Fund Set Up

3.4.7 Fund Setup: Investments – Direct Property

If your Fund has investments in Direct Property (houses, units, land or commercial buildings, for example) you can enter details in the Investments section of the Mclowd Fund Setup procedure.

In the Fund Setup Menu, select INVESTMENTS or go to

Mclowd displays this screen:

Fund Setup|Investments|Add Opening Balances


Mclowd displays:

Fund Setup|Investments|Add New Opening Balance

Select the Account.

Assets|Add New|Select Account
In the Asset Class drop-down, select Direct Property. Accept the default Asset Category (Domestic), or change to Foreign if this is a foreign investment.

Mclowd displays:Fund Setup|Investments|Add Direct PropertyIn the Holding drop down, select New Property.

Assign a recognizable name to your property – one that will distinguish it from any other property holding.

In the Asset Type field, select whether this is a Residential, Commercial or Industrial property.

Enter the Unit number (if any), Street number, Street name, Suburb name, State and Postcode.

Enter the date you purchased the property by selecting from the calendar popup.

Enter the CGT date by selecting from the calendar popup. The CGT date is the date the property was put into service as an investment. This is the start date for capital gains tax calculations.

NOTE:  If you have extended or improved a property your fund owns, or made other cost base adjustments, prior to the date of commencement of entering transactions in Mclowd, you should first enter the property details, then ADD ANOTHER ITEM and select the property to enter details of the renovations or extensions.

Any capital cost incurred either at the time of purchase, or later, should be added to the direct property asset value by either including in the total cost, or, if incurred after the original purchase but before the date of commencing recording in Mclowd, it can be added to the asset by clicking ADD ANOTHER ITEM.

Click SAVE ASSET or SAVE & ADD ANOTHER if you have more Investments to add.

Click SAVE ASSET to go back to INVESTMENTS on the FUND SETUP menu to view a list of your fund’s investments.

about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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