We have partnered with McGing Actuarial to develop a quick and easy online system so you can have your Actuarial Certificate SMSF completed. You can use this as a standalone service or bundled with your SMSF Administration service.
The process saves you time and does away with unnecessary information gathering. The system requires only the information that materially impacts the final calculation:
Pension account balance and dates
Major cash flows
As you will see from the following explanations, this is a tricky part of SMSF pensions administration and is probably best left to the experts.
What Are Actuarial Certificates SMSF, and Do You Need One?
An actuary prepares the actuarial certificate. It considers the source of the fund’s earnings for the financial year: i.e., from the accumulation or retirement phases.
It’s essential to separate the two, as earnings from the retirement phase have a tax exemption – the so-called exempt current pension income (ECPI).
An SMSF needs the certificate to claim the ECPI in its annual tax return.
Who Does NOT Need An Actuarial Certificate?
Self-managed super funds do not require an actuarial certificate if:
All members were in the accumulation phase for the entire financial year
All members were in the retirement phase for the whole financial year, even if they had disregarded small fund assets.
The second condition is new and applies only from the 2021-22 financial year when funds submit their 2022 tax returns.
Changes To Actuarial Certificate Requirements For SMSFs
This cost equates with the mid-cost in the Price Warner analysis of actuarial fees (Table 4). The research found a range of fees from $110 to $285.
When we prepare the accounts, our staff will input the data directly into the system to produce the certificate on your behalf. The accounts will be completed using the certificate’s results, and you can download the certificate for your records
Standalone Actuarial Certificate
Even if you don’t require us to prepare your financial statements, you can take advantage of our Actuarial Service, and generate a DIY certificate. You can input the data directly into the online actuarial form. It only takes a few minutes, and the actuarial certificate is quickly available for download. The cost of this DIY certificate is $143.