Join Shelley Banton, Head of Technical at ASF Audits, as she and fellow guests analyse the topics and news stories around SMSF and turn these complex issues and legislation into everyday language.
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Join Shelley Banton, Head of Technical at ASF Audits, as she and fellow guests analyse the topics and news stories around SMSF and turn these complex issues and legislation into everyday language.
Fixing Underpaid Pensions in SMSF Software with Sean Johnson
The SMSF Experts with Shelley Banton
48 minutes 57 seconds
1 month ago
Fixing Underpaid Pensions in SMSF Software with Sean Johnson
In this episode of the SMSF Experts Podcast, Shelley chats with Sean Johnson, SMSF specialist at Heffron, to tackle one of the industry's most pressing challenges: how to process underpaid pensions through SMSF software following the ATO's June 2024 changes to TR 2013/5.
With software companies unable to update their systems for the new rules, Sean reveals a three-step processing solution that SMSF practitioners need to navigate.
Sean explains why the rule changes have created a new software paradigm, requiring practitioners to process funds several times to accommodate the competing requirements of tax law, SIS law, and contractual obligations. From calculating ECPI values to managing TBAR entries and tax component adjustments, this episode provides a step-by-step framework for managing underpaid pensions through SMSF administration software.
The SMSF Experts with Shelley Banton
Join Shelley Banton, Head of Technical at ASF Audits, as she and fellow guests analyse the topics and news stories around SMSF and turn these complex issues and legislation into everyday language.
