Praemium said breaches of contribution caps or pension limits often occur when accountants and advisers work from different and incomplete information, meaning they don’t have the complete picture and struggle to get accurate and timely updates.
The SMSF “functionality”, Praemium said, enables instantaneous calculation of daily member balances, which it said “makes it easy for the administrator to maintain the fund and member transactions”.
Praemium said the contribution monitoring suite provides users with cap monitoring, including contributions made to other funds and age-based contribution acceptance rules for each member.
“Minimum and maximum pensions are automatically calculated, and pension payments and lump sums are tracked to display any shortfall of excess,” said Praemium.
“This means advisers always have accurate and up-to-date information at their fingertips, minimising the risk of breaches.”
The software provider said this is especially important now that the ATO have additional regulatory compliance powers.
Praemium chief executive Michael Ohanessian said the decision to add SMSF functionality was in response to demand from its adviser and accountant clients who were looking for “tools to enable them to work together more efficiently”.