To record member contributions made in cash, select the ADD CONTRIBUTIONS button from the INCOME tab and select the Member on behalf of whom the contribution is/was made, then select CASH in the Contribution Class field.
Enter the Date of the contribution.
Enter a meaningful Description.
Select the Cash or Bank Account receiving the funds.
Select the Contribution type. Choose from Employer Concessional, Salary Sacrifice Concessional, Personal Concessional, Self-employed Concessional, Personal Non-concessional, Spouse Non-Concessional, Child non-concessional, Other family and friend concessional, Co-contributions Non-Concessional, Low Income Contribution, CGT small business 15-year, CGT small business retirement, Directed termination payment (taxable or untaxed), Foreign Fund Amount (assessable or non-assessable), Personal Injury Election or No TFN quoted.
NOTE: Mclowd will determine whether or not this contribution is Taxable in the Fund and display Yes or No.
Recent CHANGES TO LAW relating to Concessional Contributions affect posting of some types of Concessional Contributions.
In 2016–17, an individual (mainly those who are self-employed) could claim a deduction for personal super contributions where they met certain conditions. Generally, the individual would need to be deriving less than 10% of their income from employment. This was known as ”the 10% rule” and enabled the self-employed, who generally did not benefit from concessional employer contributions, to enjoy favourable tax treatment on their contributions to super.
Effective 1 July 2017, the 10% maximum earnings condition has been removed. From FY2017-18 onward, persons aged 65 to 74 who meet the work test, will be permitted.
(For further information, please refer to https://www.ato.gov.au/Individuals/Super/Super-changes/Change-to-personal-super-contributions-deductions/)
Adjustments have been made to Mclowd to accommodate this legislative change and permit selection of ”Personal – Concessional” contribution type and to expand the choices to cover other permitted contribution types.
Enter the Amount of the contribution.
Click ADD CONTRIBUTION.
The contribution is saved to the Member’s account and the cash amount is added to the selected Bank or Cash account.