Transfer out (rollover out) a member’s balance
Unless you are rolling out a balance on 30 June or 1 July, you will need to first do an Interim Period calculation for all members. This is similar to the year end process, but is done as at the date on which the rollover occurs.
It may not be possible to guarantee absolute accuracy in the calculation of an Interim Member Balance when conversion is performed mid-year. For example, Trust Tax Distribution data may not be available, as statements are generally sent after the end of the financial year. Some asset valuations may only be available at selected end of period dates and may not be exact for the Interim Date selected.
When you have completed the Interim Period or Year End process (when transferring out at the end or start of the financial year), you will need to complete the following steps.
On the menu, select MORE and then select Member Accounts.
You will see a list of member accounts for the fund.
The Action options will differ depending on whether the account is an Accumulation or Pension account.
Under the Action column, click on Select for the member concerned and you will see a list of options. Select Transfer Out (Rollover Out).
Under the Action column, click on Select for the Member concerned and you will see a list of options. Select Benefits Paid (Lump Sum Withdrawal).
For both an Accumulation or Pension Account, you will see the Member Payment screen. For the Accumulation account, you will see both Payment Details and Payee Details. For the Pension Account you will only see the Payment Details.
The Member Account, Payment Type, and First Given Name and Surname will be completed by Mclowd.
You will need to complete the following details for both an Accumulation of Pension account:
- Date of payment (date of rollover payment made)
- The bank account from which the rollover will be paid
- The payment amount
- A description of the payment – something like “Rollover out of fund”
- Condition of Release:
- Compulsory field for Accumulation account (in this case it is “Rollover”)
- Leave blank for a Pension account
- The Fund name, ABN, phone number, and email (Accumulation account only)
- Title for Member and other given names (Accumulation account only)
Once you have completed all the details on the Member Payment screen, select CALCULATE.
You will then see a Member Payment Calculation screen. The above information from the Member Payment screen will again display (but as read only). Mclowd will also show the payment breakdown (shown below) which shows a split up between the various categories.
If there is an issue with the payment amount, then select CANCEL. You can also select CHANGE PAYMENT DETAILS if the bank details are incorrect.
Once you are satisfied, select CONFIRM PAYMENT.
You will then see the Member Account Administration screen with a message stating “The member payment was successfully completed”.
Close member account if ALL monies rolled out
If all the monies for the member were rolled out, then you need to close the Member account.
To close the Member account, choose More and then Member Accounts.
On the Member Account Administration screen, choose Edit Account Details.
On the Member Account screen, you need to:
- Change Account Status to Closed
- Input a “Cease Date”
- Choose SAVE DETAILS
The Member Account Administration screen will appear. Note that the status of the Member account will show as Closed along with the Ceased Date.
Note: If you have completed the rollover (transfer out) and realised you made a mistake, you will need to reverse the transaction and start again.