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Supported Actuarial Certificate Providers


The following providers are available through Fund Pension Policies:

 

Actuarial Certificate Provider

2016/2017 and previous years

supported

2017/2018 and subsequent years supported
Act2 SolutionsYESYES
AccuriumYESYES
Cumpston SarjeantYESNO
Lime ActuarialYESYES
HeffronYESYES
Haintz ActuarialYESNO
Verus ActuariesYESYES

Coming soon

The following actuary providers will soon be supported for the 2017/2018 financial year onwards:

  • Lime Actuarial
  • Haintz Actuarial

Overview


The Fund Pension Policies screen allows you to request an Actuarial Certificate directly from Accurium and Act2 Solutions and enter the non-deductible expense proportions for a fund. Users can also manually input actuarial details if they have obtained an actuarial certificate externally. 

Currently the Fund Pension Policies screen is not accessible when using Safari as the browser. Please use an alternate browser.

Navigation


From the Main Toolbar, go to Member.

Select Fund pension policies from the list.

Manually Input an Actuary Percentage

 


 

Important Prerequisites to use the Actuarial Wizard

  1. Enter all transactions for the financial year.
  2. Member(s) have been converted to pension mode.
  3. Fund relationships for the Trustee and Tax Agent have been entered.
  4. Fund Details have been entered (ABN,TFN etc).
  5. Create entries is not required to be processed to the end of the year.

 

  1. Select + New Actuarial Certificate.



  2. The fund's current financial year will pre-fill. Select Manually Enter Details to open the Pension Policy screen.



  3. Input the following details: 

    FieldExplanation
    Certificate ProviderSelect the Certificate Provider.
    Actuarial PercentageInput the Actuarial Percentage.
    General Exp PercentageInput the non-deductible General expenses percentage.
    Investment Exp PercentageInput the non-deductible Investment expenses percentage.
    Certificate StatusSelect the status as Estimate or Confirmed.
    Certificate CreationSelect Manual.




  4. Select Save

General and Investment Expense Percentages (non-deductible expenses)


See also: Calculating Non Deductible expenses for Partly Pension Funds

For an overview of how Simple Fund 360 applies these percentages, please refer to: General and Investment Expenses

Generally, expenses incurred by an SMSF in deriving Exempt Current Pension Income cannot be claimed anywhere on the SMSF Annual Return. Where an expense relates to both accumulation and pension members, the expense must be apportioned so that only the proportion of the expense relating to the production of assessable income is claimed.

If you requested an Actuarial Certificate through Accurium and Act2, by default these percentages will pre-fill using the ATO Formula TR 93/17. These fields are editable if you are inputting a different percentage.



Foreign Income Tax Offsets/Foreign Tax Credits: Actuary percentage is now apportioned over foreign tax credits claimable by pension funds (as per ATO instruction). 

 

Simple Fund 360 provides the following options for calculating general and investment expenses (select from the drop down list):

OptionExplanation
Use ATO Formula (TR 93/17)

Select this option to calculate the general and expense percentages based on the formula contained in the ATO's Taxation Ruling 93/17 (Simple Fund 360 will complete the calculation during the Create Entries Process).

For more information on TR 93/17, click here

User SpecifiedSelect this option to input a manual percentage for both the general and investment expenses.
Use Actuarial PercentageSelect this option to use the current year actuary percentage for both the general and investment expense percentages.
Was the fund in full pension phase for the income year?

Select this option if the fund was in full pension phase for the entire year and any capital gains and losses generated by the fund will be ignored. No Net Capital Gain will be reported in the SMSF Annual Return and all CGT events will be treated as though the fund's assets have been fully segregated to pension members.

Important: This option will only appear if the fund's actuary percentage is 100% and there are no Notional Captial gains realised in the year

General Expenses


By default the accounts that use the tax label Expenses - General Expenses are:

 

General Expenses %
30100Accountancy Fees
30200Administration Costs
30500Advertising
30700Auditors Remuneration
30800Asic Fees
30900Advisor Fees
31500Bank Charges
32800Commission
35000General Expenses
37700Interest Paid - ATO General Interest
37900Interest Paid 
38000Insurance
38200Fines
38700Legal Fees
40500Member Expenses
41800Postage, Printing and Stationary
47500Trustee Fees

Investment Expenses


By default the accounts that have the tax label set to Expenses - Investment Expenses are:

 

Investment Expenses %
33400Depreciation
37500Investment Expenses
39700Light and Power all properties
40000Management Fees
41910 - 42150Property Expenses

After Completing the Actuarial and Expense Percentage Details


After receiving an Actuarial Certificate from either Accurium or Act2, or inputting the Actuarial details manually, you will need to reverse and re-create entries for the percentages to be included on the year end calculations (if you had created entries to 30 June prior to applying for the actuary certificate). See The Create Entries Process for more information. 

If you applied for the actuarial certificate but did not create entries to 30 June prior to your application (it is not mandatory) you will need to create entries to 30 June once you have input the actuarial information. 

Uploading the Actuarial Certificate


The Actuarial Certificate can be uploaded to the Documents section of SF360.