Simple Fund 360 Updates regarding the Economic Response to The Coronavirus

Print Friendly and PDF

Important

The Simple Fund 360 Product Team are aware of the new developments recently introduced by the government and are currently working on releasing changes in two stages (stage one complete) for Mobile, Reports and Pension Dashboards. 

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 and 2020-21 income years.

mceclip1.png

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

  • All Pension reports including Pension Summary Report, Pension Payment Declaration, Pension letter and minutes 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.
  • 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.

.

Was this article helpful?

Comments

1 comment

Please sign in to leave a comment.

  • minimum pension
  • covid
  • min