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Actuarial Services  

ABP Certificates

An actuarial certificate is needed under s295-390 of the ITAA97 in order to claim a proportion of the assessable SMSF income as exempt from tax under the unsegregated method. No dataform is needed if you simply email us draft accounts before year end allocations and the general ledger. Alternatively, please use the dataform below.

2021/22 Cost: $77 Inclusive of gst

    Click here for Data Form  

Defined Pensions

For SMSFs with legacy s1.06(2) Lifetime; s1.06(7) Life Expectancy and s1.06(6) Flexi Pensions.The report checks that the assets meet the high probability requirement going forward and provides the s295-390 ECPI percentage for past year. To save you time we are happy to work from the draft accounts and last year's actuarial report rather than the dataform below.

2021/22 Cost: $220 inclusive of gst

        Click here for Application Form  

Lifetime Calculator

Lifetime

This calculator allows you to estimate the best estimate and adequacy liability of a lifetime pension for either a single person or a couple. (Save to desktop - Right click - unblock in properties)

      Click here to Download Calculator  

Min Pension Calcs

If a pension does not meet the minimum drawdown requirements, then the current pension income exemption is lost from the beginning of the financial year.

NetActuary has web based calculators that allow you to check these requirements for both Account Based Pensions and Market-Linked/TAPs.

  Click here to check ABP Minimums  

  Click here to check ML/TAP Minimums  

ECPI Changes

Draft legislation has been introduced to allow trustees to choose an ECPI legislation calculation method. Legislation will still need to enter and be passed.

The legislation will also clear up the need to obtain an unncessary ECPI certificate where teh fund is fully in retirement phase.

The dispensation to allow the tidy up of legacy pensions has also been foreshadowed.


Lions

Transfer Balance Caps

Special valuation (and other) rules apply to capped "defined benefit income streams" (DBIS). Flexi pensions don't fall under these rules. Market-linked pensions may or may not be a DBIS depending on the commencement date.  Currently, market linked pensions have commutation anomolies that need to be corrected by legislation.

Where the defined benefit income stream exceeds $100,000, 50% of the excess is included as assessable income and taxed at the individual's marginal tax rate.

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PO Box 750, Sandy Bay, Tas, 7006
Email: Brian@NetActuary.com.au
Direct Telephone: (03) 9028 5002