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