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Some extenuating circumstances exist but is there any discretion for being one day late - also does overnight bank processing make a difference. I don't see that there is but I would like to hear if anyone has other views or experience.
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Hi Grant
Technically if 1 day late the minimum pensions have not been met. There is an exception if the underpayment is less than 1/12th of the annual minimum pension (& the rules re this are followed).
In relation to overnight banking I was involved with a client that paid its pension by EFT on 30/6/2019 (a Sunday) but it did not leave the Fund's bank account until 1/7/2019 (a Monday). In this situation the tax agent wrote to the ATO (via the tax agents portal) and requested that the ATO allow the pension to be treated as being paid in the 2018/19 year. The ATO wrote back to the Trustee / tax agent & gave the authority for the payment on 1/7/2019 to be accounted for as being paid in the 2018/19 year.
If you have special circumstances as to why the pension was paid late you can apply to the ATO (to treat it as being paid in the required year). More details can be found re what the ATO considers special circumstances at:
Thanks
SMSF AAA