How is a 100% pension fund treated in Simple Fund 360?
Before you create entries to year-end, a Pension Policy is required to be entered into Simple Fund 360.
|From the Main Toolbar, go to Member.
|Select Fund pension policies from the list.
From the Fund Pension Policy page, select +New Actuarial Certificate.
- Select Manually Enter Details from the drop down list.
- Ensure the fund's current financial year has been selected.
- Select the Manually Enter Details Button.
- Update the fund's Pension Policy.
|Was the fund in full pension phase for the income year
|By having this option selected , all CGT Events will be treated as though the fund's assets have been fully segregated to pension members. The Create Entries process will ignore any capital gain or loss, leading to no Net Capital Gain reported on the SMSF Annual Return.
General & Investment Exp Percentage
|Input your General and Investment Expense Percentages, for example, input 100%
Once the pension policy has been updated, select .
You will now be able to create entries to year-end.
When a fund manually set to 100% Tax Exempt is rolled over to the next financial year, Simple Fund 360 will automatically create a new identical policy. If any changes are required, this policy would need to be updated manually.
Unsegregated funds that are part pension, part accumulation will apply for an actuarial certificate prior to completing the year-end accounts. See Fund Pension Policies for actuary application instructions.