Administration and Compliance Frequently Asked Questions
The majority of questions we receive seem to relate to the misconception that ours is a portfolio administration service – it is not. Our service is a self managed superannuation fund information and compliance bureau. Portfolio administration is a by product of this, not the main focus. Consequently, though you will typically see the immediate effect of an addition to your portfolio’s cash account in a portfolio administration service our service will not reflect that deposit until we are aware of its nature – fully or partly tax deductible or undeducted, contribution or rollover, nature of components, preserved or unpreserved, split between members, etc – as each entry we process must also include a taxation and compliance overlay. Absence of full information in a verifiable form is the most common source of processing delays and queries. The service we offer is unique in that there is no other provider of self managed superannuation administration services in Australia that offers both unlimited investment choice and daily updating of fund records to the web. The provision of such a service is difficult and is offered on the basis that full cooperation and assistance is provided by both the fund trustees and their advisers.
Where web reporting and daily updates are not required we suggest you instruct us to alter your reporting to yearly. This will not provide you with a decrease in fees but it will ensure that we will not bother you for information on an ongoing basis. We have introduced this option purely to decrease the administration burden for advisers and trustees.
How do I know the fund investments are secure?
How do I know my information is secure?
What is required in order to take over the administration of an existing fund?
Why does my fund need a Macquarie cash account?
When will I receive a cheque book from my new Macquarie account?
I have an arrangement with an existing bank and I would like my fund to continue using that bank.
How often do you perform bank reconciliations?
How often do you input data to the fund records?
Is there any restriction on the type of investment that I can put into my self managed superannuation fund?
Do I need to let you know before I make an investment?
Can you segregate assets?
How do I know if my Deed is complying?
Can I enter into dividend reinvestment arrangements?
How do I start a pension from the fund?
Will the ATO levy penalties in the event of late lodgement?
What taxes are retained from a fund withdrawal?
Why does the quarterly report we produced for distribution to clients at the 30th of June show a different closing balance to the opening balance of our fund accounts in the next quarterly report?
Are the individual investments in a wrap account or master trust shown individually in our accounts?
What is required to cancel the Tranzact Super service?
In the event of a fund leaving Tranzact Super’s administration service will you provide electronic files?
Who must be the mailing address for investments?
The mailing address must be established to ensure we receive an ongoing flow of information with the minimum of disruption. Often Tranzact Super’s office is the mailing address at GPO Box 849, Brisbane Qld 4001. This is usually the most efficient means by which information can be relayed to us however it does require us to on-forward superfluous information to the Adviser, accountant or trustee. This causes a delay before the information is received and will decrease the response time available for share offers etc. We do ensure that all such mail is onforwarded on the day we receive it so as to reduce this delay. We are therefore pleased for the Adviser or accountant to be nominated as the address for correspondence from the investment houses on the understanding that the information that we require to fulfill our duties will be promptly forwarded to us. We are unable to perform our duties, except on a yearly basis, if the trustees are the mailing address as our experience indicates that this does not result in our receiving the information in a timely or complete manner on an ongoing basis.
We do not become involved with the fund investments or take any authority to deal with them in any way. We do not instigate any transactions. The only authority we hold is to deduct fees and charges from the fund’s nominated cash account. We take no responsibility for the activities or investment decisions of the fund. We merely report the result. Responsibility for the security of the investments rests with the trustee.
Access to reports is restricted to those holding the appropriate username and password. In addition a range of firewalls and other protective electronic systems has been put in place to prevent unauthorised access to the site. In the unlikely event that unauthorised access is achieved the information available on the site only represents a copy of the master files. No transactions can be authorised. This copy is replaced daily.
We are bound by the Privacy Act and the National Privacy Principles regulated by the Federal Privacy Commissioner as detailed in our Privacy Statement.
How do you correspond with the trustees?
We do not correspond with the trustees directly unless directed to do so or unless a trustee is dealing with Tranzact Super directly. Although we produce letters addressed to the trustees they will be sent care of the Adviser or accountant if nominated. It is then the Advisers or accountants responsibility to ensure that the trustee is contacted appropriately.
Will Tranzact Super correspond directly with the trustee?
We will not correspond with the trustees except via the adviser unless we are directed to do so or unless the Trustee has approached us directly in the first instance.
What is required in order to take over the administration of an existing fund?
We are only able to take over the administration of an existing fund from the date of the last audited accounts. In order to take the fund onto our systems, as a minimum, we require a copy of the last audited accounts including the financials of the fund and the cost base of the investments concerned. We also require all transactional information from that date to the present. We may require a significant amount of information in order to reconstruct the records.
