Year-end asset revaluation

SMSF Trustees may periodically wish to verify the value of their portfolio. While share values of listed shares are updated automatically, some assets need to be re-valued manually.

Income for this FY received after June 30

Accounting systems are classified as either ”cash” (meaning income and expenses are classified as received/paid on the date shown on the bank statement) or ”accrual” (meaning income and expenses are classed as received/paid on the date due). .

Setting up a Pension Account

This article explains the process of setting up a pension account for a member who is already in pension phase when the Fund is set up in Mclowd, or is in pension phase at the time of joining an established Fund

Import of NAB Trade Data File

To successfully import a bank data file using Mclowd’s manual import method, you must ensure the file is in the correct import format:. Date (dd/mm/yyy). Amount

Adjustment of Asset Values to match Opening Balances

When setting up a Fund in Mclowd, you will enter details of all assets held by the Fund at the Start Date (the date from which you chose to begin recording in Mclowd). . When you enter assets in the Fund Setup | Investments section, you assign them a value based on the original cost of acquisition

Conversion of an accumulation account to pension

Members turning 65, ceasing full-time work after reaching their ''preservation age'', or meeting other ''conditions of release'' may want to transfer part or all of their superannuation accumulation account to a pension account or a transition to retirement account, in order to draw regular income to fund their retirement or top-up reduced income in semi-retirement. .