The following procedure should be used for adding most assets acquired after the Fund Migration Date.
Mclowd allows you to add your investments that are purchased by the fund. Before you add the investment assets, you should take note that not all investments purchased on the Australian stock exchange will be recorded as Direct Equities. Examples include the following: • Exchange Traded Funds (ETFs) • Stapled securities like Sydney Airport • Listed property trusts.
Although ETFs are listed on stock exchanges and pay out income, ETFs are, in fact, Trusts – since their income derives from multiple sources and a variety of underlying investments. The investments like ETFs, stapled securities and listed property trusts should be recorded as Unit Trusts. This will ensure that at year end you can use the Trust Distributions table to process the ‘Attribution Managed Investment Trust Member Annual Statement’ you should receive.
NOTE: DO NOT use this process for adding assets owned by the Fund at your Migration Date (1 July in the Fund’s Start Year, as entered in Fund Setup). This method of adding assets is only for assets acquired after the Migration Date.
To Add New Assets, choose Assets from the Menu and then choose Add Asset
The Add New Asset will then appear.
In the Member Account dropdown, choose either Fund (for assets owned collectively by all members) or a member (for segregated assets to be owned by a member).
In the Asset Class dropdown, select the asset type.
NOTE: It is important to select the correct asset type when entering details of an asset acquisition. If an incorrect type is selected, it may be difficult to enter relevant information later.
For example, if a Trust is mistakenly entered as a Direct Equity, you may be unable to enter end of year tax data. Take careful note of the description that displays when you type the asset code to verify that you selected the correct entity type. If in doubt, consult Mclowd support staff for assistance.
Note that a common user mistake in classifying assets relates to classification of ETFs, Stapled securities and Listed Property Trusts.Please classify any ETF, Stapled securities, or listed property trusts as ‘Unit Trusts’.
In the Asset Category drop down, accept Domestic or click to select Foreign.
For detailed instructions for adding each asset class please refer to:
- Direct Equities
- Fixed Interest Investments
- Asset Loans (must be added via the Bank Tab only)
- Unit Trusts
- Managed Funds
- Direct Property
- Alternative Assets