This article deals with processing contributions for active members in Class.
Navigate to fund level > Transactions > Member income > Member Contribution
- Enter Date (The date the transaction occurred)
- Enter Description (Default is Contribution Allocation)
- Select relevant Member Column
- Enter Total amount contributed
- Employer Mandatory* (Enter any employer mandatory contributions here)
- Employer Voluntary* (Enter any employer voluntary contributions e.g. salary sacrificed amount here)
- Concessional (Enter any personal concessional contributions here)
- Non-Concessional (Enter any personal non-concessional contributions here)
- Spouse (Enter any spouse contributions here)
- Child (Enter any child contributions here)
- Government Co-Contributions And Low Income Super Tax Offset (Enter any government co-contributions or low-Income super tax offset here)
- Downsizer Contribution (You must first enter a valid Date and then this field will appear in the table. Enter any family home downsizing contribution here. You may record up to $300,000 for each member. Only available for events dated on or after 1 July 2018)
- 15 Years Exemption (If your client has a 15 year small business CGT amount enter it here)
- Retirement Exemption (If your client has a retirement exemption enter it here)
- Personal Injury Election Amount (If you client has a personal injury election amount enter it here)
- Other Family and Friends (If your client has had a contribution made by other family friends enter it here)
- Assessable (Enter any assessable foreign superannuation amounts here)
- Non-Assessable (Enter any non-assessable foreign superannuation amounts here)
- Click Submit
For a full list of different contribution types please see our Contribution Types article
Contribution Reserving Strategies
When a date is entered for the month of June, an extra checkbox appears on the Member Contributions screen, Allocate in Next Financial Year as shown in the screenshot below.
The effect of ticking this box is that the contribution will be reported at a fund level as received in the first financial year, but will be allocated for the contribution cap purpose in the subsequent financial year.
Updates have been made to the validation checks to incorporate the age limit uplift for work test exemption and spouse contributions from 1 July 2020.
Learn more about the Member Console