BT Wrap develops contributions tracker
BT Wrap has attempted to address the contentious issue of excess contributions caps through the development of a contributions tracking system.
BT Wrap head of product, Nick Bowley, said the Super Contributions Tracker enabled advisers to monitor their client’s contributions accurately and efficiently. Referring to the 30,000-odd letters sent by the Australian Taxation Office (ATO) to those who exceeded their contributions caps in the 2007 financial year, Bowley said each year thousands of Australians were incurring significant tax penalties.
“I would suspect that very few of these would have deliberately contributed above the caps knowing they would be paying this excess tax,” he said.
“Having the functionality to help advisers manage this complex administration task is crucial to the platform’s role in the adviser’s back office.”
Bowley said the Super Contributions Tracker generated up-to-date contribution reports for super clients, enabling advisers to not only speed up a previously manual and time-consuming function, but to ensure that monitoring was accurate. He added that it also enabled advisers to be more practice in managing opportunities by identifying clients who had yet to maximise their contributions within a financial year.
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
