Actuaries have a skill set that allows them to contribute ideas and approaches to fix problems. NetActuary wants to create a variety of resources and calculators to assist with the generation of solutions. This blog will show from time to time issues that occur and possible fixes.
The ATO in a recent National Tax Liason Group expressed the view that failing to make the minimum annual pension payment means the fund will not be entitled to claim the exempt current pension income deduction. Unless there is legislative amendments, simply accruing the underpayment may not be sufficient.
Rather than face the total loss of the exemption, to the extent that pension payments were made, we can assist the administrator to establish the appropriate roll back period that will match the payment actually made.
Please don't hesitate to contact us if you need help with this or any situations which require an element of reverse engineering. Feel free to email us for further information.