The Member Allocation Worksheet is used for funds with members in pension mode. The various allocation amounts are used to match member accumulation and pension allocations with the fund's actuary percentage and pension exempt income.
Log in to SuperFund and Select your entity.
From the Members menu, click Members Allocation.
In the Members Allocation window click Worksheet.
Taxable Income/Loss
The Taxable Income/Loss section displays a summary of the fund's taxable income or loss, which is subject to the actuarial percentage. This is divided into a Pooled income/loss amount (from pooled income and expenses) and an amount Allocated to members (from income and expenses of assets allocated to specific members).
Actuary Calculation
This area displays the Actuary percentage calculation, which determines the total taxable income or loss that must be assigned to pension and accumulation accounts.
Totals
The Totals section displays the calculated amounts allocated to accumulation and pension accounts, as well as the Required amounts and the differences between them.
The ticks will assist you in balancing the account; when out of balance, they will turn into red crosses.
Members
The Member section displays a table of members and their share of the taxable income or loss. The calculated total allocated to all members is displayed below, along with the Required total and the difference between them.
Accounts
The Accounts section displays accounts for the highlighted member to allow splitting of their total allocation to their accumulation and pension accounts. The calculated total allocated to the highlighted member is displayed below, along with the Required total and the difference between the two. The Required amount is split into the member's share of the Pooled income/loss and their Allocated income/loss from allocated assets and expenses. The Pooled income loss share is modified by editing the member's total share in the Members section, but the Allocated income/loss amount is a constant value based on the member's assets/expenses.
To balance the fund correctly, the aim is to have all Balance fields set to “0.00”. A tick or cross will be displayed next to each figure to indicate if the value is in balance. When all four balance amounts have green ticks, the distributions are balanced. This is achieved by manipulating the values allocated to each member and their accumulation and pension accounts. The manipulation of these figures will automatically determine the percentage of income/loss to be allocated to each member and the member accounts.