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 email@example.com
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.
Streamlined Pension Form - $165 incl GST
- Streamlined Pension Form 2020 * (xlsx format)
- Streamlined Pension Form 2019 * (xlsx format)
- Streamlined Pension Form 2018 * (xlsx format)
- Streamlined Pension Form 2017 (xlsx format)
Older forms and formats are available by emailing firstname.lastname@example.org
- Standard Pension Form - $264 incl GST
- Standard Pension Form 2020 *
- Standard Pension Form 2019 *
- Standard Pension Form 2018 *
- Standard Pension Form 2017
* The ATO has confirmed its interpretation of what constitutes a segregated current pension asset for the purposes of calculating exempt current pension income. The ATO’s view is that during a period where a fund’s only superannuation liabilities relate to retirement phase pensions its assets are deemed to be segregated current pension assets. From 1 July 2017 the ATO requires the tax exempt percentage to be determined only in respect of periods where the fund has liabilities not entirely in retirement phase, see heading SMSF Assets are segregated for part of an income year The ATO recognises this differs with current practice (where if a fund was unsegregated for part of year the tax exempt percentage could be calculated in such a way that it applied for the entire financial year) and expects funds to comply with its interpretation for the 2017-18 year onwards.
To reduce the workload in relation to these changes some funds may well maintain an Accumulation Account or TTR balance during the year so that the tax exempt percentage applies to all investment income over the period ie effectively similar to the regime that has applied during the past. Funds might then be fully converted to segregated assets when they are not affected by the transfer balance cap, all members have met a condition of release, all members are in pension mode and there are unlikely to be any further contributions or rollovers received. This approach could substantially reduce the administrative burden and in general would have minimal effect on the tax payable on investment income.
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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 retirement phase 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:
- Retirement Phase 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