BT Wrap develops contributions tracker
BT Wrap has attempted to address the contentious issue of excess contributions caps through the development of a contributions tracking system.
BT Wrap head of product, Nick Bowley, said the Super Contributions Tracker enabled advisers to monitor their client’s contributions accurately and efficiently. Referring to the 30,000-odd letters sent by the Australian Taxation Office (ATO) to those who exceeded their contributions caps in the 2007 financial year, Bowley said each year thousands of Australians were incurring significant tax penalties.
“I would suspect that very few of these would have deliberately contributed above the caps knowing they would be paying this excess tax,” he said.
“Having the functionality to help advisers manage this complex administration task is crucial to the platform’s role in the adviser’s back office.”
Bowley said the Super Contributions Tracker generated up-to-date contribution reports for super clients, enabling advisers to not only speed up a previously manual and time-consuming function, but to ensure that monitoring was accurate. He added that it also enabled advisers to be more practice in managing opportunities by identifying clients who had yet to maximise their contributions within a financial year.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
