An SMSF that pays a retirement phase pension is entitled to claim ECPI. SMSFs claim around $15b in ECPI each year, making ECPI an obvious focus area for the ATO and consequently important to get right. How a fund claims ECPI impacts how it claims expenses and deals with carried forward tax losses. A fund’s entitlement to ECPI is dependent on the trustees running their pensions appropriately with respect to making pension payments and reporting for the transfer balance account. To know how to claim ECPI an understanding of disregarded small fund assets, ECPI choice, and segregation is important. Further, many accountants and administrators use specialised SMSF platforms to prepare annual financial statements and the SMSF Annual Return. These platforms have their own unique functionality for an SMSF that claims ECPI.
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