As you know, we are always seeking ways of improving our service offering to you, our alliance partners. The SMSF administration process requires us to gather information and documentation to substantiate the Financial Statement data each year. We try to gather much of this independently with as little disruption to your team as possible but, on occasion,...
There has been a practical resolution to the argument surrounding the need for actuarial certificates for funds that have been in pension for the whole year except for a partial commutation on 30th June 2017 to satisfy the transfer balance cap. The ATO’s view is that all such funds require an actuarial certificate for the day and...
We are excited to announce a new product solution for your clients – E-PROCESS! With a fixed fee price of $990 ($82.50/mth) for administration and a reduced yearly audit fee of $250 it is an affordable product with the same high quality features you expect from us. E-Process is a wholesale, download only solution. This means it applies...
The ATO has released a discussion paper on the new Transfer Balance Account Reporting regime. Significantly, the paper assumes that the merits, desirability and practical implementation of the new regime are settled. What is now open for discussion are two alternative implementation options concerning which events should be reported 10 days from month end and which...
We have noticed that there has been an increase in emails supposedly from ASIC requesting that the Business Name or Company Renewal is due. If we are your registered agent you will not receive these emails. Before clicking the links please check the sender address, if it ends in AustralianGovernment.com it is not from ASIC. If it also...
In our last newsletter we announced the release of our documentation tool which satisfies the requirements of PCG 2017/5. Where the member has multiple pensions, the completion of this document involves the selection of the order in which pensions are to be commuted. The selection will involve the following considerations. Firstly, which pensions, if any, are grandfathered...
To avoid a breach of the transfer balance cap it is necessary for members to limit their retirement phase balance to $1.6M by the 30th June 2017. The ATO acknowledge that 30 June member balances will not be known until sometime after that date so, in deference to the rule of bureaucracy, PCG 2017/5 has been...
The transfer balance cap limits the amount that can be in the retirement phase on 1 July 2017. This will be the annual income for the 2017/2018 year multiplied by the term remaining from 1 July 2017. As market linked pensions can be paid plus or minus 10% of the calculated amount, it is possible to make...
A couple of weeks ago we referred to the contentious limited recourse borrowing proposal that would see the debt counted as an asset for total super balance purposes. The good news is that it is missing from the Bill that has just been tabled in Parliament. The first part is still there but it merely states that,...
Just be aware that, for unsegregated funds, the CGT reset is only available for adjustments made on 30th June 2017. This means that such funds must have a member with more than $1.6m in pension or with a transition to retirement pension on that date. If members have taken measures to deal with these matters by ceasing a transition...