Frequently Asked Questions
Question:
What share download information is available and how does it work?
Answer:
MySF Manager will automatically download end of day prices for listed investments
when you revalue assets. There is no charge for this service.
You can also revalue assets manually if you prefer or if you own unlisted investments
such as direct investments in property.
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Question:
Does MySF Manager handle imputation credits?
Answer:
Yes. When a dividend is entered the user is prompted to enter additional information
about the imputation credit. In the profit and loss calculation imputation credits
are treated as a rebate against the amount of tax payable. If the total of the imputation
credits are greater than the tax payable then MySF Manager will correctly display
a refund as being due.
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Question:
Does MySF Manager handle segregated assets and the allocation of
the income from a specific asset to a specific member?
Answer:
Yes. MySF Manager allows any asset to be tagged as a segregated asset against a
specific member. The income (less expenses) recorded against that asset will be
allocated to that member out of the funds overall profits. This is done as a part
of Year End Processing.
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Question:
Does the software handle pension mode?
Answer:
Yes. When a member goes into pension mode you can decide whether to use segregated
assets to allocate income to the member or a straight percentage based on the members
percentage of equity in the fund.
You can also choose to use either segregated assets or an actuarial percentage to
determine the extent of the funds income which is exempt of tax.
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Question:
Does the software handle situations where a member is in both accumulation
and pension mode?
Answer:
Yes. In such cases we recommend that you set up the same member as two separate
members, one in pension and one in accumulation mode. This provides for a very clean
separation of information and better accuracy of calculations.
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Question:
Can I record commercial property and handle the rental, depreciation
and insurance?
Answer:
Yes. MySF Manager has a comprehensive approach to managing property. Users can add
multiple tenants for a single property, each with their own set of terms and conditions.
Photographs, tenancy agreements or any other documents can be attached to the tenancy
in MySF Manager to ensure that nothing gets lost. Even though the asset may be a
building, MySF Manager allows you to add individual items for depreciation. So the
lighting, air conditioning, carpets, all of which have different useful lives can
be added as a sub item of the asset and depreciated. Insurance can be recorded against
the asset along with policy details and renewal dates. Using the Calendar function
in MySF users can be reminded when premiums are due.
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Question:
Does the software handle the complex calculations related to Capital
Gains Tax?
Answer:
Yes. The legislation regarding CGT has certainly changed over the last 20 years,
and the result is a number of different rules that must be followed depending on
the purchase date of the asset. MySF Manager handles the pre 20th September 1985
assets, the 1988 valuation rule, the 1999 Frozen cost index and the 1/3rd Discount
rule. In other words CGT is covered in MySF Manager. One of the most complex areas
is where a fund owns shares purchased in blocks over an extended period. MySF Manager
handles this and provides a choice to users when selling shares as to which block
of shares to sell from. On screen the CGT liability is displayed prior to completing
the transaction so you can do 'what if' modelling to and see the tax impact of selling
one group of shares or another.
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Question:
Will MySF Manager prepare the tax return for my fund?
Answer:
MySF Manger will prepare the Profit and Loss (Operating Statement) and calculate
the tax liability. It will generate the journal entries into the general ledger
for the tax liability. It will also produce the Balance Sheet (Statement of Financial
Position), Cash Flow reports, Members Allocation reports and statement of Members
Position. Any surcharge payable is also calculated by MySF Manager. The Members
Contribution Statement is produced as a part of the Year End process.
When looking for information on tax returns for SMSFs please remember that only
registered tax agents may lodge a tax return for an SMSF electronically.
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Question:
Does MySF Manager handle GST?
Answer:
GST and the processing of the BAS statement are simple in MySF Manager. Users enter
the period for GST and all transactions are listed for the period. For each line
item the user then classifies the item using the BAS GST Codes (G1 through G20).
MySF Manager can then produce the BAS Worksheet using the classifications entered.
When complete users can process the transaction and journal entries are automatically
generated. The BAS Worksheet is stored for future reference.
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Question:
Does the software handle all sorts of asset classes?
Answer:
Yes. From the outset we designed MySF Manager to be flexible and be able to meet
the requirements of very different funds. Some will own more exotic assets such
as art or antiques. Others may have classic cars or coins. In the set up of MySF
Manager you decide what asset classes you will own and define these to the system.
All screen prompts through the system will use your asset class definitions. In
addition to defining what asset class to use, users can define the information to
be stored about a specific class. If you have an investment in classic cars you
may want to record information such as make, model, year, colour and upholstery
type, these can all be defined easily in MySF Manager. New asset classes can be
added at any time.
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Question:
Can I see the performance of each of my assets?
Answer:
Yes. Whenever an asset is added to MySF Manager new accounts are created in the
general ledger. All transactions related to an asset (either revenue or expenses)
are tagged against the asset. The analysis features and asset reports in MySF Manager
allow real time viewing of profit and loss for a specific asset or group of assets
over whatever period is selected. MySF Manager also provides graphical analysis
features which show a comparison of returns for one asset against another, or one
asset class against another.
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Question:
Can I benchmark the performance of my assets?
Answer:
Yes. The change in market value of the fund or any selected subset of assets can
be benchmarked against any selected Australian share code or index. There is no
additional charge for data.
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Question:
How are revaluations and “current value” handled?
Answer:
Any asset can be revalued at any point throughout the year. Listed assets can be
revalued using the automated revaluation feature, which can revalue listed assets
by reading revaluations data straight into the software. Revaluation data is supplied
to users of MySF Manager at no additional cost.
The historical cost (cost base) is used for all of the traditional accounting and
taxation processing in MySF Manager. However users can choose to use the revalued
amounts when looking at the management issues of running their fund.
Users can select to run an analysis report using either the current value, or the
value of the asset at some time in the past. There is a requirement for SMSFs to
revalue their assets as at 30th of June to reflect current market value. As a part
of year end processing, users are prompted to go through the revaluation process.
Journal entries are automatically generated from this process to reflect the increase/decrease
in market value as at the end of the year.
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Question:
Can I run multiple funds on MySF Manager?
Answer:
Yes
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Question:
What is the MySF Forum?
Answer:
The MySF Forum is a discussion area of the MySF web site. The MySF
Forum has different areas for members;
- MySF - Tips on Using the Software
This area provides advice on topics such as how to load opening balances, or getting
started with the software. This forum is populated by MySF staff.
- Help - I've got a problem
If any Member has a problem with using the software it is logged in this forum.
If there is a Bug detected users can log these on this Forum. All users can see
any outstanding problems and the potential solution.
As the name implies, this Forum is used to ask other members questions, or pose
issues that may be confronting the trustee.
This Forum is for users to log what additional features they would like to see in
the MySF product. We will take on board all suggestions and look for ways to improve
the product over time.
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Question:
Can I use MySF Manager to manage my personal investment portfolio,
trust or investment club?
Answer:
If you would like to manage an investment portfolio other than an SMSF, we suggest
that you download and use Manage Invest.
That software was built using the same approach as MySF Manager. Manage Invest can
be used for personal investment portfolios, trusts and investment clubs.
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Question:
How is MySF Manager delivered?
Answer:
MySF Manager is delivered as a download, which includes the installer. The installer
will also deploy an electronic copy of the help manual, linked to the software.
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