Page 50: Formulas

Contributions

For registered body corporates

CONTRIBUTIONS = PROVISIONS (excl GST) - INTEREST + TAX + FEES (excl GST) +- ADJUSTMENT

For non-registered body corporates

CONTRIBUTIONS = PROVISIONS (incl GST) - INTEREST + TAX + FEES (incl GST) +- ADJUSTMENT

Closing balance

For registered body corporates

CLOSING BALANCE = OPENING BALANCE - OUTGOINGS (excl GST) + INTEREST - TAX - FEES (excl GST) + CONTRIBUTIONS (excl GST)

NOTE: adjustments are included in the 'contribution'

For non-registered body corporates

CLOSING BALANCE = OPENING BALANCE - OUTGOINGS (incl GST) + INTEREST - TAX - FEES (incl GST) + CONTRIBUTIONS

NOTE: GST is included on Outgoings and Fees, because the GST represents an expense to the body corporate that affects the fund balance. Contributions is not expressed in terms of GST because it is not relevant to non-registered body corporates. Adjustments are included in the 'contribution'.

Interest on funds

For registered body corporates

INTEREST = (OPENING BALANCE + (OPENING BALANCE - OUTGOINGS (excl GST) - FEES (excl GST) + PROVISIONS (excl GST) +- ADJUSTMENTS)) / 2 * INTEREST RATE

For non-registered body corporates

INTEREST = (OPENING BALANCE + (OPENING BALANCE - OUTGOINGS (incl GST) - FEES (incl GST) + PROVISIONS (incl GST) +- ADJUSTMENTS)) / 2 * INTEREST RATE