Glossary of Terms


Salary Sacrifice

Salary sacrifice is an agreement between you and your employer that you will voluntarily to give up part of your before-tax salary to be paid directly into your super account.

Scrip for Scrip Rollover

An exchange of shares in one company for shares in another when a takeover occurs.

If a company in which you own shares is taken over, you may receive new shares (of equal value) in the takeover company. Tax relief may be granted in such circumstances under ”scrip for scrip rollover” provisions. Scrip for scrip rollover provisions may also apply if you exchange a unit or other interest in a fixed trust for a similar interest in another fixed trust.

Rollover is only available if the exchange is a consequence of an arrangement that results in the acquiring entity (or the wholly owned group of which it is a member) becoming the owner of 80% or more of the original company or trust.

See Section 4.5.4 ASSETS: CORPORATE ACTIONS: SCRIP FOR SCRIP ROLLOVER in the Mclowd User Manual.


A group of stocks or shares classified on the company’s principal business activity. For example, mining companies belong to the materials sector.


A financial investment, such as a share or bond, that can be traded on financial markets.

Self-Managed Super Fund (SMSF)

A private super fund with up to four members, that you can manage yourself. SMSFs are regulated by the Australian Taxation Office. Mclowd software was designed to help trustees of SMSFs manage their fund efficiently and at the lowest possible cost.

Segregated Assets

Individual members may choose to invest in assets that other fund members do not wish to invest in. Mclowd enables trustees to record these investments as investments in segregated assets – i.e. the assets belong to an individual member account rather than to the fund. All income and expenses relating to these assets can then be allocated to the member account and profits and losses will accrue to that member account, and will not impact on fund profits. When calculating member balances, Mclowd will correctly allocate a share of the total fund value based on the ”member weighted average”, and then add the value of any segregated assets held by that member. See also section 2.1 GETTING STARTED of the Mclowd user manual.


Parts of companies that might be owned by investors (known as shareholders), giving them certain rights such as voting rights and the right to share in the company profits.

Share Purchase Plan

An offer made to existing shareholders in a company to purchase additional shares at a discount to the market price, during a particular timeframe.

Share Split or Consolidation

See Consolidation/Split. Refer to Mclowd User Manual Section 4.5.2 Assets: Corporate Actions – Consolidation/Split for information on entering a Share Split or Consolidation in your Mclowd account.

Service Period Start Date

This is the earliest of two dates:

  • The date you first made a contribution to your superannuation fund, OR
  • The date an employer first made a contribution to your superannuation fund on your behalf

Sign Up/Sign In

The procedures for signing up as a Mclowd user and signing in to your established Mclowd account. You use your email address and a password as ”keys” to access your account. See Sections 1.1 YOUR ACCOUNT: SIGNING UP TO MCLOWD and 1.2 YOUR ACCOUNT: SIGNING IN TO MCLOWD in the Mclowd User Manual.

SIS Dependant

A person classified under the Superannuation Industry (Supervision) Act as a dependant (generally for the purpose of determining entitlement to a reversionary pension following the death of a member).

To be classed as a dependant under the Act, a person must be:

  • your spouse of former spouse
  • your child, adopted child, step-child or ex-nuptial child, under 18 years of age
  • a person with whom you had an interdependency relationship with just before death
  • any other person who was your dependant just before your death

SIS Legislation

See Superannuation Industry (Supervision) Act 1993.

SISS Data Feed

A data feed service, supplied by SISS Data Services, for the accounting and financial industry. Mclowd users can opt to receive bank data through a SISS data feed to automate entry of transactions into their Mclowd account.

Short Position

A position taken when selling in a borrowed security, commodity or currency with the expectation that it will fall in value.

Small Cap

Abbreviation of small capitalisation.: Companies outside the top 100 largest listed companies.

Social Security Assets Test

A test used by Centrelink that measures total assets to check eligibility for the Government Age Pension. The balance of your superannuation account will be counted in this test if you are over 65 or converted to a Pension fund. Accumulation Fund balances for under 65s are not currently counted.

Spread (Buy/Sell)

A fee to recover transaction costs incurred by the trustee in relation to the sale and purchase of assets (for example shares).

Stapled Securities

Securities that combine two or more securities securities into a single security, so they are traded as a unit and cannot be traded individually.

