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460 Points
Posted 8 months ago
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4,288 Points
Do I gather you have a Brokerage account and want to re-label it as Superannuation? There really is no need; all my Super accounts are "Brokerage".
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3,802 Points
I reviewed the super account option many years ago and did not use it. I have multiple super accounts and run each as an investment account in RPP. To do this I have converted the account balance into shares in the super fund, with a price that fluctuates daily, based on the reported accumulated growth of investments in the fund. (as I am an engineer, this is a trivial calculation !!)
I convert all deposits or fees into a change in units, based on the computed daily unit price.
Payment of 15% tax is a bit challenging, as I need to calculate an effective unit price for the 6-month period ( not sure when the payment actually happens), or adjust some buy/sell prices to agree with the current value of the super account (usually only on 30 June). It is all done in a spread sheet first and is surprisingly accurate. I trade to .0001 share units, where unit prices are ~ $30. I dump the calculated daily price into a .csv file and import this price file into RPP, which gives a daily valuation of all my super funds. Works well for retirement funds also, with fortnightly sells for regular withdrawals.
Some super funds actually quote a daily unit price, while all funds I have provide some form of daily performance report, as a .csv download.
One of the benefits of this approach is that I have an accurate growth performance of the different super funds that I use. I have kept this approach since 1-July-1995.
There are some significant outcomes when comparing these results, with the relative growth performance being closely related to the net fees each fund charges. 2% average difference since 1995 has been a significant change in performance over 23 years. And the government wants to push us mug punters into the retail funds ? It's the best information I have when predicting future performance.
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460 Points
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460 Points
I wanted to make them all super accounts.
This is the process described in the help file;
Convert a tax-deferred account to a Reckon Accounts super account
In recent years, Reckon Accounts introduced many new features to the super account. If in previous Reckon Accounts versions you tracked your super in a tax-deferred investment account, you can now convert it to a Reckon Accounts super account.
Doing so gives you access to these features:
- Improved super tracking tools on the account Summary page, including the tracking of fund performance, allocation of investments among funds and asset classes, and super loans
- Online account services (if your financial institution supports it)
Click the Summary button if it isn't already open. In the Account Attributes section, click Convert to a super? When you're prompted, specify that you want to convert this account to a super, and then follow the on-screen instructions. Click Help for more information
Unfortunately this doesn't follow what PP2018 shows, there is no Convert to Super option.
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460 Points
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460 Points
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David