Heffron takes a unique approach to SMSF pension documentation


Meg Heffron

Accountants and advisers now have access to a unique industry tool dedicated to delivering pension documentation, with the launch of Heffron’s new Pension Pack.

Working as part of Heffron’s Super Toolkit, the Pension Pack tool is designed to help accountants and advisers deliver pension documentation for their SMSF clients that is both fully compliant and also reflects how pensions happen in real life within an SMSF.

Heffron Managing Director, Meg Heffron, says SMSF pension documents are often prepared well after the pension has started, but written as if they were signed in real time. She says it’s one area where industry professionals fall down unnecessarily.

“Sometimes the precise amount used to start a pension is known well in advance and documented upfront. More likely, the member knows they will commence a pension with their full account balance but won’t know exactly what that will be until the financial statements are prepared.”

“The documentation needs to reflect the fact that it is either confirming a decision made some time ago to start a particular pension or flag that the pension is being documented before it starts but some information will be added later.” says Heffron.

Heffron’s new pension tool accommodates and documents all these scenarios.

“And of course, the tool incorporates all the checks and reminders we would use in our own practice before setting up a pension. This is one of the areas where we think we can really help advisers and accountants – using our knowledge of the rules and actual industry practice to get their documentation right.” says Heffron.

The Pension Pack is in addition to Heffron’s existing Super Toolkit’s components; Investment Strategy, COVID-19 Rent Relief and Investment Strategy Review. New features, including integration with SMSF software, multiple user accounts and guided documentation will continue to be added to the Super Toolkit when the next subscription level (designed specifically for SMSF professionals) is introduced.

For a limited time only, users will be able to access the new pension tools as part of their existing monthly Toolkit subscription of just $20 + GST with no lock in contract.

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