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🤓 Xplan Hint: Other SMSF members

courtney.youngblutt

Wondering how to enter details for other SMSF members in Xtools+? We’ve made it easier and more intuitive.

Financial planners and paraplanners told us that navigating around to find inputs for additional SMSF members was clunky. This change optimises the navigation so you can manage all of the inputs for Other SMSF members from a single area without any screen-hopping.

The inputs for 'Other' members are now located in two dedicated screens within the SMSF Admin section:

Input > SMSF > Key Details:

You can enter Account Balances and Components for Client, Partner and Other here. This screen also includes a new option to enter Capital Loss Carry-Forward Amounts for SMSFs as well as to toggle the Div 296 cost base reset option.

Input > SMSF > Cashflow > Other Member Contributions:

This is where you can now enter the contributions (CC and NCC) for “Other” members.

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Comments

alex.wong

Could you please clarify the purpose of entering the balances of “Other Members” in the SMSF module?

In particular, does Xplan use those balances to pro-rate fund-level income and expenses between members? And if the other members are not receiving advice from us, is it still necessary to enter their balances?

Also, does entering those balances affect projections, tax calculations, pension/accumulation modelling or reporting for the advised member?

lana.graham

Hi @alex.wong ,

Yes, the other member balances and contributions are used to apportion the fund earnings across the member accounts.

In response to your second question, Yes again! The other member contributions will increase the cashflow - this is useful if your clients are in pension phase as it helps you to understand the cashflow position of the fund and determine whether their is sufficient liquidity to meet pension payments. It's also relevant to tax planning for the fund, as there will be contributions tax payable on concessional contributions for the other members.

Kind regards,

Lana Graham
Product Manager - Xtools