actuarial certificate
If the fund in pension phase, no contribution received throughout the year, only received interest and dividend income plus profit on shares sold, is it all tax free? Do we still need to request actuarial certificate?
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Official comment
Hi Chloe,
As per the ATO.
Extracted from the ATO Website.You do not require an actuarial certificate as long as the fund is in the 100% pension phase, does not have Disregarded Small Fund Assets and meets the requirements mentioned above.
To enter the 100% in the Fund pension policy phase, you can do so manually.
How to manually enter a pension policy when the fund is Deemed Segregated.I hope the above answers your post and if there are any further questions please reply to let me know so I may assist further.
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Thank you for your help. It is really useful.
I have follow the steps. There is a warning while i create entries.et me know if you want
Let me know if you want to login to the fund.
Thank You.
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Hi Chloe,
Thank you for the reply!To address the warnings on the create entries screen:
- The first error is about there being no market price entered on the 30/06/2024 for a property. This is fine because the system will use the previously entered market price.
- For the second warning, the system is informing you that Section B - Income of the annual return will not be filled in if there isn't any other assessable income received during the year (which means all of the income will be reported as exempt and thus 100% tax-free).
- The third warning is about a member becoming 65 years old, so the system has automatically moved their preserved amounts to unrestricted non-preserved.
I hope the above answers your post and if there are any further questions please reply to let me know so I may assist further.
0 - The first error is about there being no market price entered on the 30/06/2024 for a property. This is fine because the system will use the previously entered market price.
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