How long does it take to rollover funds from another superannuation fund into a self managed superannuation fund?
In the event a self managed superannuation fund has an ABN and tax file number then the process will generally take in the order of 10 days and be solely reliant on the efficiency of the other fund’s administrators. If, however, the rollover is to a new self managed superannuation fund then the previous fund manager may choose not to release funds until the new self managed superannuation fund has been issued with an ABN. This process generally takes 28 days after lodgement of the application form with the ATO. Although these delays may be frustrating they are out of our control.
Can we nominate the auditor of our choice?
Yes - our standard position is that we have a default external audit panel. Should you wish to appoint a particular auditor we have no objections in this regard except that the auditor must clearly understand that we will not forward information out of our office, that is, the auditor will be required to use our online audit systems to perform the audit function if these can be accessed or attend our office to perform the audit. We will levy an additional fee of $110 where a specific auditor has been nominated.
Why does my fund need a Macquarie cash account?
We debit our fees, and that of the Adviser if authorised, auditor and actuary from this account. We have an arrangement with Macquarie whereby we are able to deal with this electronically. This introduces efficiencies to our systems which enable us to contain our costs. In addition, where a debit has failed due to insufficient funds there are no dishonour fees. Other institutions may charge the fund up to $50. Macquarie also has an agreement with the tax office which enables us to instruct the tax office to debit any tax payable directly from the account so reducing the need to draw cheques and the possibility of late payment penalties.
When will I receive a cheque book from my new Macquarie account?
Macquarie will not issue a cheque book until 5 to 10 working days after a deposit has been made into the account. Deposit books are issued 5 to 10 days after the account application has been lodged which may be sometime after a bank account number has been issued. If cheques are required urgently a specific request must be made to Macquarie for an interim “counter cheque”.
I have an arrangement with an existing bank and I would like my fund to continue using that bank.
If you wish to maintain your existing cash account arrangements and they are not with Macquarie Bank then this may be accommodated however the efficiency of our processes will be reduced. To compensate for this we count any cash account other than the Macquarie CMT as 2 investments for billing purposes. In addition the trustees may be subjected to higher bank charges for failed debit requests and Adviser fees cannot be debited by us. An alternative is to maintain two cash accounts. This is not a particularly onerous position as the Macquarie cash account can be established with an initial deposit, generally in the order of $2,000.00 and a half yearly debit from your established cash account into the Macquarie cash account will ensure that the Macquarie account always maintains sufficient funds. The Macquarie cash account pays a competitive rate of interest.
How often do you perform bank reconciliations?
Presently we reconcile the fund’s cash account on a monthly basis on receipt of bank statements unless you have elected the Yearly Service.
How often do you input data to the fund records?
Unlike the vast majority of SMSF service providers Tranzact Super updates fund records on a daily basis unless you have elected the Yearly Service. Not only does this ensure that up to date information is available for trustees and their advisers to make proactive decisions, it also ensures that any compliance breaches are likely to be detected early when rectification may still be possible.
How must you be informed of a transaction?
The manner in which we need to be informed will depend on the transaction type. In the case of a purchase or sale of a managed fund or share a copy of the application or broker contract is sufficient. Electronic files are encouraged. In the event of a managed fund transaction we will not be able to enter the full details until we are aware of the exact number of units that have been issued as, unlike a brokers contract note, this information is not shown on the application and not immediately known. In the event that the transaction involves a contribution or withdrawal it is necessary for us to be aware of the taxable nature of that transaction. In the event of a withdrawal we will need to have been given notice of the item and then we will determine the tax position internally. The nature of a contribution will need to be specifically provided such that we are aware of its type and taxable nature. We should be advised of each transaction by a Transaction Notification Form or Contribution Notification Form.
Why can’t transactions be entered and the tax situation noted later?
There is a major difference between a portfolio administration system and a self managed superannuation fund administration system. Portfolio administration is a relatively simple matter relying primarily on transactional information. Self managed superannuation fund portfolio administration has several additional layers of complexity surrounding it as each transaction must satisfy compliance, taxation and member account considerations. Often users of the website regard the website information as being the object of our administration systems. In reality the information supplied on the website is available as a by product of the taxation and compliance processing of activities within the fund. These activities cover more complex issues than pure investment transactions including taxation, component, member account and compliance matters. Unfortunately we cannot allow investment transactions to be input until these other matters are also satisfied.
Who is responsible for the investment strategy of the fund?
