Pensions Paid Breakdown

Super Fund has husband 65% + wife 35% Unrestricted non preserved Tax Free + Taxable
$10,000 pension paid What account(s) do I use. Do i put to 413 & SF splits it to relevant person or do I have to use sub accounts?

Hello Hannah,

If the $10,000 is meant to be split across TWO different members, you will need to post pension payments to each respective member sub accounts.

Eg: 501 is Husband, 502 is Wife
So the postings will be 416/001= $6,500 and 416/002 = $3,500.

To have the system split between tax free and taxable, please ensure that the Tax free proportion percentage has been entered in the member mode screen for each member.

Once entered, when recording to account 416 as an example, it will automatically split the taxable and tax free proportion.

Using same example above, if tax free proportion is 40% for husband, the system will split the $6,500 as
413/001 (tax free) = $2,600
416/001 (taxable) = $3,900

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Please feel free to refer to our wiki article below for further assistance.
https://wiki.bglcorp.com.au/index.php?title=KB:Recording_pension_payments&act=tmlogin

I hope the above helps.
Thank you.

Thank you so very much Justin for Pensions breakdown reply.

I don’t know if I can ask this Q. of you or do I need to go through BGL community (New to this sort of thing)

Land Bought 5/5/2018 $ 60,000 Deposit Obviously CGT Date 5/5/2018 QTY. 1 My Account 772/001

Settlement Building Cost 10/04/2019 $ 697,505 Do I record QTY.1 with date 5/5/2018 My Account 772/001

Bond held Refunded $ 3,900 Do I record QTY.1 with date 5/5/2018 My Account 772/001

Expenses Reimbursed 14/05/2019 31,110 Do I record QTY.1 with date 5/5/2018 My Account 772/001 Total = 784,715

Simple Fund accepts QTY. 1 Without CGT Date.

Simple Fund accepts QTY. 1 With CGT Date.

Simple Fund Will Not accept Date Without Qty. Obviously this one is wrong.

I looked at https://wiki.bglcorp.com.au/HF:Transaction_Add/Edit

Input initial date + Qty. 1

Additional purchases made for existing asset. Entered CGT date 5/5/2018. I recorded land, later building, less bond held in original settlement, plus client’s cash expenses. All recorded as 5/5/2018 All recorded as Qty. 1

Hannah

Follow this article:

Login required - BGL WikiProcessing_Current_Year_Transactions#Task_3.6-_Investment_Property_Purchase_2

Hello Hannah,

No worries. You can also post them as a separate topic in the BGL community so that it is easier for yourself or any other users that may have similar question / situation as you to search for it.

Alternatively, you can contact our support team as well as I may not be able to answer this as quickly as the support team.

To answer your question,
The first transaction will need to have 1 unit recorded. (no CGT date)
In your example above, the land bought on 05/05/2018 for $60,000 seems to be the first transaction for this investment.
This transaction does not require a CGT date.

For any subsequent events / transactions that will affect the cost base of the investment, you will need to record 1 unit AND the CGT date will be the date of the first transaction.
Doing this will increase the cost base of the asset without increasing the number of units.

Please see my answers in italic

You can also view the help file that JYSUPER attached. That has instructions on recording investments using CGT dates.

I hope that helps.
Thank you.

Wow I definitely did not pick up on no CGT date on 1st land purchase/deposit.

Thanks again

Hannah

Hi Justin

I believe you have been helping out Hannah. Thank you for that. We are new to Simple Fund having used Sage HandiLedger accounting program and manually calculating taxes, NMV variances, etc. in the past.

We have finished my clients job but I am interested in someone checking out a few things before finalisation & sending to auditor. Do you know who I can use to look at my clients fund? At an hourly rate or part thereof of course. I have a few error/query type message at Create Entries.

Is this something that your support team does?

I believe that we are ok with about 95 – 98% handling Simple Fund. My HandiLedger did not have error messages so it was never an issue in the past. If the auditor picked something up (on the odd occasion) I fixed it & emailed corrected ledger & sometimes the tax return back to auditor.

George Fiorentino

Hello George,

Would you be able to email me your details to jliow@bglcorp.com.au?
I will communicate with you from there.

Thank you.
Regards,

Justin