Glossary of Terms


Paid Extras

Extra tools and services offered by Mclowd to assist trustees to administer their fund more efficiently. While use of the Mclowd service is free, charges apply for paid extras. Bank Data Feeds are a paid extra.


Shareholders investing in equities or hybrids typically purchase ”parcels” of shares. A parcel is a number of shares purchased together at a given point in time, at the prevailing price at that time (or at a discounted price under certain circumstances.)

When you initially invest in equities or hybrids, you take a ”holding position”, or become a ”holder” of shares. If you invest through a broker, you will be assigned a Holding Identification Number (HIN). If you invest directly, you will be assigned a Security-Holder Reference Number (SRN).

When you initially take a holding position, you also typically purchase a PARCEL of shares.

Once you have become a ”Holder”, you can purchase further PARCELS at future times, adding to your total HOLDING.

PAYG Instalments raised

The ATO advises, from time to time, of a ”Pay as you Go” tax obligation, designed to ensure revenue is received ahead of, and regardless of, taxpayer’s submitting tax returns. The amount of tax required to be paid is based on your fund’s taxable income for the previous year. PAYG instalments are usually paid quarterly or monthly. When you finalize your fund’s tax return, you can claim the PAYG tax paid as a credit against any tax obligation calculated on your fund’s profit for the year for which you are processing a return.


As distinct from an expense, Mclowd treats payments of pensions, benefits, commutations, etc. as Payments. Entry is automated via the Add New Payment button on the Expenses Tab.


Your superannuation is said to be in pension phase when it is paying you an income stream or pension. This typically occurs after you retire from work and begin living on drawings from your superannuation fund. The term ”pension” can also refer to a means-tested government-paid pension (Social Security).

Personal Contributions

Contributions made by you to your super account from your after-tax take-home pay.

Pooled Fund

The portion of a superannuation fund that is owned collectively by all members. Income, expenses and profit/loss on sale of assets acquired by the pooled fund is shared among members according to their share of ownership (their calculated ”member weighted average”). See also section 2.1 GETTING STARTED of the Mclowd user manual.


An investor’s range of investment holdings.

Portfolio Value

The total value of your fund assets. Mclowd displays a running total of your Portfolio Value on the Welcome screen that displays when you log in. It’s displayed right under the Welcome message.

Posting Date

The date on which the dividend is ”posted”, or paid out to shareholders.

Post 30 June 1983 Component

That portion of your benefit that relates to employment service after 30 June 1983. This portion of your superannuation is taxable if you take a superannuation benefit before age 60. Pre-June 20 1983 contributions and accrued profits are not taxed.

Pre-July 1 1983 Component

A portion of your superannuation that is tax free because it accrued before July 1 1983.

Pre-Disability Income

The monthly average income received by an insured member from all their regular occupations during the year immediately before becoming disabled.

Preference Shares

Shares ranking ahead of ordinary shares if the issuing company liquidates, and usually receiving a fixed rate of return on the unfranked investment.

Premium (insurance)

A sum of paid periodically for insurance cover in the Fund.

Preserved Benefits (or Preserved Funds)

All contributions made on your behalf into your super account, on or after 1 July 1999, are called preserved benefits and can’t be accessed until you reach preservation age.

Superannuation accounts can include preserved and non-preserved funds. Non-preserved funds are further split into restricted non-preserved and unrestricted non-preserved.

Preserved funds are, generally speaking, locked away until retirement. As a general rule, they must remain in the fund until the member reaches preservation age and retires from the workforce. Some exceptions apply in particular circumstances.

All funds contributed since 1999 will be preserved.

If belonged to a superannuation fund prior to July 1999:

  • Most superannuation Guarantee contributions made after July 1992 are usually preserved
  • Some superannuation guarantee contributions made between July 1992 and July 1994 may be unpreserved
  • Salary sacrificed contributions before July 1999 may be unpreserved (depending on specific arrangements)

Your superannuation fund statements should indicate what portion of your contributions are preserved.

Preservation Age

The minimum age at which someone who has permanently retired from the workforce can access their super. This used to be 55 years, but for anyone born after 1 July 1960,it increases on a sliding scale to a maximum of 60 for those born after 30 June 1964

Price to Earnings Ratio

A share’s market price divided by its current or estimated future earnings per share.

Private Equity

Investment in an unlisted company or enterprise.


The difference between the sale price of an asset and it’s purchase cost, if the purchase cost was lower than the sale price.


Real estate ―land or buildings― that can be purchased, sold or leased.

Property Trust

A fund that invests in commercial or residential real estate. Shares in such trusts can be bought and sold on the stock market.


A written authorisation that a shareholder gives to someone else to cast a vote for them at a shareholder meeting they are unable to attend.



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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