A member has commenced a Pension in late June, so there is no requirement to make a Pension Payment. I have an ECPI percentage, however Simple Fund 360 won't calculate the ECPI in the tax return as no pension was paid. How do I fix this?
The system does not automatically generate the ECPI as there is no minimum for the pension account, therefore you will be able to rectify this issue by manually entering the ECPI amount into the SMSF Annual Return.
Begin my opening the SMSF Annual Return. This can be done by hovering your cursor over Compliance from the Main Toolbar, and selecting Tax Compliance.
Select Section A of the Annual Return, and locate Question 10. You will need to toggle 'Yes Exempt current pension income amount A $' on and then enter the ECPI amount that is generated in the statement of taxable income (as well as filling out the relevant segregation method).