Edit the Tax Free Proportion / Percentage

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Overview

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The Tax Free Proportion for pension members can be edited via the Update Member Components section. 

From the Main Toolbar, go to Member.
Select Member list.

1. Select the member you are updating the components for. 
   
   
2. In the Account Details section of the Member Edit screen, select Update Member Components. 
   
   
   
   
3. Review the date of the journal - the tax free proportion will be updated for transactions beyond this date. 
   
   
   
   
   
4. The Tax Free Proportion % can be edited. 
   
   
   
   
   

5. When the Tax Free Proportion % is edited, the following messages will appear:
   
   
   
   

   Warning Messages

   New tax free proportion will not update existing member transactions: The percentage adjustment will not update any member transactions made prior to the journal date of this change. Previous member transactions will need to be reviewed and/or reprocessed (edited and re-saved) in the Transaction List for them to adjust the taxable and tax free split. Only current year member transactions can be adjusted; any recorded prior to a Create Entries process will not be editable. 
   
   Rollover components do not match tax free proportion: Select Yes to update the rollover components to match the new proportion percentage.

6. Select Save to update the percentage.