Administration, Technology

Admin provider beefs up contributions tool

SMSF alliance contributions tool

SMSF Alliance has made changes to its contribution reporting system allowing advisers an overview of an SMSF client’s total input into their fund.

Administration provider SMSF Alliance has upgraded its contributions reporting tool so that it now provides real-time information on the contribution position of every member within funds handled by an advice practitioner.

SMSF Alliance principal and SMSF specialist mentor David Busoli said the expanded functionality was available to users through the firm’s SMSF Toolbox dashboard and picked up a number of concessional contribution (CC) and non-concessional contribution (NCC) reporting areas.

This includes previous unused CCs, which can carry forward up to five years, and CCs that have been made during the past financial year, including those made to other funds, providing SMSF Alliance has been notified of the contribution for total super balance (TSB) purposes.

Further, reporting covers CCs that are still possible based on the CC caps, unused previous-year contributions and the member’s TSB and excess CCs, which will be treated as an NCC and counted as such in the administration platform.

Prior NCCs can also be reported where the bring-forward rule was triggered in the previous year or two years ago, or not triggered in either year, or where contributions for the previous years are not confirmed or where the bring forward was unavailable in the last two years.

Available NCCs that may be made this year based on the NCC cap of the member as adjusted by age, TSB and the bring-forward rule will also be reported, as will a member’s TSB at 30 June of the previous year based on the gross member balances held in the fund covered by the platform and any other funds held by the member and reported to SMSF Alliance.

Busoli said SMSF practitioners who transfer their administration needs to SMSF Alliance would not pay any base administration fees for 2020/21 accounts preparation for any SMSFs where the transfer process has begun prior to the end of July 2021, but ancillary fees would still apply.

“We can do this as, with the finalisation of the 2020 accounts, we have excess capacity,” Busoli stated on his firm’s website.

“Where your clients have been paying non-refundable administration fees to their current SMSF administrator for the financial year’s work, they will not be disadvantaged as we will do the work they have paid for. Where no fees have been paid to date, your clients will receive a bonus.”

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