Important Prerequisites to use the Actuarial Wizard
Enter all transactions for the financial year.
Member(s) have been converted to pension mode.
Fund relationships for the Trustee and Tax Agent have been entered.
Fund Details have been entered (ABN,TFN etc).
Create entries is not required to be processed to the end of the year.
Select + New Actuarial Certificate.
The fund's current financial year will pre-fill. Select Manually Enter Details to open the Pension Policy screen.
Under the Unsegregated Method section enter the percentage in the Tax Exempt (Actuarial ) Percentage field:
Tax Exempt (Actuarial) Percentage
Input the Tax Exempt Percentage received from the Actuary or in the case of a fund which is deemed to be segregated for tax purposes enter 100%
Where the percentage entered is equal to 100% this option will be available. Enabling this means you want ECPI for the fund calculated using the Segregated Method.
Assets of a complying fund are segregated current pension assets at a time if the assets are specifically identified as supporting retirement phase income streams and the income from these assets has the sole purpose of funding payment of retirement phase income streams. Capital gains and losses are disregarded if a capital gains tax event occurs in relation to a segregated current pension asset
The Segregated Method section will be available for the 2018 Financial Year and later:
Under the Segregated Method section enter the following:
Tax Exempt Percentage
This will be locked at 100%
From 1 July 2017, a fund cannot use the segregated method at any time during a particular financial year if at the previous 30 June any member had a TSB of more than $1.6 million, and also had a retirement-phase pension from any fund (not necessarily this SMSF).
Select this checkbox to confirm that the fund is eligible which will allow you to enter the segregated periods
Enter the periods of time for the year where the fund is using the Segregated Method for claiming ECPI.
For any portion of any income year where a SMSF is in 100% retirement phase and does not have disregarded small fund assets, ECPI is calculated using the segregated method.
If you have selected the checkbox 'Was the fund in full pension phase for the income year?' then this will default to the Full Financial Year.
Under the Non-Deductible Expenses section, select the methods you will be suing to calculate non-deductible expenses for the fund