Note: The below instructions relate to viewing and editing Trust details. Companies and Individual entities can be accessed using a similar process.
Trust Details in Simple Invest 360
The Trust Details screen allows you to identify and manage all general details that are related to a trust. From the trust details screen, users are able to:
- Edit Trust names and codes
- Edit and add significant entity dates
- Add Identification numbers
- Enter Address details
Navigation to the Trust Details
The Trust Details screen can be accessed by hovering your cursor over Trust from the Main Toolbar and selecting Trust Details from the side menu.
| From the Main Toolbar navigate to the Trust menu. |
|
| Select Trust Details. |
|
Details
The Details screen allows you to input and review the following information:
|
Explanation
|
|
|---|---|
| Name | Input the name of the Entity. |
| Code | Input the Entity code. |
| Financial Year | This field will display the current financial year of the entity |
| Trust Type | Select the type of trust |
Identification
|
Screen Options
|
Explanation
|
|---|---|
| ABN | Input the Trust's ABN if applicable. |
|
TFN |
Input the Trust's TFN if applicable |
Dates
|
Screen Options
|
Explanation
|
|---|---|
| Date Formed | Input the entity start date. |
|
Vesting Date |
Input the date the which the beneficiaries become entitled to the trust's assets. |
| System Start Date | The System Start Date is the start of the first active financial year the Trustwill be processed in Simple Invest 360. The System Start Date will automatically trigger daily Investment Revaluation and Member Allocation Journals from this date going forward. |
Trust Address
|
Screen Options
|
Explanation
|
|---|---|
| Postal Address | Input the postal address of the Trust. |
| Physical Address | Input the physical address of the Trust if different to the Postal Address. |
Reporting
|
Screen Options
|
Explanation
|
|---|---|
| GST Registered | Select this checkbox if this entity is GST registered. Simple Fund 360 will deduct GST amounts from assets, income and expenses in reports. |
| Resident trust | Select this checkbox if the entity is an Australian resident entity for income tax purposes. |
| Automatic Revalutions | Enable Automatic daily security revaluations. See Automatic Revaluation of Securities for more information. |
Annual Return
|
Screen Option |
Explanation |
|---|---|
|
Use tax agent postal address in tax returns? |
Select this checkbox to use Tax Agent's address in the Trust Annual Return |
Trust Deed Upload
|
Option |
Explanation |
|---|---|
|
Deed Source |
Input the Deed Source. The Trust Deed can be uploaded to the Documents screen. |
|
Deed Last Modified |
Input the Deed Last Modified date. |
After adding the details, click Save to store the information or Cancel to abort the change. .
The Deed Source field is usually the third party that prepared the Trust Deed. This field will appear in some reports such as the "Fact Finder Advisor Extract" report
CGT Treatment
|
Screen Options
|
Explanation
|
|---|---|
| Share Trading Entity | By toggling on the relevant option, CGT related to specific investments will not be calculated when processing disposals. For more info see our help article. |
Select a default disposal method (CGT Treatment) in Entity Details for all disposal transactions to call upon. The initial default is "Most Tax Effective", with three other options to select: Least Tax Effective, First In First Out or Last In First Out.
| Disposal methods available | Explanation |
|---|---|
| Most Tax Effective | System will apply the most tax-effective method in matching the cost base for the disposal of an asset |
| Least Tax Effective | System will apply the least tax-effective method in matching the cost base for the disposal (e.g. in order to utilise the capital loss carried forward) |
| First In First Out | System will match the cost base of an asset based on the date of purchase, with the parcel acquired first to be matched first for the disposal |
| Last In First Out | System will match the cost base of an asset based on the date of purchase, with the parcel acquired last to be matched first for the disposal |