Managed Funds, where the tax summary is only received at a later date

Managed Funds where the tax summary is only received at later date

This article sets out how you can you enter Managed Funds distributions that are received during the course of the year and the tax summary with the breakdown is only received at a later date.

Each of the Distributions received during the year are entered as follows:

The Operating Statement in HandiLedger will show:

The  Cash Book report in SuperFund will show:

However, as we have only completed the Cash Received figure, so far, and not the Distribution details, the SuperFund program will not update the Benefits accrued as a result of operations before income tax in its calculation and as such, when you try and run a tax reconciliation report, it will show the following:

 In a similar fashion, the Members details will also not update. 

When you get the breakdown statement,, and in this example it has come with the final distribution of $1000, as well. You will need to go back and edit the entries, applying the correct breakdowns. If it is not possible to determine the exact breakdown from the summary in relation to each distribution, you can allocate them against just one of the distributions.

This amendment to the distribution will not affect HandiLedger entry and therefore the Operating Statement in HandiLedger, nor will it affect the Cash Book in Superfund. However, it will now update the Benefits accrued as a result of operations before income tax in the SuperFund's calculation and as such, when you try and run a tax reconciliation report, it will show the following:

In a similar fashion, the Members details will update and reflect the following:

Program and version

SuperFund, all versions