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Phuong Hoang Thi Ngo

Sep 21, 2023

underpayment pension

in SMSF Technical Forum

Both 2 memners are existing ABP as at 01/07/2022

The member 1 is ok for minimum payment pension in 2023 FY

The member 2 apply for the 2nd ABP about 80k on 30/09/2022 that from balance of accumulate account

but he forget withdraw more for minimum payment of the 2nd pension in 2023 FY

If amount of under payment lower/higher than one-twelth of minimum requiment total amount of member 2 , does auditor still have to lodge contravention report or not ?

On 2023 Finnancial Reports/ Tax Return show claim ECPI , does client apply with ATO for exemption after accountant submit Tax Return?

Many thanks

2 comments

Comments (2)

THE AUDITORS INSTITUTE

Sep 21, 2023

Hi Phuong

ACR (auditor contravention report) may not need to be lodged if underpayment less than $30,000.

Re applying to the ATO re underpaid pension (being treated as having been paid) this would have to be done pre the ITR being lodged.

The ECPI will not be correct based on what you have described.

Thanks

The Auditors Institute

Phuong Hoang Thi Ngo

Sep 21, 2023

Replying to

Thanks a lot for response quickly