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
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
