the member has short paid $3,200 of her required pension. This represents less than 2/12th of the annual amount and the fund has never used the 1/12th allowance in prior years. The trustee has immediately made up the short payment in the current year and states it being an honest mistake due to overseas travel.
Given that the breach is less than $30K, can I use my professional judgement so the fund does not loose the ECPI status for the year with no ACR needed and report not having to be qualified?
The key issue is not to loose the ECPI status for the year
Many thanks
Thanks Toby.
Do we do this via the tax agent portal or it has to be a formal submission?