Overview
The Segregated Operating Statement shows your fund's income and expenses for each member account, divided according to the fund's segregation policy. It uses the same calculations as the Detailed Operating Statement, so you can reconcile each member account's earnings against the segregation policy without preparing manual workpapers.
SMSF only
The Segregated Operating Statement is only available for SMSF entities.
What the report shows
- One page per member account. Each page heading shows the member's name, the account description and the member code in brackets, for example Member Name - Account Based Pension (MEMBER CODE).
- The income and expense accounts allocated to that member account, with the segregation pool name shown next to each pooled income and expense item.
- A comparative column for the prior year, if comparatives are turned on in your badge settings.
- An Unallocated page for income, expenses, gains or losses that can't be allocated to a member account.
A page only appears for a member account that has allocated amounts. The Unallocated page only appears when there are unallocated amounts.
Before you start
For income and expenses to be allocated to member accounts:
- Set up a segregation policy for the financial year.
- Allocate the fund's assets and expenses to pools on the Segregation Dashboard.
- Process Create Entries.
Process Create Entries first
If Create Entries hasn't been processed, unsegregated income and expenses aren't allocated to member accounts. They appear on the Unallocated page instead, with an asterisk next to the financial year and a footnote explaining why.
Navigation
| From the Main Toolbar, go to Reports. | |
| Select Reports. |
Instructions
- Search for Segregated Operating Statement using the Search Report bar, or find it under Segregated Reports.
- Select the Add To Pack arrow to add the report to your report pack.
- Preview the report, or download it as a PDF, Word or Excel document. You can also add it to Quick Access Reports.
You can include the report in a report pack sent for digital signing, but the report itself doesn't have a signature section.
Report sections
Each member account page follows the layout of the Detailed Operating Statement.
Income
- Investment Income: income from the fund's investments, apportioned to the member account based on the pool allocation.
- Contribution Income: contributions and transfers in to that member account. These belong to the member account, so the full amount is shown and isn't apportioned.
- Other Income: income that isn't linked to an investment. Member-specific income, such as insurance proceeds received for that member account, is shown in full on that member account's page.
- Investment Gains: changes in market value in a gain position, apportioned based on the asset's pool allocation and shown at the end of the Income section.
Expenses
- Expenses: fund expenses, apportioned to the member account based on the pool allocation.
- Investment Losses: changes in market value in a loss position. As on the Detailed Operating Statement, this section only appears when there are investment losses and no gains. Otherwise, losses are included under Investment Gains.
- Member Payments: payments from that member account. The full amount is shown and isn't apportioned.
Totals
- Benefits accrued as a result of operations before income tax: total income less total expenses for the member account.
- Allocated Member Tax: the income tax allocated to the member account.
How amounts are allocated
Funds with more than one segregation policy in a year
Each transaction is allocated according to the segregation policy in effect on its date. For example, if an investment was in a pool under the first policy and unallocated under the second, income received during the first policy goes to the pool and income received during the second goes to Unallocated. All amounts are shown on the same member account page rather than on a separate page for each policy.
Funds or member accounts without a segregation policy
If the fund has no segregation policy for the year, the report is still prepared using the unsegregated pool method. The same applies to a member account that isn't included in the segregation policy. When the current or comparative year is prepared this way, an asterisk appears next to the financial year and a footnote at the bottom of the page states that it was prepared using the unsegregated pool method.
Changes in market value of other assets
Amounts recorded to changes in market value of other assets (account 24800) are shown on each member account page as other investment gains or losses, using the unsegregated pool method.
Gains that can't be linked to an asset
A gain or loss that doesn't belong to an identifiable asset, such as a manual entry to account 24700, is shown on the Unallocated page.
Frequently asked questions
The Detailed Operating Statement shows the fund's total income tax expense. The Segregated Operating Statement shows the tax allocated to each member account, which doesn't include franking credits. The difference between the two reports equals the franking credit amount.
The Segregated Operating Statement treats franking credits the same way as the Detailed Operating Statement. Because member earnings allocations handle franking credits differently, you may see a variance when you reconcile the report to a member's allocated earnings. Similar variances can occur for TFN credits and foreign credits.
If there's no income or expense data for the year, the report can't be prepared. You'll see the error There is no data. Segregated Operating Statement Report cannot be displayed.
The Unallocated page shows amounts that couldn't be allocated to a member account. Check that the relevant assets and expenses are allocated on the Segregation Dashboard and that Create Entries has been processed. See Segregation: Reconciling the Unsegregated Portion for more help.