Issue

How to process transfer from foreign super funds into a SMSF in Class.

Resolution

To resolve this issue:

Step 1: Create a New Income Expense Type

Step 2: Create the Business event at Fund level

Step 3: Match Business event to Cash Transaction

Step 4: Update the Annual Return

Create a New Income Expense Type

Navigate to Business Level > Settings > Fund Income

1. Select Fund Income as the Category Type
2. Create a new Income Expense Type called Applicable Fund Earnings
3. Select "Yes" to Tax assessable 
4. Select "F - Transfers from Foreign funds"
5. Click on Submit

Create the Business event at Fund level

Navigate to Fund Level > Transaction > Fund Income > Fund General Income

1. Select Applicable Fund Earnings as the Income Type
2. Enter Income Date
3. Enter Gross Amount
4. Click on Override to Allocate To
   
5. Select the member account which will receive the money
6. Click on Submit

Match Business event to Cash Transaction

Update the Annual Return

On Section F Label M - Any Other Contributions report this amount and reduce Allocated Earnings (Label O) by the amount of this Applicable Earnings, so this member's closing account balance is not affected.

Refer to knowledge article How to update Annual Return to reflect the amendment of Provision for Income Tax