Issue

How do I maintain two Accumulation Accounts for one member in Class?

Resolution

Class only allows one Accumulation Account per member.

The workaround is to maintain this interest outside Class and document the tax-free/taxable percentage. 

Background

Based on the legislation Income Tax Assessment Regulations 1997 - Reg 307.200.02, a superannuation benefit in an SMSF is defined as "The combined value of every amount, benefit or entitlement that a member holds in the fund at that time".

Therefore under the proportioning rules, a member will only ever have one accumulation interest in an SMSF. 

On the ATO website, Understanding superannuation interests in an SMSF, it states:

Under Income Tax Assessment Regulations 1997 - Reg 307.200.05 of the ITAR (1997) an amount that supports an income stream will always be a separate superannuation interest.

If this balance is for a foreign income stream, for example QROPS fund, refer to knowledge article How to process transfer from foreign super funds into a SMSF in Class for workaround

If this balance is Contribution Reserve, refer to our User Guide, Member Console.