The Trustees are responsible for the investment strategy of the fund. It is necessary for an investment strategy to be formulated for the fund and provided to us for the files. The auditor will require the document at audit time. You should ensure that all investments made by the fund are made in accordance with the investment strategy.
Do I need to let you know before I make an investment?
No – though you may choose to do so if the investment is of an unusual nature and may place the compliance of the fund in jeopardy. If you have any doubts about the permissibility of an investment you should send us the details by e-mail to contact@tranzacttotalsuper.com.au. Also remember that it is your responsibility to ensure the investment is made in accordance with your investment strategy.
As an Adviser how do I determine how many of my clients have invested in a particular investment?
For Adviser use there is an investment search function available on the website which enables the generation of a report for all funds invested in a particular investment.
Can you segregate assets?
Yes but, unless advised otherwise, we will treat fund investments as having pooled participation. If one or all of the investments are segregated we will require you to give us specific instructions regarding any purchases or sales. Where segregation is required for pension funds our preference is to rely on a yearly actuarial certificate to accomplish this. Extra fees may be levied for funds with full segregation of member account assets. Partial segregation can usually be accommodated at no charge.
How do I know if my Deed is complying?
On request we will review your deed and advise you of its deficiencies if any. We also check the deed prior to commencing pensions to ensure it is capable of paying the benefit required.
Can I enter into dividend reinvestment arrangements?
Yes – however from an administration point of view it is preferable that you do not. Any matter that decreases the administration burden increases the overall accuracy of the service provided. It is also not uncommon to find a trustee has sold all of a particular investment whilst an automatic reinvestment is in progress resulting in a small, and therefore unmarketable holding, remaining in the fund.
How do I start a pension from the fund?
You should submit a pension application form to our office and we shall produce the appropriate minutes, ATO and CentreLink paperwork. We will also assist with incidental information you may require. There is a cost involved as per our scale of fees and charges.
In the event that the fund has only recently been introduced to the system, pension commencement is urgent and necessary information is not yet available we reluctantly suggest that you make a rough calculation of the pension amount and commence the pension payments. This will generally involve the lodgement of a monthly bank deduction authority on the fund’s cash account in favor of the member’s personal account for an approximate pension. Though all paperwork relating to the commencement of the pension should be completed prior to payments commencing practical considerations sometimes override administrative considerations. Once all fund information has been received and the componentry is in order then the necessary documentation can be prepared. An adjustment to the approximate pension paid, if any, may then be made.
How is a pension paid from a self managed superannuation fund?
Generally a monthly deduction authority is lodged on the fund’s cash account to pay a regular payment to the member’s personal account.
What safeguards are in place to ensure that the correct pension payments are made each year?
In June each year we check the pension payments actually made against those which were agreed to or allowed. In the event that an adjustment is required our practice is to contact the trustee, Adviser or accountant. We then reassess the allowable pension payments in July for the following year, and liaise with the trustee, Adviser or accountant to ascertain the level of pension which will be paid. as the final determination of the amount payable may have to wait until the audited accounts are available a pension amount advised in July will only be an accurate approximation.
Can a fund have a member with both an accumulation account and a pension account?
Yes - it is not uncommon to have more than one account for a member. Often a fund will have both an allocated pension and complying pension account for a member and sometimes an accumulation account as well. Where a fund has pooled investments and contains an accumulation account as well as an allocated pension account the fund will require a yearly actuarial certificate to confirm the percentage of tax free income and realised growth for the year. Though this is an extra cost to the fund it is often preferable to maintaining segregated portfolios which may not only be difficult to operate but, due to the increased number of transactions, more expensive to operate overall.
Are all the transactions of the fund minuted?
There are a variety of minutes which are attended to by our office throughout the year which ensures that appropriate minutes are provided to satisfy compliance requirements.
How do I transfer an asset in specie into the fund?
The transfer of a share or managed fund requires the completion of a standard transfer form. This form must be appropriately signed and forwarded to us for lodgement. Please note that for an “in specie” contribution we must be advised of the taxable nature and source of the contribution so that we may adjust the member components and tax position accordingly. Where real property is involved it will be necessary for you to appoint a solicitor to handle the conveyancing. Please note that a contribution in specie will be regarded as a sale of the asset and will therefore be a capital gains tax event. A withdrawal will be dealt with as an ETP draw-down or pension payment as advised.
What is the process to make a lump sum withdrawal from a member account?
