The bureaucrats have lost it again. With the new $1.6 million pension cap the public servants want to know about any changes to pensions where the balance of a member is greater than $1 million.
They have partly back tracked and stated that the reports only need to be done quarterly. They initially wanted it done each time an event occurred.
None of this effects the collection of tax which is the prime function of the Australian Taxation Office.
We will add this to our suite of services to our clients with an SMSF.