Did you know you can now roll multiple super funds into a single account on one screen without having to pass the money through a "transfer account" first?
Why?Β
The old way of moving money between funds was a bit of a treasure hunt and involved way too many steps. This update lets you consolidate Superfund 1, Superfund 2 (taxed or untaxed) and SMSF accounts in one go. Itβs much more logical, especially when youβre preparing to commence a pension and just want to see the final balance and tax components immediately. πͺ
How?Β
π Within your Xtools+ scenario, look for the new consolidation options under Input > Individual > Super > Client/Partner > SOP Transactions and select the Consolidate Super tab.Β
π Select the date for the rollover and tick the boxes for the funds you want to combine.
The system will instantly calculate the new total balance and display any tax payable if you're rolling over untaxed funds.
π‘ If you are moving funds from an untaxed source, keep an eye on the tax component display at the bottom of the screen. It updates in real-time so you can see how much tax will be deducted from the untaxed element before you move on to the next part of your strategy.
π Xtools+ Super & Pension Strategies revisited: Release information
β Have you had a chance to try the one-step consolidation yet, or are you still used to the old transfer account method?
