SMSF Structure Improvements:
We have made some changes under Factfinder >> SMSF to cater to the following user-related issues:
- Users cannot add both accumulation and pension accounts for each member within the SMSF.
- Users can not add multiple pension accounts for the members of SMSF.
- Users can not add Reversionary Beneficiary in the Pension accounts
- Users were unable to view/ add Investment Platforms for the investments under the SMSF.
Current structure Limitation: Earlier users could add either accumulation or pension account only.
- While adding member detail, users could toggle between being a pension paying account or an accumulation account.
- While adding investments, users could add direct investment and had no option to select the platforms.
After Enhancement: now, users can add one accumulation account and multiple pension accounts for both client and partner.
- While adding member details, users can click on the “+ Add account” button and add an accumulation or pension account for each SMSF member. However, users must manually add the percentage balances for each of these accounts as they will not be coming through Datafeed.
- While adding the account users can add additional details around it, furthermore, for the pension account, we have added an additional dropdown under the estate option to select Revisionary pension along with the option to select the Revisionary Beneficiary there.
- While adding Underlying Investments, users can select/view the platform coming from the feeds and the underlying investments will be grouped as per platforms.
Steps to add SMSF:
- Click on add SMSF.
- Add Member details (i.e. director or trustee)
- Add account details
- Select the account type (i.e. either Accumulation or pension).
- If you want to add multiple pension account, click on the “+ Add account” button and add the required details.
- Under Pension account >> estate option we have added the option to select Revisionary pension as an option.
- Add Underlying investments.
- Select the investment type (Managed Funds or Australian Shares).
- Select the platform (either direct under any platform like BT Panorama.
- In the case of Datafeed, asset account code will flow directly and cannot be edited.
- Assets will be grouped based on the Platforms.
- Click on Save.
- You can now Add/Edit or Delete the account details through the members' details:
- You can delete the SMSF directly through the SMSF card.
Please Note- All the required details of the existing SMSF will accurately float in SOA and in the Cash Flow section.
- For Cashflow: The SMSF scenario in Cashflow 2.0 will import multiple pension balances separately and show the projection based on the payment type selected in Factfinder.
- For SOA: We have made some changes in the SOA and the tables will be as per the screenshot mentioned below:
