The member allocation worksheet allows users the ability to change the percentage or amount of profit/(loss) and income tax expense that is allocated to fund members. To access and use the worksheet:
| From the Main Toolbar, go to Compliance. | |
| Select Period compliance |
- From the Period Compliance screen, click Settings, select Review Member Worksheet and click the Create Entries button. The End Date can be manually edited to allow multiple Create Entries in one financial year.
- View the Allocation section. The Allocation section will break down the SMSF's Total Profit/(Loss) and Total Tax Allocations for the Create Entries period to:
a) Current Period Profit/(Loss) Available For Allocation.
b) Reserve Amounts Available For Allocation to Members.
c) Income Tax Expense Available For Allocation.
d) PDIT/FITB Available For Allocation.
- Below the Allocation section, you will see each member of the fund and their respective accounts. Total Profit/(Loss) Allocation, Income tax allocation, PDIT Allocation and Total Tax Allocation will show for each member account. Total Profit/(Loss) Allocation, Income Tax Allocation and PDIT allocation fields for each member can be adjusted; however adjusted amounts must be equal to 100% of the current Total Profit/(Loss), Income Tax, PDIT and Total Tax allocations.
The new member balance will be shown under the Updated Balance Column.
When using the Member Allocation Worksheet you will have the ability to process mathematical calculations in all the editable allocation fields.
- Once you have completed your allocation adjustments of the profit/(loss) and tax select Continue Create Entries to proceed.
What allocation method does Simple Fund 360 use by default?
Simple Fund 360 completes the profit/(loss) and total tax allocation for the current year based on the daily weighted average balance.