Overview
The Fund Pension Policies screen allows you to request an Actuarial Certificate directly from Cumpston Sarjeant and enter the non-deductible expense proportions for a fund.
Pre-requisites
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.
Navigation
| From the Main Toolbar, go to Member. |
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| Select Fund pension policies from the list. |
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1. Select + New Actuarial Certificate.
2. The fund's current financial year will pre-fill. Select Request Actuarial Certificate to open the Actuary Wizard.
3. Select Cupston Sarjeant as the provider and click Next.
4. Complete and Review your contact details.
This section will pre-fill based on your current Simple Fund 360 license details. However, they are editable if required. To update the billing details such as the address select Optional Details.
4. Confirm Segregation Eligibility (This will only display for 2018 and later Financial years.)
From 01 July 2017, the ATO has determined that for any portion of an income year where an SMSF's assets are held solely to meet super income stream liability benefits (i.e. any period that the SMSF is in 100% pension phase) the SMSF trustee is required to calculate its ECPI for that portion of the income year using the segregated method. This applies for even part of an income year, which will result in the year being part segregated and part unsegregated.
Furthermore, from 1 July 2017, a fund cannot have any assets classified as segregated at any time during a particular financial year if at the previous 30 June:
- any member had a total superannuation balance of more than $1.6 million (and remember, total superannuation balance includes not just the balance in the SMSF but all superannuation in every fund to which the member belongs), and
- any of those members with more than $1.6 million also had a retirement-phase pension from any fund (not necessarily this SMSF).
If a fund cannot be classified as segregated, it simply means it cannot claim its tax exemption on a segregated basis. The fund is still eligible for an exemption, but under the Unsegregated method.
The member's TSB as at 30 June of the previous Financial Year will display. You will need to confirm to Cumpston Sarjeant whether or not the fund is eligible to use the segregated method or not. If no is selected the fund will automatically use the Unsegregated method for the entire Financial Year.
5. Click Submit to Actuary.
This will send the required data from BGL to Cumpston Sarjeant automatically
6. Select Click here to complete your application and Cumpston Sarjeant website will open in a new tab for you to complete your application.
Cumpston Sarjeant will not review any of the information sent until you confirm the application on their website.
The data sent by Simple Fund 360 will be pre-populated into Cumpston Sarjeant's web form.
Review the data and then click on 'Preview'.
A summary of your application will then be displayed. If you are happy to proceed please click 'Finalise'
The following confirmation will appear and Cumpston Sarjeant will send a finalised actuarial certificate and invoice to your nominated email address.
Receiving the Actuarial Certificate
After processing your payment, you will receive the actuarial certificate via email (sent to the nominated email address).
You will need to ensure that the Pension Policy in SF360 reflects the official tax exempt percentage issued by Cumpston Sarjeant.
In most cases this does not change, however, to update the Pension Policy in SF360, go to Members | Fund Pension Policies and click on the Actuarial % column in the Actuarial Wizard.
