MySF Forums / MySF - The Application / General Discussion Area

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

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

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

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 Vista & MySF Manager

MySF — Tue, 01 Jul 2008 19:20:23 GMT

Hello,

For those of you running the 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.

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 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?

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

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

MIG De-merger

kjn — Mon, 10 Jul 2006 09:08:48 GMT

Macquarie Infrastucture Group (MIG) is divesting some of their interests (toll roads in NSW) by means of a demerger and giving an in-specie distribution to a newly established entity Sydney Roads Groups (SRG). For every 3 shares in MIG, shareholders will get 1 share in SRG at no cost.Could you please advise how, or how easy/difficult it would be to record this transaction in MySF? As I see it, it is not like a normal merger/split/takeover, and I can foresee difficulties in formally recording this within MySF and it may be easier to sell MIG before it takes affects.RegardsKjn

Correctly recording Instalment warrants

scott — Fri, 07 Mar 2008 18:24:48 GMT

Hi,

I know you have helped me with this in the past but it is so messy I'm afraid I have got myself lost again. Perhaps if you could set out the entries and steps for me I can use it like a template.

When I buy an Instalment warrant I make the following entries

Dr 1154 Warrant

Cr 1101 Bank

Then to adjust for the prepaid interest component of the price

Dr 1149 Prepaid Interest

Cr 1154 Warrant

Each month I need to expense the Prepaid Interest so I Dr 5165 Interest and Cr 1149 till the amount is used up. That bit's easy.

What I need to do is amend the asset register cost by going to Housekeeping>Utilities>Capital Repayment. This is where I need help! I know somewhere along the line I need to create a clearing account but I'm not sure what I'm actually up to.

Also, when the warrant receives a dividend it reduces the balance of the loan outstanding and I need to increase the cost base of the Warrant. The dividend needs to go through a clearing account a/c as the cash is not received directly. It just reduces the loan.

Can you please set out the entries for an instalment warrant to show how I keep the asset register value correct after adjusting for prepaid interest for an on market purchase and how I adjust the cost base of the warrant to reflect dividends received.

A wizard would be helpful. The ATO has made it's position clear on Instalment warrants and new warrants treat the put as part of the interest cost so it can be expensed. (This isn't retrospective though).

I'm not an accountant so I find the entries rather difficult.

Regards

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

EOY Asset value

bryanlovquist — Sat, 26 Jan 2008 03:25:02 GMT

I have some investments in managed funds and in most cases have specified that distributions are to be re-invested.

Some fund managers do not do the re-investment until some time in July. I believe that I have to accrue the distribution in the previous financial year.

Is there a 'best' approach to handling this scenario such that asset related reports are more accurate.

My stategy to date has been.

1. I have created a bank account "Distributions on Deposit".

2. I enter the distribution as a cash receipt as if it had been received on June 30 into "Distributions on Deposit"

3. I set the value (unit price) of the fund such that the value of my holding as of June 30 + the amount in the "Distributions on Deposit" are equal to the value of my account according to the fund manager.

4. I enter an asset purchase transaction dated in July using the "Distributions on Deposit" bank account.

This of course means that some of the asset elated reports give incorrect results.

Is there a better way?

Thanks

Bryan Lovquist

Alinta (AAN) takeover by Babcock & Brown et al

ColinCam — Tue, 13 Nov 2007 19:17:20 GMT

Hi,

I accepted the"Cash-out" option in the above takeover for my 1906 AAN shares. I received $26,447.17 in cash plus 145 shares in BEPPA plus an "in specie" distribution of 573 shares in APA but paid for by the combination of a franked dividend and capital return (i.e. no cash received). In addition a cash amount of $2.69 as a result of the rounding of the APA shares.

I am really wrapped around the axle on this one so would appreciate any advice from someone who has successfully completed the correct input.

Regards,

Colin

DRP processing

lulworth super — Thu, 20 Dec 2007 16:29:40 GMT

Hi - When I try to process a DRP dividend ( that is not taxable )I get a message to say the entry is unbalanced? This has never happened before the new update version.

Capital Gains Tax (CGT) Schedule for the Tax Office

coronelsuper — Sat, 22 Dec 2007 23:04:21 GMT

I have had the privilege of making too much money this year, so the tax office demands a schedule for attachment to the tax return for CG over $10k.

I cannot find a report on mysf that shows the CG on asset sales and showing whether its held over or under 12 months. is there something I can produce rather than the general ledger account 4400-011 which only has the CG without its calc.

thanks

Merry Christmas and a Happy New Year

MySF — Thu, 20 Dec 2007 15:30:18 GMT

Hello all,

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

We also thank you for your help and support during the year of 2007 and hope to see you all back on the MySF forums in 2008.

