Praemium has announced the introduction of a new functionality on its accounts designed to reduce breaches by SMSF trustees.
According to a statement released by Praemium, the new tool will make it easier for the administrator of an SMSF to maintain fund and member transactions and calculate instantaneous daily balances for members.
“Breaches of contribution caps or pension limits often occur when accountants and advisers work from different and incomplete information, meaning neither might have the complete picture and that each can struggle to get accurate and timely updates,” the statement said.
“Praemium’s contribution monitoring suite gives users the whole picture, with both cap monitoring (including contributions made to other funds) and age-based contribution acceptance rules for each member.”
The tool takes into account minimum and maximum pensions and tracks payments and lump sums, according to Praemium.
“This means that advisers always have accurate and up-to-date information at their fingertips, minimising the risk of breaches,” the statement said.
It suggested the new tool was especially relevant given the ATO's new regulatory compliance powers.
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