In the August 2017 update, Aaron looks at:
- Latest news – including the release of the ATO’s position paper on events-based reporting
- New & Updated Features – updated dashboard, revamped CPD register, details on the new workflows and an update on API developments with Class Super & BGL
- New SMSF documents – updates to the pension documents from 1 July 2017, commutation of income streams as per PCG 2017/5, new documents allowing for changes to the deed as a result of the super reforms and more; and
- Upcoming training and events – recent training webinars, next session and where we will be appearing.
New & Updated Features
Updated dashboard
We have recently updated the campus dashboard to provide a visual representation of the number of orders and revenue generated from these fund documents.
If you have standard pricing for your SMSF documents, you can add this information by selecting ‘Profile’ under the main navigation, and select ‘Document Revenue’:
You can then add any standard pricing that you have with your SMSF documents within this area and it will automatically track your revenue that has been generated per order.
Updates to Commutation documents to comply with the Transfer Balance Cap
We have added additional fields to the existing TBC full and partial commutation order forms to enable users to generate ‘step 2’ of the commutation in accordance with PCG 2017/5.
As part of completing the financial accounts to year ended 30 June 2017, PCG 2017/5 requires the member’s super income streams to be reduced to an amount no greater than the $1.6m TBC.
Where a member completed the initial request prior to 1 July 2017, you were able to generate documents that satisfied the requirements of the Commissioner’s guidelines. However, it does require a second step to confirm the amount of the commutation in accordance with the initial member request and acceptance by the trustee – this step has now been introduced within the same form.
The user will select whether the member has completed the initial request in accordance with PCG 2017/5:
Where the request has been completed, you are required to enter additional information about the value of the commutation to satisfy the additional requirements imposed by PCG 2017/5:
Updated CPD Register
We have completed a major overhaul of our CPD register to now incorporate digital certificates upon completion of our webinar training and online courses.
The CPD register generate and maintain of our your CPD that has been completed with The SMSF Academy and will allow you to download and/or share the digital certificate.
We have also included an area within the CPD register for the awarded points with the SMSF Association and FPA Australia, so you can download this report to provide as additional evidence for CPD purposes (e.g. to your dealer group, etc).