Very best wishes to you all and your families,

MySF

Carried forward capital loss on shares

PBlair — Fri, 14 Dec 2007 21:26:47 GMT

During the course of the last financial year I included a capital loss on the sale of shares. DR 2711 $xx and CR 3015 $xx (members accounts). All good.

Following rollover it is apparent that the total of the loss has appeared twice in the Income of the fund (P&L) for the relevant year. ie. 4400-11 Capital Gains/(Losses) Taxable for Shares ($xx) - There is another entry in the same area 4400-999 Capital Gains/(Losses) Taxable Adjustment ($xx). They add together in the Income area and consequently result in improperly reducing the profit for the period. The loss finishes up being twice the amount it should be.

Am I missing something here? Any help would be much appreciated.

Income account on distribution entry/completion

bryanlovquist — Tue, 13 Nov 2007 19:07:30 GMT

Hello

I have been using the new functionality to enter distribution details and then finish them all later when the tax information becomes available. This is a vast improvement and much appreciated.

I have a couple of questions.

----------- 1 ------------------------------------------------------
When entering the incomplete distribution details an income account must be chosen.

When completing the incomplete distribution details an income account must be chosen.

Are there any requirements on the choice of accounts in both cases ie. must they be identical. If not, what was your thinking on how the ability to choose different income accounts might be used.

----------------2 ------------------------------------------------
I missed the fact that there was a memo field on the entry screen when completing the distribution entries. Hence I have some number of transactions without memo info. I noticed that the transactions are not editable (not even minor edits). Is there any way for me to add a memo to those transactions.

Thanks
Bryan Lovquist

sending super fund file to Auditor

coronelsuper — Fri, 26 Oct 2007 18:29:16 GMT

do i send the fund file pre end of year rollover or do I do the rollover first ?

thanks

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

Tax on provision for unrealised assets

scott — Wed, 26 Sep 2007 17:58:51 GMT

Hi,

My accountant tells me that in addition to showing the mark to market entries for my share portfolio, the taxman also is looking for a figure for a provision for tax on unrealised gains. When I did the end of year roll over for 05/06. He couldn't find that figure in the MySF reports. (Maybe, in fact quite possibly, I stuffed up). What he wants to do this year is make sure it's there. He has asked me to send him a copy of the B/S and P&L before I do the rollover so he can calculate the figure for this year. He said he would also need to put some entries in as at 1/7/06 for last years omission. Does MySF calculate the provision for tax on unrealised gains and , if so, where would I find it?

Regards

In Specie Distribution

kjn — Thu, 20 Sep 2007 04:05:25 GMT

From my holding in Elkedra Diamonds NL (EDN) I have received an In Specie Distribution of a number of shares in Uramet Minerals Ltd (URM). These were entered into MySF with the number of shares at $0.00 per share and the normal bank account.

The MySF "Transaction Reporter" does NOT list this transaction, but they do show up in the "Asset Summary" report.

Is this an acceptable method of recording this transaction?

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

Auditors in Western Australia

John F — Wed, 15 Aug 2007 05:22:43 GMT

Are there any auditors in Western Australia who use the MySF software? If so, are you able to provide any details?

Super Fund Auditors

coronelsuper — Wed, 04 Jul 2007 21:06:52 GMT

Mysf was advertising last year on its web site 2 melbourne auditors that are happy to do audits with mysf software. Could it be possible to have their names or if possible if there are any auditors in Sydney that can do the audit with MySF. thanks.

Tax return for SMSF's

coronelsuper — Fri, 29 Jun 2007 22:35:59 GMT

I am surprised that the FAQ section of your web site has Q . does MySF manager prepare the tax return for my fund ? In the answer you mention only a registered tax agent can lodge returns !!!!. I have prepared and forwarded the return for the last 2 years and have had no comment from my auditor or tax office that i cannot do it !!

TRAP

kjn — Sun, 17 Jun 2007 03:53:40 GMT

I am planning to take advantage of the Transition to Retirement Pension in July or August this year.

Does the new MySF upgrade accommodate that the earnings and capital gains then becomes tax free within the fund whilst my employers SGC and my salary sacrifice contributions will (as far as I understand it) be subject to the contribution tax of 15%.

