Refer to Segregation for the main help.

Frequently Asked Questions

1. At what point do I create a segregation policy for the financial year?

A segregation policy can be created at any stage however, it is recommended to create the segregation policy at the start of the financial year. Ensure the policy is input prior to the last create entries (30 June) for the fund.

2. Can access be limited to the Segregation Dashboard?

Access can be restricted and granted from the Simple Fund 360 user roles. Refer to Invite User, User Roles and Reset Password option.

3. Can I update the segregation policy created in Simple Fund 360?

The segregation policy is normally updated on a year by year basis. If the policy does not change, the existing policy can be copied across to the next financial year. Segregation policy can also be updated part way through the year as changes are made. (e.g. further allocate investments or expenses to the pool)

Users have the option to set multiple policies for a period of less than a full financial year. Input a Start Date and End Date, and select Set Policy Period. Note Create entries is required to match exactly the policy period before setting the policy, so that member balance is updated.

4. Are any reports available in Simple Fund 360 for segregation?

Two reports are available:

Non Deductible Expense report
Exempt Pension Income Reconciliation report

5. The SMSF Annual Return is not reporting any capital gains?

When investments are pooled to a pension pool, capital gains are not recorded on the SMSF Annual Return. Refer to Capital Gains have not been reported on the SMSF Annual Return for more.

6. Can multiple pension members share a pool?

Multiple Pension accounts are able to share the same pool.

7. Can an accumulation and pension member share a pool?

Simple Fund 360 allows users to create pools which contain both accumulation and pension interests.

Simple Fund users have requested this feature in order to segregate a bank account between pension and accumulation accounts.

The ATO has confirmed in TD2014/7 that a bank account can be shared between pension and accumulation pools of assets, provided appropriate accounting records were kept.

8. How can multiple members share an asset?

One way is to allocate a percentage for members to share a pool, which would allow a percentage to be applied to assets in the same pool among different members.
An alternative to allocating a percentage is to create sub-accounts for each individual member under a control asset account. Members can then allocate their share of the asset under different sub-accounts respectively to their own pool. Please also check article How to allocate an investment across/to multiple pools for further details.

9. What does the Policy period set to by default?

The policy period will automatically default to the current financial year.

10. Why do the value of assets not match the member balances?

When allocating the fund assets to pools, the asset values may not match the current member balance due to current-year transactions which may have already been processed. The values appearing in the segregation dashboards are current-day estimated allocations. The member balances will be finalised at the 30 June create entries.

11. Will my linked accounts be allocated to the pools with the investments or will I need to allocate the linked accounts separately?

The investment-linked accounts will be moved across automatically when an investment is allocated to a pool.

12. How many pools can you have in Simple Fund 360 as Simple Fund desktop was limited to 5?

Unlimited pools can be created in Simple Fund 360.

13. Can Accumulation members share a pool?

Multiple Accumulation accounts are able to share the same pool.

14. Can you use the Segregation Wizard for Investment Purposes and NOT ECPI purposes?

Currently, Simple Fund 360 supports Segregation for the combined Investment Profit Allocation and ECPI together.

In addition, Simple Fund 360 also supports income allocation from investments based on the segregation policy, whilst calculating income-tax related items based on the proportionate method and apply this to members. See Use segregation for income allocation only for more

15. How do I allocate an investment on a per parcel basis to multiple pools?

Please refer to: Allocating an investment across/to multiple pools

16. I am unable to allocate an expense to a member, why?

To allocate an expense to a member:

The expense account type must be normal; and
There must existing transactions in that account.

17. Net Value of Assets not reconciling with the members' statements when the fund's assets are segregated?

When a fund is segregated, Simple Fund 360 will apportion the expenses (General and Admin expenses) based on the members' weighted balances.

Example

In a fund, there is no other investment except for a bank account and there are two members.

Account 60400 Bank Account has been allocated to Member A

If you process an expense of $1,000 for accounting fees:
DR Account 30100 - Accounting Fees
CR Account 60400 - Bank

Therefore, this will reduce the bank balance and thus the overall Net Value of Assets by $1,000. Since this is a general expense, it is not allocated to only Member A but is apportioned instead between the two members based on the members' weighted balances.

This is why, in this case, it is not possible to reconcile the Overall Value of Net Assets with the members' statements.

18. I've disposed of an asset and now I can't see it in the segregation dashboard. Will Simple Fund 360 have allocated income amounts from that asset per the segregation policy?

Yes, even after the asset has been disposed of, Simple Fund 360 will allocate the income amounts from that asset per the defined segregation policy.

For example, consider the following timeline:

Date	Event
10/01/18	Dividend paid for shares
29/06/18	Parcel of shares sold
30/06/18	Parcel of shares not in dashboard.

Simple Fund 360 will still have allocated the dividend paid on 10/01/18 as per the defined segregation policy.

19. I'm unable to allocate an Investment to a segregation pool as it is not showing up on the Segregation Dashboard. Why is this occurring?

Investments with no balance and investments that have been disposed of in the current year to $0 will not show on the segregation screen.

To make the investment account appear, delete/reverse the disposal transaction and ensure that the investment has at least 1 unit and $1 balance in the current financial year.

20. Does distribution receivables form part of the pool for segregation purposes? I've found that the segregation total on the Statement of Financial Position report differs from the total balance of the pool by the receivable amount.

With segregated assets, the receivable amount is excluded from the pooled total liability for accrued benefits allocated to the member account, as income has not been received.

It will show under unallocated and when the income is received in the next year it will show under pooled accrued benefits as its income.