This article will provide details on the functionality of SMSF Sorted's Unlisted Investments & In-house Assets Workpaper.

A fund must have reimported the Lead Schedule after the SMSF Sorted 2.6 release (22 May 2021) for the Workpapers to be active.

For funds loaded after this date, Workpapers will automatically be available. 

Functionality

The Unlisted Investments & In-house Assets Workpaper is accessed via the Statement of Financial Position on either the Shares in Unlisted Companies or Units in Unlisted Unit Trusts line items.

The Workpaper runs through a number of relevant questions to determine whether the unlisted investment is an In-house Asset and if so if the value falls within allowable limits.

Depending on the answers provided, additional questions may be asked as to the nature of the investment.

In the example below, the administrator has answered Yes to the question about related entity control, which has then triggered an additional question around the 13.22C status, upon which the answer was also Yes

A link is provided to an extra worksheet to enter details for a Market Valuation calculation

Looking further down this example, the Howzat Private Trust has also been flagged as controlled by a related party.

The Workpaper has then calculated, based on the data provided, that the fund has exceeded the allowable Inhouse asset percentage, and a warning is displayed.