If you selected an In-Specie contribution in Contribution Class, Mclowd™displays:
Choose the Contribution type from Employer Concessional, Salary Sacrifice Concessional, Self-employed Concessional, Personal Non-concessional, or Spouse Non-Concessional.
Mclowd™will determine whether or not this contribution is Taxable in the Fund and display Yes or No.
When entering In-Specie contributions, the Co-contributions Non-Concessional option is not available.
Select the Asset Class for the contributed asset.
Select the Account (Fund or a specific Member Account).
An in-specie contribution will be credited to the account of the Member selected in the Contribution on behalf of field.
Generally, although the asset was contributed on behalf of a member and its value increases that member’s account, the income or losses derived from that asset are shared by the Fund between all member accounts by calculating profit shares based on member balances. Therefore, the Account selected under Contributed Asset will usually be Fund.
Depending on the Asset Class selected, Mclowd™will display additional fields. For example, if you select Direct Equity, Mclowd™ will display:
If you select Hybrid as the Asset Class, Mclowd™ will display:
The fields displayed will be the same fields as displayed when adding an asset of the same type, except that because the Asset is being contributed by a member, Mclowd™ will not provide a field for the account from which payment is made.
For detailed instructions for completing entry of an In-Specie contribution, please refer to the Assets chapter
•Assets: Add Assets – Direct Equities
•Assets: Add Assets – Hybrids
•Assets: Add Assets – Bonds
•Assets: Add Assets – Fixed Interest Investments
•Assets: Add Assets – Unit Trusts
•Assets: Add Assets – Managed Funds
•Assets: Add Asset – Direct Property
•Assets: Add Assets – Alternative Assets
•Assets: Add Asset – Derivatives
When data entry in all fields is complete, click ADD CONTRIBUTION to save.
The cost of the asset will be added to the account balance of the selected Member Account and the Asset will be added to the Assets list.
