The Fund Pension Policies screen allows you to request an Actuarial Certificate directly from Verus Actuaries and enter the non-deductible expense proportions for a fund.
Important Prerequisites to use the Actuarial Wizard
- Enter all transactions for the financial year.
- Member(s) have been converted to pension mode.
- Fund relationships for the Trustee and Tax Agent have been entered.
- Fund Details have been entered (ABN,TFN etc).
- Ensure the create entries process has been completed to the end of the year.
|From the Main Toolbar, go to Member.|
|Select Fund pension policies from the list.|
Requesting an Actuarial Certificate from Verus Actuaries
BGL and Verus Actuaries have updated this process so that it takes into account all the new requirements applying to actuarial certificates from the 2017/18 tax year
- Select + New Actuarial Certificate.
- The fund's current financial year will pre-fill. Select Request Actuarial Certificate to open the Actuary Wizard.
- Select Verus Actuaries as the provider and click Next.
Complete and Review your contact details.
This section will pre-fill based on your current SF360 license details. However, they are editable if required. Also input any additional comments on your application, including any sections of the information that you may be uncertain of. This information will be transmitted to Verus Actuaries along with the application. Click Next to proceed.
Confirm Segregation Eligibility (This will only display for 2018 and later Financial years).
From 01 July 2017, the ATO has determined that for any portion of an income year where an SMSF's assets are held solely to meet super income stream liability benefits (i.e. any period that the SMSF is in 100% pension phase) the SMSF trustee is required to calculate its ECPI for that portion of the income year using the segregated method. This applies for even part of an income year, which will result in the year being part segregated and part unsegregated.
Furthermore, from 1 July 2017, a fund cannot have any assets classified as segregated at any time during a particular financial year if at the previous 30 June:
- any member had a total superannuation balance of more than $1.6 million (and remember, total superannuation balance includes not just the balance in the SMSF but all superannuation in every fund to which the member belongs), and
- any of those members with more than $1.6 million also had a retirement-phase pension from any fund (not necessarily this SMSF).
If a fund cannot be classified as segregated, it simply means it cannot claim its tax exemption on a segregated basis. The fund is still eligible for an exemption, but under the Unsegregated method.
The member's TSB as at 30 June of the previous Financial Year will display. You will need to confirm to Verus Actuaries whether or not the fund is eligible to use the segregated method or not. If no is selected the fund will automatically use the Unsegregated method for the entire Financial Year.
Click Submit to Actuary.
This will send the required data from BGL to Verus Actuaries automatically
Select Click here to complete your application and Verus Actuaries’ website will open in a new tab for you to complete your application.
Verus Actuaries will not review any of the information sent until you confirm the application on their website. Verus Actuaries also does not provide an estimated percentage until you have completed your application on their website.
Verus Actuaries - Reviewing certificate data and ordering
Step1: Log In or Register
You can log in before reviewing your data. If you do not currently have a user account and would like to set one up, please call 1800 978 328 or email firstname.lastname@example.org.
Proceed Without Logging In
Step 2: Review the data on screen
Step 3: Calculate Draft Tax Exempt Percentage.
Step 4: Submit Request
Step 5: Confirmation and Payment
You will receive a confirmation request. You can choose to pay now or wait until you receive the completed actuarial certificate.
Receiving the Actuarial Certificate
After submitting your request to Verus Actuaries, you will receive the actuarial certificate via email (sent to the nominated email address).
You will need to ensure that the Pension Policy in SF360 reflects the official tax exempt percentage issued by Verus Actuaries.
The Tax Exempt Percentage, Segregated and Unsegregated periods and the Certificate Status will all automatically be updated by Verus Actuaries.
See Fund Pension Policies for more information on non-deductible expenses.
Amending an Actuarial Certificate
How do I prepare amended actuarial certificates for Verus Actuaries?
If you need to prepare an amended certificate:
- Make any necessary changes to the fund information (transactions);
- Re-request an actuary certificate completing the steps from the above section Request an Actuarial Certificate from Verus Actuaries (steps 1 -9);
- View the application on the Verus Actuaries website by selecting View Application.
- Verus Actuaries automatically detects amendments to previous requests, which will be provided free of charge. You will receive an amended certificate via email