Can someone please direct me to the easiest (correct) way to account for the following issue;
Fund with two members commenced pensions in 2017 - in 2019 the trustees forgot to pay the minimum pension payments. For no good reason and will not qualify for any of the ATO exemptions. So I need to treat the fund as taxable for the full year and the two pension payments actually made need to be treated as lump sum payments. Do I need to convert and transfer the opening balances at 1/7/2018 to accumulation or can I just simply use a actuarial percentage of 0%?