Downsizer Contribution - How to allocate?


We have got a client who makes a downsizer contribution. Could you please assist with the allocation? What do you think is the most appropriate way of allocating this contribution in the BGL SImple Fund?

Thank you


Hi @Suzyn

At the moment, this feature isn’t available but it is slated for release around January 2019.

In the meantime, a workaround that you could use would be to put the downsizer contribution amount to account: Contribution Reserves (Personal Non Concessional) with a note to yourself to change it to the correct account once the feature is released in Jan 2019.

Putting it to this account will prevent it from counting towards the contribution cap for the member in the financial year you’re processing. Just remember to switch the amount to the correct account once the feature is released.

Hopefully that helps.