Create, manage and report on properties from a central location in Simple Fund 360
Navigation
| From the Main Toolbar, Select Investments. | |
| Select the Property Dashboard. |
Property Dashboard
| Field | Explanation |
| Account Code | The designated account code in the Chart of Accounts. |
| Address | The address of the property. |
| Type | The investment type. |
| Valuations | The value of the property. |
| Last Valuation Date | The date of the latest property valuation. |
| Last Rent Received | The date the rent was last received. |
| Lease Expiry | The date the lease would expire. |
| Purchase Price | The price that the property was initially purchased for. This feeds through from the purchase transaction in the transaction list. |
| GST Status | Indicates whether the property has been registered for GST. |
| LRBA | Indicates whether the property is subjected to LRBA |
| Action | You the option to Edit and Add Valuations. See below. |
Adding/Editing a property to the Property Dashboard
To add a new property into the Property Dashboard, select the Add New Property button.
In the Create Property Account screen, enter the Address of the property and select the Property Type (Australian/Overseas), (Residential/Commercial), or Farming Property
A Security Code will automatically generate based on the address, if necessary this can be adjusted. This will be the sub-account code for the property.
| Asset subject to LRBA | Tick if the Property is subjected to LRBA. Simple Fund 360 will automatically link the 85500 - Limited Recourse Borrowing Arrangements subaccount |
| Report property count tax return (2020 onwards) |
Selecting this checkbox will populate the Property Count Label under the LRBA arrangement section (Section H Label J7) of the SMSF Annual Return (2020FY onwards). Only applicable to rental properties (77200, 77250, 77300, 77350) and when the property is subjected to LRBA. |
Once you have entered the property details, select Add Account at the bottom of the screen.
The property will be added to the Property Dashboard.
You can also add an existing property that has already been created within the fund to the Property Dashboard.
- Note: You can also add a property that has been recorded under a custom investment account code.
To add an existing property account, use the Asset Search function to find the existing property. It is recommended that you search either by the address or the account code. An Asset Code will be automatically generated.
Properties added through the Chart of Accounts will feed through to the Property Dashboard screen. For information on how to add a property through the chart of accounts, please see: How to add a Rental Property Investment
To edit an existing property, select the Edit button beside the property located under the Action column.
The Edit Property Account window will appear. You have the option to edit the Address, the Deposit ($) amount, to select whether or not the fund is GST Registered, subject to LRBA, and property count. You can also enter multiple Lease Start/End Date and Lease Option Expiry where relevant. Once you have entered the information, click the Save button.
Add/Edit Valuations
To add a valuation to a property, select the Add Valuation button located under the Action column.
The New Price window will display.
Enter the Date, the Price ($) and the Source of the valuation. You also have the option to upload a file via the Upload a file button, or simply drop your file into the dropbox. Once you have completed the steps, select the Add button at the bottom of the screen.
To edit an existing valuation to the property, select the Edit button beside the valuation located under the Action column.
Additional Features
Corelogic Property Hub
CoreLogic RP Data is a provider of property information including property revaluations for residential, commercial and rural properties. To find out more about Corelogic Property Hub click here
Rental Statement
Check the box and click the Rental Statement button if you wish to generate a Rental Property Statement. You will be forwarded to the reports screen.
Map
Located at the top of the Property Dashboard you will see a map. The address(es) of the properties listed in the Property Dashboard will be pinpointed on the map, so you will be able to see their location.
Users have the option select between Map and Satellite mode by selecting either option at the top left of the screen.
Users can open the map in full-screen mode by clicking on Toggle fullscreen view at the top right of the screen.
Users can also opt to view the map in street view by dragging Pegman where you would like to view the map in street view.
Access to Global View
Users have the option to switch between Entity View and Global View by toggling from the top right of the screen. Under the global view, it will display properties for all the funds that the user has access to.