Important
The Simple Fund 360 Product Team are aware of the new developments recently introduced by the government and have released updates to meet new requirements.
In light of the economic response to Covid-19, two changes have been introduced that will impact superannuation:
1. Temporary drawdown reduction;
2. Temporary early release of superannuation
1. Temporary drawdown reduction:
The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 2019-20, 2020-21 and 2022-23 income years.
MORE INFORMATION
For more information on the Australian Government’s Economic Response to the Coronavirus visit treasury.gov.au/coronavirus
2. Temporary early release of superannuation
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21
For detailed information please refer to the ATO Fact Sheet
Simple Fund 360 Updates:
Stage 1 changes - Now released, includes :
- Update the Financial Year from 2019FY to 2020FY for the Analytical Insight, Fund Workflow and Export to Excel functions for Account-Based Pension, TRIS and TRIS (Retirement Phase)
- Implement the new Coronavirus 50% reduction to the minimum pension for 2020 Financial year for the Analytical Insight, Fund Workflow and Export to Excel functions.
- Implement the new Coronavirus 50% reduction to the minimum pension for 2020 Financial year for both the IOs and Android version of the Engage by BGL Mobile Application.
Stage 2 - Financial Reports and more complex pensions such as Market Linked Pension (Released 16/04/2020)
- All Pension reports including Pension Summary Report, Pension Payment Declaration, Pension letter and minutes, and Projected Pension Payment Report (coming soon) to be updated for new 2019-20 and 2020-21 minimums.
- Update to Pension Minimum mail merge fields.
- Pension Dashboard will be updated for Account-Based Pension (including TRIS accumulation and retirement phase), Allocated Pension and Market Linked Pension. Complying Pension will not be updated.
- Update to Pension Summary API.
- Pension payment transaction More-Detail Panel will be updated for the new minimums.
- Temporary Early Release of Superannuation: a new payment type with a new special condition of release ‘Coronavirus - Early Release of Superannuation’ will be added to allow a transaction to be recorded. (Also check article How to process Early Access to Super)
- Temporary Early Release of Superannuation - required changes to be implemented as more information is released by the ATO. For further information, please refer to the following links: -
- Ability to add a custom note to the Financial Statement for clients who wish to include the impact of COVID-19 on the Notes to the Finacial Statements. This feature will still be available post COVID-19. Also check article How to add Custom Notes to financial statements
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