Welcome to Mclowd’s Practitioner Edition User Manual. This manual is designed to assist SMSF professionals to maximize the benefits
This section explains terms used in Chapter 3 and provides basic information on legal issues relating to converting to
You should now have finalized calculations of member account balances and conversion to a pension or transition to pension
You have calculated the member’s interim balance and created their new pension account. Now it’s time to finalize the calculation
You should by now have completed the procedure to calculate the Member’s Interim Account Balance and create a new Member
Now that you have finalized calculation of Fund income and tax liabilities and allocated profits and losses to member
Once an Interim Period has been created, you can go to the Financial Periods screen at any time and
When you have set up an Interim period and revalued assets, Mclowd displays the Taxable Income Menu. NOTE: To avoid
When converting member accounts, once you have created a new Interim Period, Mclowd will require you to revalue all Fund Assets
To run an Interim Account Balance, you must first create an Interim Period. Select Financial Periods on the Settings
Perhaps the most commonly requested account conversion is from Accumulation Account (used by working members to accumulate savings for
By law, members of self-managed superannuation funds may be permitted (depending on age and employment status) to have accounts
INTRODUCTION: Year End Processing: Online Lodgement Mclowd has partnered with LodgeIT to enable users to submit the SMSF Annual
When you click ALLOCATE CONTRIBUTIONS TAX, Mclowd displays the Contributions Tax Summary Screen: Verify that the contributions shown and
When you complete entry of your BAS return, any refund due to you should be debited (via journal entry)
If your fund holds direct shares or hybrids, you may receive Dividends that you choose to reinvest to acquire
To add Rental Income from Properties owned by your Superannuation Fund, select the INCOME tab. Click the ADD INCOME
There are some special considerations when entering interest received on a Fixed Interest or Term Deposit Rollover. You will
To add new interest income received by your Fund, click the INCOME tab, then click the ADD NEW INCOME button.
If you choose to use the SDS Bank Data Feeds facility, you will note an EXPORT button on the
An Autosave option is provided on both the Bank Data Feed Transaction screens (manual and SDS) and on the
When you have insufficient data to correctly allocate a transaction, the Mclowd team recommends that you allocate it to
For users who do not wish to subscribe to the SDS Data Feed service, or whose banks are not
Refer to Sections 10.3.1 and 10.3.2 for instructions to manually create and import a file of bank transactions for allocation in
Follow the instructions provided in Section 10.3.1 for creating a suitable file of bank transactions to import into Mclowd.
For transactions you are unable to allocate due to having insufficient data available, Mclowd provides three Suspense Account options.
In this step, you will record any losses incurred by your Fund in years prior to your Migration Date.
Generally, any income tax refund due to your Fund should be calculated as part of the End of Year
Unlike the old implementation, the new Mclowd Marketplace is more tightly integrated into the SMSF administration software (which we
MacroEconomics Analysis of broad trends and influences on the economy. By contrast, Micro-economics focuses on the impact of individual