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RE: MySF Manager update 8.0.2 is now available

MySF2 — Thu, 07 Jan 2010 15:47:14 GMT

Hello,

Yes, it sounds like you have all members set to full pension mode for all of the financial year in question. You can change this under Superfund Administration > Members. Click on each member in turn and untick the 'Is member in pension mode?' box.

After you correct the pension setting you should reverse the rollover and reprocess it. You should find that the tax calculations will be exactly the same, or at least a very close match.

Regards,

MySF

RE: MySF Manager update 8.0.2 is now available

dsouza — Thu, 07 Jan 2010 03:22:22 GMT

I have already done by end of year roll over. The tax calculated by the software disagrees with what my accountant has calculated (by many tens of thousands), mainly I think because the software has done something with the 'transition to retirement' or 'pension' part of my SMSF. In the Profit & loss report under 'Income Tax Expense Calculation' it states 'Less: Not Assessable due to Pension (100.00% of income ex contributions) '. MYSF has calculated tax on just contributions, my accountant has calculated the tax on 100% income + contributions.

How do I override what the software has calculated given that I am now in a new financial year.

It also looks like I have a setting set to 'pension' when in fact is should not?

Assistance would be appreciated.

MySF Manager update 8.0.2 is now available

mysf — Thu, 17 Dec 2009 22:59:08 GMT

The latest update to MySF Manager, update 8.0.2, is now available.

[b]Changes[/b]
[i]Year End - Tax liability allocation[/i]
The year end now contains added intelligence around the allocation of income tax liability stemming from income from pooled assets. The calculation of the tax allocation is now displayed in complete detail on the last tab of the member allocation table screen during rollover.

You can now also manually override the allocation of taxes if you or your accountant disagree with the figures generated by the software.

[i]Income and Expense Analysis[/i]
Income and expenses can now be filtered by member. Please note that this includes only income generated from assets segregated to a member and does not include contributions from that member.

[i]Income and Expense Analysis Report[/i]
The data displayed on the income / expense analysis screen can now be printed in a report. The report does not perform any new calculations and simply pushes the screen information into a report format.

[i]Removal of physical assets which are improvements on other assets[/i]
The removal of physical assets via the 'Remove asset' screen has been adjusted to correct a minor issue. Previously, when a physical asset was removed, where that asset was an improvement on another asset, the removed asset stayed in the improvement list of the parent asset until it was designated as no longer being and improvement. This is now fixed and in such cases the removed asset is removed from the improvements list also.

[b]How to update[/b]
1.) Before updating please ensure that you create a backup of your fund through Home > Create Backup.
2.) Please go to Home -> Check for Updates in your copy of MySF Manager to obtain the latest update.

For any questions or queries please do not hesitate to contact us at [email]info@mysf.com.au[/email]

Regards,

MySF