Our Moorr® platform has purposely been built to look at individual’s financial circumstances and does not include calculations relating to company, trusts or any other structures when performing its tax or financial equations. We built it with the financial lens squarely on the individual and in the case of a couple joining their financial affairs together, we still treat undertake our calculations at the individual levels, for tax reasons, and then sum them up to achieve any financial calculation and result. This is also true for how our tools like WealthSPEED® and WealthCLOCK® are built, within Moorr®.
Meaning, if you own assets in a company or trust, the asset value is not owned by the individual, and as such it shouldn’t be included in your financials. That said, what should be included is the value of the share interest under Investments and any expected income you will receive from that ownership, say in the form of a dividend or distribution. So, what I am saying is that although you can’t include the actual asset, because it doesn’t belong to you, you can and should input and save the value of the shares you own and any income your received from your ownership of shares. The same way you would treat the value of shares you might own in a public listed company like BHP, which may grow in value, and pay one or more dividends each year.
Another way to think of it, is if the asset, income, or expense, by way of example, already appears in the balance sheet or profit and loss report of the vehicle which owns it, then it should not appear in your Moorr® financials. Again, what should appear in here is the percentage of value you might own in your individual name and any income that you will be declaring in your personal tax return, otherwise you run the risk of inflating the true result of your WealthSPEED® and WealthCLOCK®.
Now for those more sophisticated users of Moorr® who might be operating a family trust or have an interest in a unit trust, hybrid trust, private company, or partnership. I can personally relate to your story and your wish in wanting to complete a WealthSPEED® or WealthCLOCK® calculation or ongoing calculations for interest’s sake. The good news is this is still possible, because as a user, you are free to input what you like. Your information is private and secure, and our platform is not a recognised accounting software, nor do we claim it to be.
If you are interested in attempting to achieve a guided idea of your collective WealthSPEED and WealthCLOCK, you can do as I do, whereby any assets my wife or I hold via trust or company (including property) I include as a simple investment asset, with capital growth and income projections. So, you still get to play around 😊