Introduction
This article will demonstrate how to process when an SMSF makes a loss/profit from a partnership investment. Please also check the article on how to process SMSF Interests in a partnership
Instructions
1. Enter a Loss
To enter a partnership loss in Simple Fund 360 and have it flown through to Section B Label I of the SMSF Annual Return, record the following transaction, where an SMSF has incurred a loss in Partnership Investment of $14,200:
| Account Name | Account Code | Units | DR ($) | CR ($) |
| Partnership Distributions Received | 27000/InvestmentCode | N/A | 14,200 | |
| Distribution / Interest Details (More details) | ||||
| Australian Income | ||||
| Less Other Allowable Trust Deductions | 14,200 | |||
| Interests in Partnerships (Australian) | 73200/InvestmentCode | <Blank> | 14,200 | |
2. Enter a Profit
Correspondingly, when an SMSF makes a profit from a partnership investment (e.g. a profit of $14,200 in this example), enter below:
| Account Name | Account Code | Units | DR ($) | CR ($) |
| Partnership Distributions Received | 27000/InvestmentCode | N/A | 14,200 | |
| Distribution / Interest Details (More details) | ||||
| Australian Income | ||||
| Other Income | 14,200 | |||
| Interests in Partnerships (Australian) | 73200/InvestmentCode | <Blank> | 14,200 | |
