If you have a Self-Managed Super Fund (SMSF), you can use custom personal categories in TaxTank to keep track of SMSF-related transactions that aren't associated with an investment property.
This makes it easier to identify, filter and review these transactions when preparing your SMSF accounts and tax return.
Creating Custom SMSF Categories
We recommend starting your custom category names with ‘SMSF -’, followed by a description of the transaction.
For example:
Custom Category | What to Use It For |
SMSF - Concessional Peter | Personal concessional contributions made by Peter |
SMSF - Concessional Sarah | Personal concessional contributions made by Sarah |
SMSF - Non-Concessional | Non-concessional member contributions |
SMSF - Accounting Fees | Accounting and administration expenses paid for the SMSF |
SMSF - ASIC Fees | SMSF-related regulatory fees, where applicable |
SMSF - Other Expenses | Other SMSF-related expenses |
You can create as many custom categories as you need to suit your circumstances.
Example 1: Personal Concessional Contributions
Let's say you transfer $5,000 from your personal bank account into your SMSF as a personal concessional contribution. You can create a custom personal category called ‘SMSF - Concessional Peter’ and allocate the transaction to it.
This makes it easy to track your contributions throughout the year and find them again at tax time.
Example 2: Contributions for Multiple Members
If you and your partner both contribute to the same SMSF, you can create separate categories for each member.
For example:
SMSF - Concessional Peter
SMSF - Concessional Sarah
SMSF - Non-Concessional Peter
SMSF - Non-Concessional Sarah
This makes it easier to identify each member's contributions without having to manually review every transaction.
Example 3: SMSF Administration Expenses
If you pay SMSF-related expenses from your personal bank account, you may want to track these separately. For example, you could create ‘SMSF - Accounting Fees’ for an accounting invoice paid personally on behalf of your SMSF.
This helps identify payments that may need to be reviewed or reconciled with your SMSF records. Keep in mind that payments made personally on behalf of an SMSF may have contribution or reimbursement implications, so check their treatment with your SMSF accountant.
Finding Your SMSF Transactions at Tax Time
Using a consistent naming convention makes reporting much easier. When you're ready to review your transactions:
Open your Transaction Report in TaxTank.
Filter the transactions using ‘SMSF -’.
Review the matching transactions across your custom SMSF categories.
Export the report if needed to share with your SMSF accountant.
This gives you a convenient way to identify your SMSF-related transactions without searching through your entire bank transaction history.
Helpful Tip
Keep your category names consistent. By starting each SMSF category with ‘SMSF -’, you can quickly find all your SMSF-related transactions together, while still keeping contributions and other expenses organised separately.