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toby

Nov 24, 2022

BGL360 Rollouts via Super stream

in SMSF Technical Forum

HI,

IN regards to Rollouts via super stream

It appears that when you create a full member balance rollout in BGL360 it debits the members account and credits a sundry creditors account.

As a result the members account goes to 0.

Thus where a super stream rollout is processed near the end of the financial year, but not paid/processed from the fund, the accounts end up a little strange.

Is this ok?

Toby

1 answer0 replies

Comments (1)

THE AUDITORS INSTITUTE

Nov 25, 2022

Hi Toby

Thanks, I assume you mean it is strange by having a large sundry creditor in the financial statements. As the amount is payable to me it is arguably correct to record this as a sundry creditor.

As they are special purpose financial statements you could alternatively do them on a cash basis & journal back the member balance as at 30 June so a member balance is shown at this date.

Thinking it through it could effect the balances that are reported to the ATO. My preference would be to do it on a cash basis as I assume the other Fund has not taken up the rollover in as at 30 June. You could check with the Fund that is being rolled over to as to what they have shown at 30 June. If they do not show the rollover in at 30 June my view is you should not show the rollover out as at 30 June.

Thanks

SMSF AAA