Stapled Security (LPT)

In the Listed Property Trust (LPT) sector, stapled securities can combine holdings in a property management company (where returns are primarily generated from rental income) with a funds management or property development company (where returns are generated from broader activities). This creates a different risk profile compared to units in a traditional property trust.


A company listed on a share market.

Stock Code

Anything traded on ASX has an individual code (also called a ”ticker code”) that uniquely identifies it in an abbreviated form. Codes uniquely identify a tradeable instrument so that it can be tracked throughout trading, settlement and price reporting systems. Whenever you make an order to buy or sell you will need to know the ASX code for the instrument you want to trade. It also helps to know the code when entering data into Mclowd.

ASX sometimes uses a different length of ticker code to indicate to investors and traders that there is something different about a listed product. 3 character codes typically indicate the ordinary shares in a company. Where there is more or less than 3 characters, there is most likely something different from the ordinary shares of a company.

Standard and Poors ASX 300 Index (S&P/ASX300)

An index that measures movement of the 300 largest stocks on the Australian share market.

Start Year

This is the first financial year for which you will record transactions in Mclowd. Your migration date will be July 1 in your Start Year.

Stock Quote

The latest quoted market price of a share or security.

Stock Suspension

Suspension of trading a stock by the ASX, perhaps because a company or trust has not paid its listing fees, or the ASX requires further disclosure. A suspension can last indefinitely, and no trading is permitted while a stock is suspended unless special permission is granted by the ASX.


Money saved in a fund during a person’s working life, to be used in retirement.

Superannuation Concessional Tax Rate

A Federal Government tax (15%) that is applied to before-tax superannuation contributions.

Superannuation Fund

A fund regulated by legislation and intended to be used to save and invest for retirement. Mclowd defines a fund as ”A trust that engages in business on behalf of its members.” This trust will engage in income-producing businesses that impose a requirement to carefully track asset purchases, values and disposals, income receipts, expenses, pension and other benefit payments, and contributions. Mclowd enables these transactions to be recorded efficiently, and automates the task of preparing financial statements, preparing and submitting tax returns, and determining the share of profit attributable to each member of the fund.

Superannuation guarantee

Contributions that are legally required to be paid by your employer to an approved superannuation account.

Superannuation Guarantee Charge

A fine imposed on employers who fail to pay the minimum Superannuation Guarantee contribution for any employee when it is due.

Supervisory levy

The Supervisory Levy is a fee charged by the ATO on each SMSF. This is added to the tax return for each SMSF and paid to the ATO. When the SMSF is assessed for tax, this Super Levy Surcharge is added to the total payable to the tax office.

The supervisory levy expense should be posted to account 5-1000 ATO Supervisory Levy.

Superannuation Industry Supervision (SIS) Act 1993

The legislation that governs the operation of all regulated superannuation funds.

Superannuation Surcharge

This surcharge has been abolished. The charge applied to certain superannuation contributions made after 20 August 1996 and before 1 July 2005. The charge was imposed where contributions for a year exceeded a set threshold.

Support/Technical Support

Technical support for Mclowd users is available direct from Mclowd via an annual support contract priced at $440 inc GST. Subscribers may make unlimited requests for technical help. For technical and/or practical help (help with non-technical issues ―e.g. determining how to classify a particular asset or how to enter end of year tax distributions) post a request in the Marketplace, where you will find numerous service providers with the requisite knowledge of the Platform.

Suspense Accounts

Mclowd provides three Suspense accounts for temporary allocation of transactions for which you have insufficient data to complete a posting. You can post to Suspense accounts by selecting one of the three accounts shown in the Suspense category when allocating transactions. The Suspense accounts (Bank Suspense, General Suspense and Pension Suspense) are displayed at the top of the Category selection list.  You can also automatically transfer all manually imported transactions to a Suspense account by selecting an account on the File Import screen when specifying a file to manually import.
You can re-allocate items from Suspense accounts to other categories at any time by selecting the SUSPENSE ACCOUNT ALLOCATION button on the BANK DATA FEEDS menu.


The s ability of a company to maintain long-term growth without causing environmental or social damage.


Moving all or part of your account balance from one superannuation investment option to another.



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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