BGL announces electronic lodgement for PAYG payment summaries

BGL managing director Ron Lesh explained that the trustee of an SMSF will generally be required to withhold tax for superannuation benefit payments if the member receiving the payment is under 60 and is taking their benefit in the form of an income stream (pension) or a lump sum.

“There are also circumstances around defined benefit income streams and death benefits,” said Mr Lesh.

When an SMSF withholds an amount from a payment, it is required to pay that same amount to the ATO using an approved form, he explained.

“Traditionally, this has been done manually, requiring the completion of paper forms to be submitted to the ATO,” he noted.

“With this release, BGL clients can electronically submit the PAYG payment summaries to the ATO via Simple Fund 360, making the process paperless and saving SMSF professionals hours.”

Mr Lesh said this is just one of the many features BGL plans to release to make SMSF administration paperless.

“It’s fantastic to release another highly requested feature. I am extremely proud of the efforts of the BGL team,” he said.

“This feature will go a long way to make our clients' lives easier.”