You must establish that the fund’s cash account has a sufficient balance. You must also establish that the member has unpreserved funds available. This information will be available from our office. On receipt of your instruction we will then produce an ETP Prepayment Statement which will indicate the components that are being accessed. Please ensure that you have taken into account any lump sum tax in your withdrawal assessment. You may then activate the withdrawal.
Who holds the fund cheque book?
We do not hold the fund cheque book. The trustees must ensure that it is only used for fund business. We generally hold a deposit book to enable us to bank cash distributions, etc which we may receive.
How long does it take for PAYG Summary Statements (formerly group certificates) to be issued after the end of the financial year?
Generally group certificates for pension recipients will be produced by the end of July.
How long does it take before my superannuation fund accounts are completed for the ATO?
The process of completion of superannuation accounts is complex. Preparation cannot begin until the last distributions are received from fund managers which may be delayed until September. After this time the accounts are prepared to audit standard for presentation to the auditor. During this time any outstanding minutes or other items will become apparent and the fund trustees may be called upon to provide additional information which may not have been previously received. Once the auditor has passed the preliminary accounts they will be sent, via the Adviser, to the trustees. The trustees should then peruse the accounts and satisfy themselves that they are in order. The signed accounts are then returned to our office. On receipt of these the auditor will complete and sign the audit statement. The fund return will then be ready for lodgement with the ATO. This lodgement will occur within days of the auditor’s certificate being signed. It is difficult to state when this process will actually be complete. Suffice it to say that an individual fund will be completed no earlier than August and possibly as late as March of the next calendar year. The timing will depend to a large extent on the quality of the information that has been provided during the year. Generally pension funds receive priority. A common cause of major delays is the existence of a closely held unit trust within the fund. The fund accounts cannot be completed until the unit trust accounts have been. Unit trusts have a different reporting timeframe to superannuation funds and, if an external accountant is dealing with the unit trust accounts, it is not uncommon for our administration staff to be unable to proceed due to lack of information on the unit trust until February of the next calendar year or even later.
Do you lodge the tax returns for the funds?
Yes however all tax related services are provided by a Registered Tax Agent on our behalf.- Should you wish to nominate an alternative accountant for this function then you may do so. We must be notified in writing. There will be no reduction in fees as the lodgement of the tax return is a relatively minor function and provided for you at no additional cost. Please note that these returns are self assessing in nature so tax must be paid at the time of lodgement. The tax office will NOT issue an assessment based on the information lodged. They will, however, levy penalty tax if payment is not made at lodgement time. Provided we have your authority to do so we will arrange for the tax payment to be debited by the tax office from your account. If we do not have this authority or you are lodging your returns via another arrangement then you must ensure a cheque is attached to your financials when they are lodged.
Will the ATO levy penalties in the event of late lodgement?
Yes – however our systems and processes are designed to ensure that all lodgement dates are met. We are only able to do this if we get the full cooperation of the fund Trustees and Advisers for the provision of the information we require. The fund will be responsible for any penalties which may accrue in the event that we have been prevented from completing our tasks in a timely manner. Where we have been unable to lodge a return within the time frame required we attempt to arrange a lodgement extension. Where we have been responsible for the late lodgement we will reimburse the fund for any penalty levied.
What taxes are retained from a fund withdrawal?
Lump sum tax from the post component of a withdrawal or PAYG tax on a pension payment are retained by the fund and remitted direct to the ATO. As PAYG is generally not required to be deducted from pensions due to the combination of tax free amounts, the 15% rebate and tax thresholds generally we need to be told if a particular PAYG tax is required to be deducted due to additional income received by the member from other sources. Tax payable on any pre-component is the responsibility of the individual tax payer.
Why does the report we received as at the 30th of June show a different closing balance to the opening balance of our fund accounts in the next report?
Many adjustments occur as at 30th June however those adjustments may not be apparent until some months into the next financial year. Typically the valuation that occurs for managed funds as at the 30th of June is a pre-distribution valuation as no distribution has been made at that time. When the distribution is subsequently made it is taken up in the accounts ending the 30th of June, however, it is now necessary to adjust the unit price for the 30th of June to reflect its post-distribution value otherwise the distribution will be counted twice. As a consequence an asset valuation as at 30th of June which is reported on the 1st of July may be higher than the asset valuation reported for the 30th of June though any decrease in asset value should be largely reflected as an increase in fund debtors (amounts owing to the fund as at 30th June). This amount will not be visible on the portfolio valuation report on the web but will be reflected in the member account balances and eventually in the cash account. This factor is a function of the system being a self managed superannuation fund system rather than a portfolio administration system. The functions of portfolio administration are a by-product of the functions of self managed superannuation fund administration. Consequently the correct 30th June value will be that shown in the audited accounts and will differ from that which was available on the 30th June.
