Simple Fund 360 allows you to record an internal transfer (full or partial) using the Internal Transfer/Commutation Wizard.
How to record an Internal Transfer
|From the Main Toolbar, go to Member.||
|Select Member list from the list.||
|Select Member Transactions and from the drop down list, select Internal Transfer/Commutation.||
1. Select Transfer Type
Next to the Select Transfer/Transaction Type heading, select Internal Member Transfer from the drop down list.
2. Which member is the transfer from?
Select which member the transfer is from and which account balance(s) is being transferred.
If the selected member has multiple accounts, you will need to select an account to transfer from.
3. Input the Date of the Internal Transfer
Input the date of the transfer.
4. Where is the balance going?
Select the accumulation account to transfer the balance to.
Select the member's existing accumulation account. If the member does not have an existing accumulation account, select New Accumulation Account and create a new MEMBERCODE for the account.
Members of an SMSF can only have one accumulation account per ATO guidelines.
5. Is the entire balance being taken out?
Select Yes or No to the question Is the entire balance being taken out?
If you select No, input either the percentage of the pension balance being transferred out or the specific amount.
Transfer Balance Cap
This section will display when posting transactions from 1 July 2017.
Under the Transfer Balance Cap, select the relevant Event:
MCO - Member Commutation
CC1 - Commissioners Commutation Authority amount commuted in full
- STO - Income stream stops being in the retirement phase
Refer to the Event Types for Transfer Balance Account Reporting help for more details on the events.
Simple Fund 360 will display the Current Account Balance, Cap Limit, Cap Remaining Prior To Pension Commencement and Cap Remaining After Pension Commencement.
The Transfer Balance Dashboard will be updated to reflect this transaction after the transaction is saved.
6. Confirm the Transfer
View the transfer summary.
To complete the transfer, click Save. To abort the changes, click Cancel.