Overview
Winding up a super fund requires dealing with and disposing of all of the fund's assets so that none remain, and completing all the reporting and administrative obligations of the fund.
This article details the create entries process, however, ensure all steps to winding up a fund are done before create entries.
Create Entries
Refer to the below two scenarios on how create entries is to be performed.
Rollout Member Balances via SuperStream
Steps:
- Process ALL transactions for the fund
- Reverse Tax Effect Accounting (Optional)
- Perform create entries
- Clear any amounts in clearing accounts
Note: For further information on the steps regarding fund windups, refer to the following help article: Winding up a Fund.
Step 1: Complete create entries to the 30th of June. For more information on the create entries process, click here.
Step 2: Generate the Member Statement and get the latest member balance taking into account all tax calculations. For more information on generating the report, click here.
Step 3: Proceed to rollover the member balances via SuperStream in Simple Fund 360 as per the member statements. For more information, click here. (Users may need to manually update the transfer out amount).
Example
When processing create entries as at 30/06/XXXX, this will account for appropriate member profit and tax calculations. However, the post create-entry member balance may not be updated when selecting the member account in the Superstream drop-down list (see image below).
Where the amount differs (higher or lower than the member statement figure), users then need to manually update the request amount and components per member statement on the Superstream request.
For example, total benefits as per the below member statement after 30th of June create entries is $100,577.11
However, the member account from the Superstream drop-down list still displays the current balance of $99,366.
The Requested Amount on the Superstream rollover page needs to be manually updated per the Member Statement balance of $100,577.11. Corresponding tax components may also need to be manually updated per the Member Statement where relevant.
Simple Fund 360 will then automatically generate member payout transactions. These can be seen in the Transaction List.
Example: A fund with an accumulation account to wind up.
| Account 46000/MemberCode - Transfer out | $100,577.11 | |
| Account 94920 (Member Data Clearing Account) | $100,577.11 |
Transaction will automatically match when using Bank Data Service.
Step 4: Proceed to reverse the create entries process to enter in a fund windup date. For recording a wind up date for a fund, please refer to: Fund wind up date
Step 5: Once completed, create entries to the fund windup date.
Rollout Member Balances excluding SuperStream
Steps:
- Process all transactions for the fund
- Reverse Tax Effect Accounting (Optional)
- Enter an end date for the fund
- Perform create entries
- Clear any amounts in clearing accounts
Note: For further information on the steps regarding fund windups, refer to the following help article: Winding up a Fund.
Where a fund wind-up date has been entered, complete create entries to the fund windup date.
Simple Fund 360 will then automatically generate member payout transactions. These can be seen in the Transaction List.
Example: A fund with a pension and accumulation account to wind up.
Please note the transactions above are system generated, though users can still update the Type of Payment by selecting 
beside the figures, where "Transferring from one Super Fund to another" can be selected under Type of Payment in the Rollover Payment Details panel. This would allow a Rollover Benefits Statement to generate. For more detailed instructions, also check How to process a rollover payment
Once the Type of Payment is updated above, the system would also create a TBAR event. If users wish to reverse the create entries at this stage, that TBAR event has to be deleted manually first, otherwise a warning will display. For instructions on how to delete a TBAR event, please refer to Transfer Balance Dashboard