Why does the sum of the member accounts differ from the portfolio value?
Member accounts include outstanding items such as tax distributions whereas portfolio valuations are concerned with the overall value of fund investments.
Are Tranzact Super's fees tax deductible?
Yes – administration fees are deductible against income and establishment and trust deed costs are deductible against capital. All administration fees are tax deductible. In addition the GST payable on those fees is also 75% rebatable as we register all of the superannuation funds we administer for GST. Please note that any set up or establishment fees are regarded as capital in nature and therefore are not deductible against fund income and not GST rebatable.
When are fees deducted?
Fees are deducted as soon as possible after they have been raised. Fees for third party services such as for actuarial certificates are also deducted as they arise. Where retrospective work is being performed fees will be deducted in advance.
Are the individual investments in a managed fund reported on separately?
No - with a managed fund the underlying investments are irrelevant to the superannuation fund. Only the unit holding within the managed fund is reported.
Are the individual investments in a wrap account or master trust shown individually in our accounts?
The individual investments involved in a wrap account or master trust are generally shown separately within the accounts and are separately valued if you have chosen this option. In addition their tax treatment and characteristics are individually assessed. This may mean from time to time that the tax treatment in our accounts differs from that of the institutional master trust or wrap account. In this case we will accept the master trust or wrap accounts figures as being correct as per their tax statements. If you have chosen for the investments in a master trust or wrap account to be shown as one aggregated investment then they will not be separately shown. Your choice in this regard will be a desire for account segregation, fees and availability of electronic data downloads.
What is required to cancel the Tranzact Super service?
Tranzact Super requires 30 days notice to cancel the service. Fees and conditions apply.
In the event of a fund leaving Tranzact Super’s administration service will you provide electronic files?
No, under no circumstances will we provide electronic files to alternative administrators. We will provide all hard copy information necessary for the new administrator to place the fund on its system.
If I have a query regarding my fund, who should I direct it to?
Trustees should direct their queries to their Adviser or accountant in the first instance. A query on a fund may also be made by accessing the Tranzact Super website or by phoning our office on 1800 644 804, faxing us on 07 3211 1455 or emailing to contact@tranzacttotalsuper.com.au. As each fund is in the care of an individual accountant who may need to consult the file before being able to answer your query you will be requested to state your query and its level of urgency to our client service officer who will then refer it to the relevant accountant. The accountant will then respond as soon as possible after perusing the file. In the event that the query involves bringing a new fund onto the system then enquires should be directed to the New Business Manager.
Do you guarantee 100% accuracy of the web reports?
Under traditional administration arrangements the only opportunity the trustee and adviser have of perusing the accounts is at the end of the year. By this time any anomalies or errors will not be present as the accounts will have been audited, the holdings confirmed and any adjustments completed. By providing daily updates to client accounts our processes are quite transparent. Though we pride ourselves on our level of accuracy and compliance focus we do not profess to offer a “perfect“ service on an unaudited daily basis for all funds. Errors and anomalies can arise from time to time as it is not possible to maintain records to audit standard at all times. Additionally, as we have no investment restrictions, we have no standard list to choose from when identifying investments with which we are presented. This may cause identification problems even with conventional managed funds as there are many instances where different funds from the same manager have exactly the same name. This, and other potential problems, are exacerbated by lack of timely and appropriate information. Most administrators have dealt with this problem by not providing this service at all, providing it with severe investment restrictions or providing it in arrears on a quarterly or half yearly basis. We have not imposed any such limitations however we do invite and require the adviser/trustees to monitor the reports we place on the web and alert us to any item which may seem incorrect.
There are several parties involved in the administration process and it is important that mutual expectations be realistic and clear. The auditor’s duties are to audit the fund once a year and ensure the integrity of the data and the compliance of the fund. The administrator’s duties are to ensure the accurate processing of the data received and to assist the investment Adviser and trustee in maintaining compliance including by advising any errors or potential errors which may be detected on an ongoing basis. The investment Adviser’s duties are to advise and liaise with the trustees on all matters and ensure that the flow of information between the trustee and the administrator is efficiently maintained as well as to advise of any errors or potential errors pertaining to the fund to both the trustee and the administrator. The trustee’s role is to ensure that all relevant information is forwarded to the adviser in a timely manner, ensure that only complying activities are entered into and to advise the adviser of any errors or potential errors which may become apparent. The trustee is ultimately responsible for the fund’s activities and accounting.
