EOY Financial Reports

I have an SMSF where both members have a pension account and accumulationn account each. My accounting system makes the segregation and allocation easy. However in the end of year accounts when the member's statements are being prepared are both these accounts merged to give one statement or are two statements (one Pension Account and one Accumulation Account) prepared? Similarly when Member Details are included in the Tax Return are both Accounts merged?

 

Member Benefit Statements can be anything your auditor approves, subject to a minimum amount of information being declared.

My auditor complains that I put too much information in these statements.

I show employer and member contributions, benefits paid and allocated earnings.

Also a breakdown of the taxed and tax-free components of their balances plus any restricted/preserved conditions attached.

As regards member information for the tax return, this is combined where there are two accounts per member.

Cheers,

Rob

 

If you use a program like BGL Simple Fund it gives you the option of either merging the pension and accumulation accounts, or keeping them seperate.

Personally I like to see them seperate, as they should show up as four seperate accounts on the balance sheet (two for each member) - so it makes the members statements match up cleany (it is easy to follow).

With either option when it comes to the preparation of the tax return there is only one member statement per member.

I hope this answers you questions.

SM