How/in what order do I reverse the year-end procedures for the 2017 financial year which include Super Reform changes such as CGT Relief and transactions in compliance with the $1.6 Million Transfer Balance Cap?
The following steps can be used as a general guide to remove the year-end procedures for a fund. Some circumstances may not affect your fund and this should be taken into consideration on a fund by fund basis.
- Optional step: Reverse The Create Entries Process for 30 June 2017 at step 1 if either a) in compliance with the $1.6 million Transfer Balance Cap, pension amounts were rolled out of the fund; or b) the actuary percentage had changed for the fund post commuting balances at 30 June 2017.
- Reverse the commutation or cashing out transactions recorded at 30 June 2017 in line with compliance with the $1.6 million Transfer Balance Cap. Refer to Reverse a Commutation.
- Reverse The Create Entries Process for 30 June 2017 if the fund did not satisfy a scenario for entry reversal in step 1 above.
- Reverse CGT Relief transactions. Refer to How to reverse or undo the CGT Reset Process.
- To reverse the actuary percentage where required refer to Delete Actuary Percentage (Fund Pension Policy).