffee/support group.

How to change an asset class used for a transaction?

wollburn — Mon, 11 Apr 2011 00:11:21 GMT

I have hunted around the menus and in the help to find a way to change an error in asset class allocation. If I have used the asset class 011 for example and I should have used 002, how can I edit this?

Rob

Realised capital losses

radwise — Mon, 31 Jan 2011 18:59:04 GMT

Our SMSF has a total of $350k realised capital losses as of 30 June 2010. After the end-of-year rollover this shows up as an asset on the balance sheet and is distributed to member's equity. We believe that this amount showing up on our balance sheet and subsequently as member's equity is materially incorrect.

Our SMSF has 95% of its funds in the pension phase, so the only asset of this realised capital loss is the potential tax saving of 15% on 5% of these losses, i.e., $2.6k. Adding the full $350k to the fund's assets has a big influence on the minimum payment of 6% of the equity as of 30 Jun'10 held by the member in pension phase.. Another member is concerned that his stated, and inflated, member's equity could be detrimental to him in a future divorce settlement. Obviously, if the fund was wound up on 1 Jul'10 the asset would be $350k less than that stated on the balance sheet.

I suspect that a similar situation has occurred with many other SMSF. I would welcome MySF and member's comments on this issue.

Radwise

SPLITTING FUND UNDER FAMILY COURT ORDER

rony — Thu, 23 Dec 2010 18:31:38 GMT

I need to split the accounts in accordance with a family law order.

Is there a wizard that will allow me to do that within the software.

If not, does anyone know the process.

Merry Christmas and a Happy New Year

mysf — Sun, 19 Dec 2010 18:20:07 GMT

Hello all,

The MySF team would like to wish everyone and their families a very merry Christmas and hope you all have a safe and prosperous New Year.

We would also like to take this opportunity to say thank you all for your help and support during the year of 2010 and hope to see you all back on the MySF forums in 2011.

Our very best wishes go out to you all.

Regards,

The MySF Team

Audit Request

prosuper — Fri, 07 May 2010 05:10:57 GMT

I have received a request from my auditor to provide ledger printouts for interest received, dividends received and distributions received. How can I satisfy this request? I don't see Transaction Reporter capable of a print function whereby I can satisfy this request. Any suggestions?

Audit Request

prosuper — Fri, 07 May 2010 05:10:36 GMT

Updated to Windows 7

walchilds — Sat, 17 Apr 2010 21:46:21 GMT

I have acquired a new laptop which has Windows 7 (64) installed. How do I transfer my files and re-install MySF on the new computer? My old computer was 32 bit Vista.

YEAR END FINANCIAL

choongl — Thu, 08 Apr 2010 01:25:15 GMT

Do I provide my accountants with the financial reports generated by the year end rolled over?
Or do I provide the accountant with the financial reports without doing a year end rolled over?

The 2 sets of Financial reports are very different.

Deleting all transactions

CKGSF — Sun, 21 Feb 2010 22:22:08 GMT

Is it possible to delete all transactions or do you have to create a new fund and start again.

Kudos to MYSF

katfish2 — Wed, 06 Jan 2010 01:25:23 GMT

Just wanted to say that i'm most impressed with both the software and the support. I stared using MYSF a number of years ago but gave up because it all became too confusing for me. However with all the updates and the very simple instructions both on MYSF screen and in the forum, i've entered a full year of transactions and completed my first roll over, even going so far as to write up my own tax return from the data generated. You have one very satisfied customer.
Kat
Katfish Super Fund

How do I set up an Asset Pool

scott — Tue, 22 Dec 2009 04:56:10 GMT

My accountant says that not every asset purchased by a small business needs to have a record maintained and depreciation applied. Everthing now goes into an asset pool as long as the cost is greater than $1000. Anything less is immediately written off. Assets added to the pool are depreciated at 15% regardless of the date acquired and there is no need to maintain a separate "negative" asset account to show the accumulated depreciation. If I make improvements to a property investment (say a new hot water service) how would I set up an asset pool in MySF?

Regards

How do I set up an Intangible Asset Account correctly

scott — Wed, 16 Dec 2009 04:43:33 GMT

Hi,

I hold a geared property in my Super Fund. To comply with the law the asset is held in a special purpose company. My accountant wants me to record the legal costs associated with establishing the company as an account called "Intangible Asset- Company Formation Costs". Can you step me through the right way to set this account up please?

Regards

Reports on unrealised gains

scott — Tue, 27 Oct 2009 02:05:50 GMT

My accountant has some different calculations for the unrealised gains than MySF generates.

How do I export the report in the end of year wizard that shows the details of the tax deferred liability calculation?

