By Mark Ellem

In a soon-to-be-released article, I look at the question of annual processing versus technology-enabled daily processing, and which of these are in the best interests of both client and practitioner.

The traditional model, as used with non-SMSF clients, is to provide a taxation service to SMSF clients on an annual basis.

But consider the many industry changes in recent times which point to the benefit of timelier processing: 

• BAS/IAS reporting;
• Pension payment limits that – if exceeded in a given year – can have extreme consequences;
• Contribution caps each year that can have serious consequences if breached on multiple occasions;
• 2016 Federal Budget changes to superannuation rules, particularly the introduction of caps for eligibility to commence pensions, and to make non-concessional contributions and catch-up concessional contributions; and of course
• The SMSF penalty regime.

Stay tuned for the release of my article which further explores these issues.