Navigation:
| From the Main Toolbar, navigate to Fund. |
|
|
Select Fund details |
|
The Fund Details screen allows you to put in all fund specific information including:
- Fund Name
- Fund Formation Date
- Fund Addresses
- Fund Reporting Options
The SMSF screen allows you to input information directly into Sections A and L of the SMSF Annual Return.
Fund Details
The Fund Details screen allows you to input and review the following information:
Details
|
Screen Options
|
Explanation
|
|---|---|
| Fund Name | Input the name of the fund. |
| Fund Code | Input the fund code. |
| Date Formed | Input the fund start date. |
|
Wind Up Date |
Input the date the fund was wound up (if applicable). |
| System Start Date | The System Start Date is the start of the first active financial year the fund will be processed in Simple Fund Simple Fund 360. The System Start Date will automatically trigger daily Investment Revaluation and Member Allocation Journals from this date going forward. |
| Fund Type | This will automatically be set to SMSF. |
| TFN | Input the Tax File Number for the fund. |
| ABN | Input the Australian Business Number for the fund (if applicable). |
| ESA |
Electronic Service Address for SuperStream. If the fund is registered through Simple Fund 360 this will display AUSPOST SMSF or BGLSF360. It will be blank if not. The field is editable. The SMSF Annual Return will collect the ESA from this field. |
| WPN | Input the Withholding Payer Number of the fund (if the fund does not have an ABN and PAYG registration is required). |
| SFN | Input the Superannuation Fund Number (if applicable). |
| RSE |
Input the Registrable Superannuation Entity licence or number (if applicable). |
| Postal Address | Input the postal address of the fund. |
| Physical Address | Input the physical address of the fund. |
Reporting Options
|
Screen Options
|
Explanation
|
|---|---|
| Financial Year | This field will display the current financial year of the fund. |
| Tax Effect Accounting | Select this checkbox to turn on Tax Effect Accounting. Simple Fund 360 will create a provision for deferred income tax (PDIT) for the fund. |
| GST Registered | Select this checkbox if this fund is GST registered. Simple Fund 360 will deduct GST amounts from assets, income and expenses in reports. |
| Resident Fund | Select this checkbox if the fund is an Australian resident fund for income tax purposes. |
| Include Realised Capital Losses in PDIT/FITB? |
This option will treat realised capital losses as a timing difference when calculating PDIT This is activated when Tax Effect Accounting is ticked. |
| Include Unrealised Capital Losses at 15% |
This option will include unrealised capital losses in timing differences at a 10% tax rate when calculating PDIT. This option assumes losses will be applied against discounted gains and is not recommended where assets are generally sold within 12 months of acquisition. This is activated when Tax Effect Accounting is ticked. |
| Fund Tax Rate | Leave this as 15%, for a non Complying SMSF switch the fund tax rate to 45%. |
Trust Deed Upload
|
Option |
Explanation |
|---|---|
|
Trust Deed Upload |
Input the Deed Source and Deed Last Modified. Click |
After adding the details, click Save to store the information or Cancel to abort the change.
Select SMSF to open the tax return details screen.
Section A
|
Section A
|
Information to Input
|
|---|---|
| Status of SMSF | If the fund is an Australian Superannuation Fund for tax purposes, select Yes. |
| Use Tax Agent Address for postal address in tax returns? | Select Yes to use the Tax Agent's address as the postal address. Select No to use the fund's postal address. |
Important Changes to Fund Details screen in Simple Fund 360
If you were using Simple Fund Desktop, please note that in Simple Fund 360, the following grossing up options are not available:
Simple Fund 360 will not add/gross up imputation, TFN or foreign credits to income accounts. These amounts will be offset against the Income Tax Expense account (48500) of the fund.
Default Disposal Method
Select a default disposal method (CGT Treatment) in Fund Details for all disposal transactions to call upon. The initial default is "Most Tax Effective", with three other options to select: Least Tax Effective, First In First Out or Last In First Out.
| Disposal methods available | Explanation |
|---|---|
| Most Tax Effective | System will apply the most tax-effective method in matching the cost base for the disposal of an asset |
| Least Tax Effective | System will apply the least tax-effective method in matching the cost base for the disposal (e.g. in order to utilise the capital loss carried forward) |
| First In First Out | System will match the cost base of an asset based on the date of purchase, with the parcel acquired first to be matched first for the disposal |
| Last In First Out | System will match the cost base of an asset based on the date of purchase, with the parcel acquired last to be matched first for the disposal |