02 / Preparation
Get your records ready
Enter the figures yourself, or upload the fund’s documents and we extract the figures for you to check. Either way, opening balances must match last year’s closing balances, and the transactions must match the final financial statements.
Fund and member information
Have the fund name, ABN, trustee details, income year and each member’s date of birth. For each member, separate retirement pensions, accumulation accounts and any transition-to-retirement interests.
Balances and transactions
Use opening balances at 1 July and the closing fund balance before income tax. Include reserves. List the actual dates and amounts of contributions, contributions tax, rollovers, pension payments, withdrawals, commencements and commutations.
Choose the correct contribution type. Enter concessional contributions before tax: the calculation allows for standard 15% contributions tax from the contribution date. Do not also enter a tax adjustment for that member. Non-standard tax treatment needs specialist review.
Provide a dated transaction schedule. Flag unknown amounts for review.
Supporting evidence
If you upload financial statements, the general ledger, member statements or pension schedules, we extract the figures from them. Check each extracted value against its document before you accept it. If you enter the figures yourself, uploads are optional.
Checklist
- Reconcile opening balances to the previous year.
- Use the final transaction dates and amounts.
- Check names, ABN and income year before review.
Further reading: Professional Standard 406