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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.

  • Bugs and Fixes

If there is a Bug detected users can log these on this Forum. All users can see any outstanding problems and the potential solution.

  • General Discussion Area

As the name implies, this Forum is used to ask other members questions, or pose issues that may be confronting the trustee.

  • The Wishlist

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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