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Starting a Pension Account for Existing... Expand / Collapse
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Posted 4/06/2007 12:38:37 AM
Junior Member

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Last Login: 6/12/2007 12:58:54 AM
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One of our members is starting a pension in July, however that member still will be, from time to time, contributing to their superannuation account. So, we will have for that member a pension account and a superannuation (accumulation account).

What is the best way in MySF to start a second, "pension" account for that member? I assume there is a way to create a second account for the member (not sure how to do this), journal an amount from the accumulation account to the pension account, then pay the pension from the pension account. The superannuation (accumulation) member account would still be there and cash receipts could be allocated to that member account.

If you could help with this, that would be much appreciated, thanks.
Post #1684
Anonymous
Posted 7/06/2007 9:40:58 PM




Hi,

This is normally handled by adding a new member with a similar name to the existing one, ("...- pension"), putting the new member into pension phase and keeping the existing member in accumulation. This provides for a clear separation.

Regards,

MySF
Post #1685
Posted 27/06/2007 12:35:22 PM
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Thanks, however our SMSF already has four members and so is "full". Could you please suggest an alternative method?
Post #3359
Posted 27/06/2007 4:45:32 PM


MySF Administrator

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Last Login: 26/07/2017 11:15:18 PM
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Hi,

If you already have four members and you want to add another, please go to the members screen (System Setup > Members) and click [Add New] from the bottom right.

You will be informed that in order to add more members to your fund, you will need to change your SMSF to an APRA fund. The only difference between the two is that an APRA fund allows you to add more than four members to your fund.

If you need any further assistance, please do not hesitate to contact us.

Best Regards,

MySF
Post #3360
Posted 10/07/2007 9:38:22 PM


MySF Administrator

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Last Login: 26/07/2017 11:15:18 PM
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Hello,

We are currently looking into this and will post an answer for you when an accurate answer becomes available.

Kind Regards,

MySF
Post #3438
Posted 16/07/2007 4:00:56 AM


MySF Administrator

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Hello,

To transfer the assets to the new pension member, for each asset where you have ticked "Is this a segregated asset?", simply change the selected business card from the current member to the new pension member.

If you have any further questions or queries, please do not hesitate to contact us.

Regards,

MySF
Post #3444
Posted 10/08/2007 11:12:50 PM
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Last Login: 28/03/2010 5:06:54 PM
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I am in a similar situation. I have commenced a TRAP and have decided to keep the assets segregated. However, as I have a pre-1983 component and undeducted contributions, I have split my pension accounts into two and still need my contribution account to salary sacrifice. In other words, I need three accounts for my membership.

The system does not allow me to set up additional accounts in my name. From earlier responses I gather that I have to use a different name to my own? I realise that this is a workaround, but I hate workarounds because they are messy, which is the main reason that I purchased MYSF in the first place.

I would prefer to be able to split my existing member account into sub-accounts rather than using fake names. I had expected that the most recent upgrade would have catered to make this possible.

Post #3479
Posted 11/08/2007 6:00:48 AM
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Would you please explain how I transfer an asset from my accumulation account to the new pension account on a specified date. Surely, ticking the segregated box and selecting the pension account would not be sufficient?
Post #3480
Posted 12/08/2007 9:24:23 PM


MySF Administrator

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Hi,

At this time there is no option to create "sub-accounts" of a member to signify accumulation and pension phases. The recommended approach is to set up two or more separate members, placing "-pension" or similar after the name of the member so that you will be able to distinguish between the different images.

The creation of subaccounts would affect virtually all areas of the software. Any place (cash receipts, cash payments, general journals, asset addition screens, etc) that has a member selection box would need to be redesigned and modified to allow for the selection of a member, then the 'image' of that member. This is in addition to major changes to the chart of accounts.

In answer to your second question, after segregating the asset to the new member, you should also transfer equity to that member. This is done by posting a general journal for the desired date, where the lines will be:
DR $x
CR $x

Please let us know if you would like any additional assistance.

Regards,

MySF
Post #3489
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