Introductions
PY & External Contributions is a newly added wizard where users can update contribution data
1) for entering opening balance/historical data into SF360;
2) for contributions made to external funds.
This brings the following benefits:
1) It allows the Concessional contribution and Non-concessional contribution caps for members to be better tracked.
2) It updates the Contribution Dashboard and relevant reports with more accurate information.
Note: Entering External TSB for the Contribution Cap calculations.
Entering the Total Super Balance for each member is necessary to properly calculate their Contribution Cap, as a TSB exceeding $500,000 will affect this contribution cap. Any external TSB will need to be added via the Transfer Balance Dashboard.
For instructions on this process, see: Recording Total Super Balance for accumulation members.
Instructions
| From the Main Toolbar, go to Member. |  |
| Select Member Dashboard from the list. | |
| Select the Contributions tab. | |
| Select + External Contributions. |
1. Select a Member from the drop-down list.
Note: only members with an active accumulation account can be selected.
2. Enter the details for the Prior Year / External Contributions:
| Financial Year | Select a Financial Year from the drop-down list to add contributions for. It will default to the current financial year. |
| External Fund Name | Type in the External Fund Name |
| Description | Add further notes and details |
| Contribution Type |
Select as Concessional or Non-Concessional from the drop-down list |
| Amount | Add a contribution amount. The system will calculate and display the sub-total for Concessional and Non-Concessional Contributions at the bottom of the screen as you enter through. |
| Updated | The system will record the user and date, once the contribution information is saved. |
3. Select Save to update.
Add and Delete
Select the Add New icon to add more lines. Multiple contributions can be added.
Select the bin icon to remove a line. A confirmation message will then display. Select Delete to proceed.
Sort by the columns
By default, the wizard would present the contribution records by Financial Year in descending order and Contribution Type in alphabetical order (Non-Concessional followed by Concessional).
Users also have the option to filter the contributions appearing in the popup window.
Filter columns available for customisation include:
External Fund Name
Description
Contribution Type
The flow of External Contribution information
The added contribution information will be updated automatically across the software
1) under Contribution Dashboard;
2) in the Contributions Breakdown Report and Contributions Summary Report;
3) across other funds with the same individual as members managed by the firm under the Simple Fund 360 Licence.
Note
1. The added contribution will NOT be automatically updated for the Total Superannuation Balance (TSB) under the Transfer Balance Dashboard, where users will need to manually update.
2. The system will not update for any contributions added before the Service Period Start Date.
For example, if the Service Period Start Date was entered as 01/07/2017, then any contributions added prior to this date will not be taken into account by the system.
The Service Period Start Date can be updated under the Member List.