If you’re in the net wealth area and see Entities, this page explains what that means in Rask.
Wealth entities vs tax structures
Rask now separates two concepts:
- Wealth entities: tracked assets/liabilities/accounts used in your net worth view (for example, property, mortgage, cash account, portfolio holding).
- Tax structures: legal ownership structures (for example, family trust, SMSF, company, partnership) used in Fact Find and portfolio owner selection.
An asset (property, investment account, or cash account) can be a wealth entity and still be owned by a tax structure.
Why wealth entities exist
Wealth entities are used to:
- Track current value and history over time.
- Explain how your net worth is calculated.
- Link related items (for example, a mortgage to a property) to show equity and LVR.
Where wealth entities come from
- Fact Find: asset and liability sections create/update wealth entities.
- Quick add: you can add assets/liabilities directly from Net Wealth Tracker.
- Integrations: connected data feeds can create/update entities.
Viewing your ownership structure (map)
The Wealth Entities page has a Map view (available on desktop). It shows your complete ownership structure as an interactive diagram:
- Rectangles — Trusts (Family Trust, Unit Trust, SMSF)
- Circles — Companies (operating or bucket)
- Cards — Individual assets (property, investment, cash, super)
- Arrows — Legal ownership or beneficial interest links
The map is automatically populated from your Fact Find and Quick Add data. You can drag nodes to rearrange the layout.
Managing wealth entities
On Wealth Entities:
- Add entity to create a new tracked asset/liability.
- View/Edit to update details and value history.
- Archive to remove from current totals while keeping history.
- Link liabilities (property + mortgage) for net equity and LVR.
Add an item, one step at a time
Choose Add on Net worth. The guided flow helps you:
- Choose Asset, Liability, or Both (such as a home and its mortgage).
- Select the asset or liability type to move straight to naming. Optionally give each item a recognisable name.
- Choose personal ownership, an existing structure, or add a structure. The asset and loan can have different owners.
- Link an existing secured debt, choose Add a new liability without restarting, or continue without a link. Links do not change ownership and are not for unsecured debts.
- Enter the date and amounts in Australian dollars. Separate asset and liability sections show the full asset value and the outstanding debt, not just the equity. Add the loan details you know: select a bank (or Other for a private lender), interest rate, principal-and-interest or interest-only repayments, repayment amount and frequency, remaining term and interest-only end date. A blank amount means no value recorded yet; enter $0 only when the value really is zero.
- Review your details, then choose Add to net worth. You can view your net worth or add another item.
When adding a linked pair, both items, their opening values, loan details and the link are saved together. The confirmation names both items. To update them later, choose Manage your items, or go to Net worth → Entities and open the asset or liability.
Add or update historical values
Choose Add past values after adding an item, Add history on its entity page, or the pencil beside a category on Net worth.
- Choose the individual asset or liability, not the category total. Choose Add new in the picker if it is not tracked yet.
- Enter a date and its value or outstanding balance in AUD. Amounts are formatted as you type. Use the note icon beside a row to record the statement or valuation used.
- Use + to add a row, or press Enter in the last amount field. Save all the values together. Dates can be entered in any order, up to today.
The latest dated value is the current balance. Earlier dates build the history without replacing a newer value. Use the pencil beside a saved date to correct it; saving the same date replaces that value. Connected portfolios use their holdings and snapshots instead of manual history.
Net worth and the live Fact Find use the same saved wealth values. Other asset or liability types are listed automatically in Fact Find; manage their details under Net worth → Entities. Previously submitted forms remain unchanged records of what was submitted at that time. If a form was open while values changed elsewhere, refresh and review it before saving again.
Assigning bank accounts to structures (cashflow attribution)
If you have bank accounts that belong to a family trust, company, or SMSF, you can assign them in Cashflow → Advanced tab → Connected accounts.
- Click the “Attributed to” badge next to any account.
- Choose a tax structure from the dropdown (or “Personal” to unassign).
Once assigned, your cashflow data will be attributed to the correct legal entity — helping Rask build more accurate tax modelling and advice.
Tax estimates from live bank data
Once you’ve assigned your bank accounts to the right structures, Rask can use your actual transaction history to estimate your tax position for the financial year.
Note: These are estimates based on transaction categories — not a precise tax calculation. Rask can’t automatically determine whether your dividends carry franking credits, or whether capital gains qualify for the 50% discount, from transaction data alone. For precise advice, speak to your adviser who can refine the income breakdown.
Tax estimates from cashflow are available in the Tax Forecast tool once you have connected accounts attributed to at least one structure.
Where to manage tax structures
Use Fact Find to manage trusts, SMSFs, companies, and other legal structures in the Tax Structures step.