PBA Super can provide an actuarial certificate for a SMSF providing a prescribed pension (account-based pension, allocated pension and/or market-linked pension). The cost of the certificate varies according the whether the streamlined or standard request form is used (see below). To proceed you just need to download the form for the relevant financial year, complete and email to firstname.lastname@example.org
From 1 July 2011 a new streamlined request form has been introduced that requires slightly more input but has the advantage of substantial cost savings, strong validations on the data and will calculate the tax exempt percentage on the spot in most cases. Also some fields have a drop down menu where a code can be chosen or entered directly. If you are using Excel 2007 or later it is desirable to save the form in xlsx format.
The introduction of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 may require commutation of pensions on or before 30 June 2017. Attached are links to LCG 2016/8 Superannuation reform: transfer balance cap and transition to retirement-to-retirement reforms: transitional CGT relief for superannuation funds LCG 2016/8 and LCG 2016/9 Superannuation reform; Transfer cap balance LCG 2016/9
Streamlined Pension Form - $165 incl GST
- Streamlined Pension Form 2017 (xlsx format)
- Streamlined Pension Form 2016 (xlsx format)
- Streamlined Pension Form 2015
- Streamlined Pension Form 2014
- Standard Pension Form - $264 incl GST
- Standard Pension Form 2017
- Standard Pension Form 2016
- Standard Pension Form 2015
- Standard Pension Form 2014
Older forms and formats are available by emailing email@example.com
All files have undergone virus checking using Kaspersky antivirus software. Depending on Microsoft Trust Centre Setting files may open in Protected View and you may then need to enable editing to input the relevant data.
When do you need a certificate?
An actuary is required to prepare an actuarial certificate for any year in a respect of a SMSF:
(a) if the fund provides a prescribed pension during a year at the same time as having members in non-pension mode; and
(b) the assets between these 2 classes of members are not segregated.
The attached document gives a more detailed description of:
- Prescribed Pensions
- Unsegregated Assets
- Segregated Assets
- Complying (Defined Benefit) Pensions
With introduction of Simplified Super there have been significant changes to the Income Tax Assessment Act 1997 effective 1 July 2007. The attached below details the main areas of the act dealing with segregation and the formula relating exempt income.ITAA Extract