Support Query

In the given financial year the fund is currently set up as a segregated fund and I wish to change to the proportionate method.

Solution

To switch a fund from the Segregated Asset approach to use the Proportionate Method simply create or edit the policy period from the Segregation Dashboard. 

Example

The BGL Training Fund will use the segregation method between 01/07/2016 -  29/06/2017, on the 30/06/2017 the fund will switch to the proportionate method.

The Segregation Dashboard helps you to manage segregation policies for each fund. The segregation process involves defining pools, assigning member accounts to these pools and finally allocating assets to the pools all in the one place. In this example, we will need to review or input the policy period for segregation to match the 01/07/2016 to 29/06/2017.

When a Segregation Policy has not been set up you will need to Create a Segregation Policy for a fund in Simple Fund 360. Select Create New Policy to set up segregation for the first time.
To update an existing policy previously created select Edit Current Policy
Segregation will apply based on the Date Range entered into the policy. For this example update the Start and End date to 01/07/2016 to 29/06/2017 and select Set Policy Period. Simple Fund 360 will now only apply the segregation policy for the period set.
Return to the Segregation Dashboard by clicking Back to Segregation Dashboard

Once the Segregation policy has been updated you will now need to input an Actuary percentage into Simple Fund 360.

In this example, Simple Fund 360 will apply the actuary percentage to the 30/06/2017 as it is outside the Segregation Policy date range. 

The Actuarial Certificate will need to be sourced manually, you will not be able to use the wizard in Simple Fund 360 as multiple methods for the tax exemption are being used in the financial year. To input the actuary percentage you will be required to create a Fund Pension Policy refer to Fund Pension Policies for more detail.