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Regular Member
 
Group: Forum Members
Last Login: 2/01/2012 11:43:38 PM
Posts: 15,
Visits: 85
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| One member of our SMSF has recently turned 60, and gone into Pension Phase. Assets were segregated in MySF to equate to the Member's balance in the fund. Does MySF handle any income to these segregated assets after the date of segregation as non-taxable, or does any such income need to be posted to an income account set up as non-taxable? Does the segregation of assets in MySF serve any purpose other than as a notation that the asset is segregated?
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MySF Administrator
Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208,
Visits: 958
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Hello,
MySF Manager will automatically allocate all profit and loss received from segregated assets and assign it to the specified member. If the member is in Pension mode then during the year end you will see the segregated assets profit incurs no tax after the date they entered pension mode. This information is on the Profit and Loss Allocation screen on the Segregation tab.
Remember, you can always do test runs of the year end rollover and simply restore a backup at the end if you are not satisfied with the results. A backup is automatically created prior to starting the year end rollover but you should always create your own manual backup via Home > Create Backup.
Another option is to have a play around with the sample fund and see the results there. The sample fund can be refreshed by going to Home > Refresh Sample Fund.
Best Regards,
MySF
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Regular Member
Group: Forum Members
Last Login: 2/01/2012 11:43:38 PM
Posts: 15,
Visits: 85
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| You state this information is on the Profit and Loss Allocation Screen on the Segregation Tab. How do I find this? Is it part of the year-end process?
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MySF Administrator
Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208,
Visits: 958
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Hello,
Yes. This is part of the year end rollover.
At the top of the screens during the rollover are the titles for each screen. The screen outlining the profit and loss of segregated assets can be found on the 'Profit and Loss Allocation' screen. At the top of this screen is an additional tab that says 'Segregations'.
Regards,
MySF
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