Also, in the end of year process there is a box titled Unrealised Gains - Capital Gains Adjustments and at bottom it has a number for total amount of losses from previous year carried forward again to next financial year. How is that number calculated and how can I create a report to send to my accountant showing the workings?

Regards

Brisbane area

frostmp — Sat, 05 May 2007 06:54:37 GMT

Are there any users based in Brisbane? Possibly to discuss problems or organise a users help group.RegardsMike Frost

Share revaluation

readman — Mon, 19 Oct 2009 17:57:45 GMT

I have revalued my shares however the balance sheet indicates the original purchase price of the shares ot the revalued price is this correct andif so how do I obtain a current balance of my position.

Two-fund licence for members in dual mode?

troubadour — Mon, 24 Apr 2006 22:39:10 GMT

Hi - given that quite alot of SMSF people are self funded retirees, choosing to run their own fund, and that there are some potential problems (administration, reporting, tax, etc etc) with managing under the new rules of being in 'mixed mode' - ie pension and re-contribution for one or more members - what would you think of allowing a standard one-user license to run two funds? As distinct from a multiple fund license for managers and administrators who do stuff for other people? I thought that one potential solution for us would be to set up Troubadour 2 as a second fund to receive re-contributions, leaving Troubadour 1 to run in 100% pension mode, which seems much cleaner, and would make my life easier (retirement was NOT about increasing bookwork!) plus open up some options down the track. It doesn't cost much to create a fund, and recycle the Trust Deed for #2 - and sure as hell would keep the bookwork straight.Whaddya think?Seems to me quite alot of people might find a 'dual fund' option useful for their own self-managed options.

recording entries for a cash and scrip takeover

scott — Wed, 05 Sep 2007 04:58:16 GMT

Hi,

Would you mind stepping me through a cash and scrip takeover please? For simpicity lets say the terms are 0.5 bidder company shares plus 15 cents cash for 1 target company share. The share price of the bidder stock on the effective date is $1.29 and the entry into the target stock was at an average 85 cents.

If there were 100,000 target shares held ,then the shareholder receives 50,000 new shares at $1.29 ($64500) plus $15000 cash component. 18.87% of the consideration is paid in cash and consequently 81.13% is scrip which gets rollover relief. The offer document says I will need to apportion the original cost base between the two components. That should mean a capital gain will arise on the cash component of $1039.50 (100000 shares x 18.87% x 85 cents = $16039.50 less the $15000) and the new 50,000 shares will have a cost base of $68960.50 (81.13% x 85 cents x 100,000). The two numbers add up to the original cost base so I think I'm doing that bit right on paper.

I'm too dumb to work out how to record this so I would appreciate your help.

Regards

How do I correct an entry for NWS to reflect the gross amount and 15% w/holding tax

scott — Fri, 30 Jan 2009 03:26:56 GMT

My accountant is not happy with me for just recording the Net NWS dividend paid in $A. The NWS statement had a gross USD amount, a USD withholding tax amount, a net USD payment and a net $A payment. The statement also had a Currency conversion rate on it. How should I record the gross USD payment (in $A) and the witholding tax(in $A). I presume I just notate what the USD figure was.

As I no longer own the stock I suppose I could put through an end of year adjustment to increase the dividend by the 15% tax (cr 4116) and debit foreign tax paid or something like that. What would entry be?

Regards

Can I use a backup file to do a dummy end of year roll

scott — Thu, 29 Jan 2009 20:52:35 GMT

My accountant runs his own software and generates his own version of my end of year accounts. Can I take a back up file, update the values to year end and call it , say test1, and perform an end of year roll on it to see if I generate the same values that he expects to see? That way I can avoid having to open an end of year file and make any adjustments he wants to see. He has no problem with MySF but he has to committed to some other method in his office.

If I have asked the question properly, can you guide me through the steps I should take? I'm a bit concerned that if I use the sample fund I may get some grubby entries from other things I have tried out.

Regards

Gearing a property in a Super fund

scott — Sat, 23 Aug 2008 02:13:06 GMT

Hi,

I've used the new laws to purchase a property for a superfund and use some borrowings as part of the strategy. On purchase I paid a 10% deposit and then on settlement I paid the balance plus stamp duty plus adjustments (water etc). As I am using gearing I have to hold the property in a specific purpose company although the superfund is the ultimate owner. I presume I should just narrate this rather then try to create a specific company in the accounts. As I have never added property before I am a bit uncertain about what I am supposed to do with the partial payment option and how I enter the details on the flow of funds. The add new property box looks like it will post a string of entries if I click ok but I'm sure what they are going to be. Can you step me through this please? I not clear on how I get the funds matching up to purchase date for the deposit and the settlement date for the balance with all the adjustments correctly recorded.

