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Do I Require An Actuarial Certificate?
This has to be one of the most common questions I get asked and seemed like an excellent first blog topic. First of all, if your self managed super fund contains a defined benefit pension then the...
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Can I have an actuarial certificate for part of a year?
Section 295-390 of the ITAA 1997 makes it clear that the tax exempt proportion calculation for an un-segregated actuarial certificate uses the average values for a full financial year. The tax exempt...
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Why defined benefit pensions are not 100% tax exempt
An actuarial certificate will be required to calculate the tax exempt percentage for any pool of assets that contain a defined benefit pension. This is because defined benefit pensions in most cases...
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Good News! Centrelink debt relief for SMSFs with defined benefit pensions
On 15 April 2011, Jenny Macklin, Minister for Families, Housing, Community Services and Indigenous Affairs recently issued a Specification waiving the debt incurred on the commutation of a defined...
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Overview of defined benefit pensions
A defined pension as defined under Section 9A or 9B of the Social Security Act exchanges a purchase price for a specific defined income stream. The member ceases to have an interest in the assets and...
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Are you under-claiming SMSF tax deductions?
Did you know that SMSFs are entitled to include the total value of all concessional contributions, non-concessional contributions and roll-overs in the calculation of assessable income when determining...
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Longevity Insurance… how do we deal with living longer?
Longevity insurance refers to covering the risk associated with living longer than you expect. The Longevity Issue All Australians should be considering the consequences of living longer. But for...
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Continued tax exemption on pensions after the death of a member
The provisions to allow a pension superannuation interest to continue in pension phase on the death of the pensioner until the benefits are paid out has now become law under Income Tax Assessment...
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