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

Converting to Pension Mode

royjudy — Sat, 02 Jun 2007 06:13:00 GMT

Our Fund has two members ( my wife & I) & from 1 July it is intended to convert the Fund to Pension Mode completely so that we both draw a Pension in accord with the new Pension rules & the Fund Income will be exempt from tax.I have been trying to understand how to do this & this is what I've come up with.1. Go to System Setup> Members & tick the box to indicate the "Member is in Pension Mode" & insert the start date ie. 01/07/072. As Assets will not be segregated for specific Members I have gone to File> Settings> Financial & ticked "Actuarial Calculation" rather than "Segregated Assets". It seems that one of the two choices has to be chosen. I have not obtained an Actuarial Calculation as the whole of the Fund will be in Pension Mode.3. In System Setup> Members Allocation Table> Actuarial Calculations should I use the % Calculated Allocations from the previous Tab.I am not sure whether the above method is the correct way to deal with a Fund in Pension Mode

ATO Notice of Assessment

John F — Tue, 29 May 2007 04:18:55 GMT

Would you please advise how you would process a refund cheque from the ATO which contains:-Foreign Tax Credits $39.00Credit for Tax Withheld where ABN/TFN not quoted $ 541.00Credit for Interest on Overpaid Tax $5.56Amount Refundable $426.01The Foreign Tax credits and tax withheld were accounted for in one year and the tax refund received in the next year. I can fax you the Notice of Assessment if required.RegardsJohn

Stapled Securities

John F — Thu, 17 May 2007 22:08:56 GMT

A stapled security such as Macquarie Infrastructure - MIG comprises three separate assets - MIT(1), MIT(11) and MIGIL. When recording these, the cost base is broken up into three separate components.The problem I have, is that when revaluing this asset, I have to split the current price across these three assets. As you would appreciate this is a time consuming process, if you have a number of stapled security assets.Because I have recorded them as MIG - MIT(1), MIG - MIT(11) and MIG - MIGIL, I can't apply the current price of MIG against them, unless I break the components down.Do you know of any way to overcome this problem?RegardsJohn

Advisor Link

John F — Thu, 10 May 2007 01:44:36 GMT

I would like my accountant to have advisor link, so that I can give him a copy of my file.Would you just step me through the process, including how to load my file?ThanksJohnPSIf there is a written process just refer me to it, but I couldn't find anything.

Problem with an purchase entry

scott — Thu, 10 May 2007 00:17:16 GMT

Hi,I purchased an instalment receipt and, although I had entered the correct amounts I notice on may bankl reconciliation that an extra 10 cents had been taken (a typo I presume). I wanted to bring my records in line with the bank statement so I went to edit the transaction and amended the cost by 10 cents. I keep getting a message that the line items are not in balance. What am I doing wrong?Regards

Removal of Asset & General Ledger Account

John F — Wed, 09 May 2007 05:08:41 GMT

Can you please explain what the difference is between removing an asset account from the general ledger i.e. System Setup >General Ledger Accounts >Assets>Current Assets>Financial Assets>Australian Shares Listed>1151 -AA0133, as distinct from Housekeeping>Utilities>Remove Asset>Australian Shares Listed>1151 -AA0133?The reason I am asking is, that I now have a number of assets and/or asset accounts that are redundant and no longer required, and was wondering what was the best way to deal with them.RegardsJohn

Superannuation Guarantee

John F — Fri, 20 Apr 2007 01:07:10 GMT

I have recdeived a Superannuation Guarantee Credit from the ATO for one of my members.How would this income be accounted for? Would it be regarded as an ETP Rollin? As the member is under 55 would the account to be credited be 4715 Transfers In - Preserved/Non Taxable?

Superannuation Guarantee

John F — Fri, 20 Apr 2007 00:25:52 GMT

Did you receive the fax I sent yesterday as I have not received a reply?

Distributions Received

John F — Thu, 19 Apr 2007 23:19:40 GMT

Why is it, when you are recording a receipt, and select a receipt type of distribution, that the amount you have entered automatically shows up in the franked amount?Often nothing is required to be entered in this field, and the danager is you can forget to reset it to zero. My experience has been, that in these situations when you hit save, the system does not pick it up as an error.A very recent example, was when entering the solution you gave me for my James Fielding query, I forgot to remove the amount shown in the franked amount field, and $1428 got posted to the bank account instead of $714, even though the Record Receipts amount was shown as $714!

I need help with a Distribution

John F — Tue, 17 Apr 2007 05:09:45 GMT

I have received an Annual Distribution Statement which displays the following:-Australian Income $147.88Discounted Capital Gains $18.26Capital Gains Concession Amount $28.39Grossed up Capital Gains$36.52Capital Gains - Other Method $58.31Interest Income$63.01Tax Deferred Amounts $345.65Gross Distribution $661.50Would you please advise how this would be recorded when there is no provision under a Receipt Type of Distribution for Interest Income,Australian Income or Capital Gains - Other Method! I included Interest Income & Australian Income under Unfranked, but what about Capital Gains - Other Method? Also do the capital gains amounts shown have to be adjusted to the 1/3rd discount method before entering, or does your system automatically take care of it?Your help and advice would be appreciated.