Regards

T3 - final instalment payment and Bonus shares

ywilson — Sat, 24 May 2008 23:32:25 GMT

My super fund purchased T3 Instalment warrants at the public offering. I have now just paid the final instalment and there is to be a bonus share issue as well. The T3share offer website contains specific details: http://www.t3shareoffer.com.au/PayNow/KeyDates.aspx

I would appreciate some assistance on how to process both the final instalment (and hence change of code) as well as the bonus shares to be allocated in MySF. The ATO released advice for individual investors when the instalments were offered (2006-2007) http://www.ato.gov.au/individuals/content.asp?doc=/Content/00107114.htm.

There may be further advice in the near future.

I am sure that I am not alone in having to work through these issues, and would appreciate your feedback when available.

Regards

Y Wilson

Merry Christmas and a Happy New Year

mysf — Sun, 14 Dec 2008 20:27:41 GMT

Hello all,

The MySF team would like to wish everyone a very merry Christmas and hope everyone has a safe and prosperous New Year.

We also thank you all for your help and support during the year of 2008 and hope to see you all back on the MySF forums in 2009.

Our very best wishes go out to you all and your families.

MySF

how to tidy up rounding errors

scott — Sat, 23 Aug 2008 04:37:01 GMT

Hi,

I was looking at a trial balance to make sure everything looked right when I noticed there were 5 small rounding errors ranging from 1 cent to minus $94 for securities I no longer own. Is there a really simple way to get them to zero of do I just have to journal each one out and If that's the answer what account do I book them to?

Regards

Transition to Retirement

blue-sky — Sat, 05 Jul 2008 16:47:49 GMT

What paperwork is required to establish a TTR pension?

Asset Revaluationn - Wesfarmers

blue-sky — Sat, 05 Jul 2008 16:44:14 GMT

The asset revaluation does not return a market price for Wesfarmers at 30 June (r other dates back to some time in April)

Windows 7 & Windows Vista Users

mysf — Tue, 01 Jul 2008 19:20:23 GMT

Hello,

For those of you running the Windows 7 or Windows Vista operating system, it is important to perform the following steps before trying to run MySF Manager.

[b]1.[/b] Right-click the MySF Manager icon on your Windows desktop and click '[i]Properties[/i]'.

[b]2.[/b] Click the '[i]Compatibility[/i]' tab at the top of the properties window.

[b]3.[/b] You should see a tick-box at the bottom of the window with '[i]Run as an administrator[/i]' or something similar. Please place a tick in that box.

[b]4.[/b] Click '[i]Apply[/i]' and then '[i]Ok[/i]'.

Windows Vista made it difficult for any third party software to perform their normal tasks which require writing to the Windows registry and also writing and saving to other files within the software. The above steps allow MySF Manager to run correctly on the Windows Vista operating system by allowing it to perform its normal tasks with full access. Microsoft carried this security feature through to Windows 7.

If you do not perform the above steps, you may be prompted with error messages and crashes of MySF Manager. This is something we cannot control and ask that everyone who uses Windows 7 or Windows Vista please perform the above steps.

Please contact us if you have any queries or concerns via [email]info@mysf.com.au[/email].

Regards,

MySF

Share Revaluation

bidgee4 — Thu, 03 Jul 2008 17:41:09 GMT

I am trying to revalue my shares as at 30 June 2008 as follows: Housekeeping, Asset Revaluation Table, Revalue All Financial Assets, I set the date as 30 June 2008, and click "Revalue assets for selected date".

Yesterday this method revalued only 6 of my 22 public company shares. Today it revalued 8 of 22 (JGL and TOX were revalued today but not yesterday). Is it only a timing problem (i.e. should I wait a few more days), or am I doing something else wrong?

Name change Fone Zone to Vita

ywilson — Sat, 24 May 2008 23:21:13 GMT

On 16/4/08 Fone Zone (ASX code FZN) changes it name and code to Vita Group Ltd (VTG). How would you recommend that this be amended in MySF? There are no ATO class rulings or any other advice related to this, as it is simply a change of name.

Your thoughts would be appreciated.

Regards

Y Wilson

DRP for a stapled security

scott — Mon, 12 May 2008 05:37:03 GMT

Hi,

How do I correctly record a DRP for a stapled security?The advice from the company says the Tax distribution statement will not be available till post June 30. At this stage I have a distribution that has been applied to new stapled units. I expect the bulk of the money will be tax deferred component so it really should be lowering my cost base. If I go to quick add dividend reinvestment the default account is 4116. Is that the right account in this instance? If the Tax distribution statement, when it arrives, says it's not 100% tax deferred how do I edit the transaction?

Regards