The ongoing administration of the fund is a joint process. Responsibility for the smooth flow and maintenance of all activities rests with all parties. Though we attempt to provide an error free service we cannot do so without the ongoing cooperation and involvement of everyone concerned. Errors on the unaudited, daily accounts will occur and are matters to be dealt with in a spirit of mutual cooperation and goodwill which is the same approach we must take when dealing with inadequate communication and information on fund transactions from the adviser/trustees. We encourage and request adviser/trustee involvement in not only providing us with what we need in a timely manner but alerting us to any reporting anomalies. We, in turn, will provide as accurate a daily service as possible and advise both the adviser and trustee of any problems we detect with their activities.
The website address is www.tranzacttotalsuper.com.au .You will be required to enter a user name and password before you can access your information.
Can Trustees access the website?
Trustees may access the website if their Adviser or accountant so authorises. Where a trustee has been introduced by an intermediary we must be contacted by the Adviser or accountant before we will issue a user name and password.
How often are prices updated on the Website?
The frequency with which prices are updated depends on the type of investment concerned. For investments quoted on the Australian Stock Exchange prices are updated daily to reflect the closing price for each investment from the previous day. Where prices are updated from Morning Star for managed funds, though the prices are applied on a daily basis, Morning Star does not receive daily price updates from each of the fund managers. As a consequence the prices on managed funds will alter only as frequently as the fund managers report to Morning Star which is typically, though not necessarily, weekly. Prices that are not supported by the Australian Stock Exchange or Morning Star’s managed fund service will be updated less frequently. Generally it will be necessary for our office to receive update pricing information from the fund’s Advisers or trustees prior to an alteration of such a price.
How are share prices updated?
Each day a download is received from the Australian Stock Exchange of the previous day’s closing price for all listed investments.
How are managed fund prices updated?
Each day a download is received from Morning Star of managed fund prices. These prices reflect the prices that Morning Star has registered for each managed fund as of the close of business the previous day. The prices may not, however, be those that were current on the close of business the previous day as Morning Star receives pricing information from the various fund managers generally weekly. In some cases this will be longer.
How are managed fund asset allocations determined?
Managed fund asset allocations are provided by Morning Star. Morning Star receives this information on a regular basis from fund managers generally quarterly but sometimes less often and this information is updated into our systems each day.
Are the prices on the website accurate?
Prices on the website are approximately accurate, like all such prices, due to timing differences. You should make your own determination with the fund manager or broker concerned to confirm a price prior to entering into a transaction.
Can transactions be instigated on the website?
No, the website shows transactions that have taken place but cannot be used to process transactions.
How can you be sure that all of the bank transactions have been included on the website prior to a bank reconciliation being completed?
We are only able to place on the website those items of which we are fully informed. When a transaction occurs in the fund it is necessary for us to be informed so that the transaction can be entered. In the event that we are not aware of the transaction we will not process it until such time as we perform the bank reconciliation and make full inquiries as to the nature of any unreconciled transactions.
Why does information that I provide take so long to reach the website?
Our service standards are such that we will input information received in our office within seventy-two hours. The website is updated each morning so it may take in the order of four days before an item will be seen on the web. The item will not be entered if its taxable nature or ownership within the fund is in question. This matter can sometimes cause considerable delays therefore, to ensure that transactions are dealt with in a timely manner, we need full information in relation to the transaction including the number of units purchased.
Why is it that I informed your office that a rollover payment was banked into the fund’s cash account a week ago and it still doesn’t appear on the website?
We are unable to enter a deposit to the superannuation fund without being able to ascertain its precise componentry and tax treatment for the member concerned. This information is available to us from the ETP form. We are unable to accept information in any other form as this is the official Australian Taxation Office form required for audit purposes. We cannot process the transaction until we receive the ETP form even though the funds may have been banked.
Can I access my member component details on the website?
No – presently to gain this information you will need to contact us and we will provide you with a hard copy. Future enhancements to our software will provide this information.
Can I access the accruing tax liability within the fund on the website?
Yes we have both a Realised Capital Gains and Income Received on a Year to date basis available on the web.
Can I access an unrealised capital gains tax report on the website?
No – presently to gain this information you will need to contact us and we will provide you with a hard copy. Future enhancements to our software will provide this information.
Can I choose the date range reports on the website?
No - website reports represent a snapshot of information as of close of business the previous day. If you require information covering a particular date range you may request this from our office. Future enhancements to our software will provide this information.
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