Q: I have a fund that starts off the year in full accumulation phase and then moves into full retirement phase on 1 January 2023. After that, a member receives a contribution on 1 February 2023. Both members have a Total Super Balance of less than $1.6 million so deemed segregation is possible. Will the […]
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Follow our simple questionnaire Determine whether your SMSF requires an Actuarial Certificate. (Excel format, 510KB)
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SMSFs that have deemed segregated periods during a given financial year will now be able to choose whether to keep those periods as Segregated or use the Unsegregated Method for the entire financial year. This ‘choice’ will provide Trustees with greater opportunity to strategically maximise their Exempt Current Pension Income (ECPI) outcome. The Australian Government […]
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Using the unsegregated or segregated method for the purpose of claiming Exempt Current Pension Income (ECPI) will no longer be a choice for some SMSFs. Introduced in the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016, the decision to use the unsegregated or segregated method for the purpose of claiming Exempt Current Pension Income […]
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For SMSFs that incur general expenses from assets gaining or producing both Exempt Current Pension Income (ECPI) and assessable income in a given financial year, they may be eligible to claim a portion of the expenses as deductible. The Australian Taxation Office require that the apportionment of deductibility that is applied to general expenses is […]
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The Australian Government have released further details regarding proposed changes to claiming Exempt Current Pension Income (ECPI) which will attempt to reduce complexity and associated reporting costs for Trustees. Two proposed amendments: Originally revealed back in the 2019/20 Federal Budget, the Australian Government announced that they would seek to reduce red tape for superannuation funds […]
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The Government have announced that they will be deferring the proposed Exempt Current Pension Income (ECPI) changes, announced in last year’s Federal Budget, until 1 July 2021. What are the proposed changes? 1. Providing ‘choice’ around which method can be used for claiming ECPI Currently, for SMSFs that are eligible to use the Segregated Method […]
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In the following webinar recording, Aaron Dunn, CEO and Co-founder Smarter SMSF and Rebecca Oakes, Technical Manager at Act2 Solutions discuss important insight into the most common issues and strategy considerations around ECPI within SMSF.
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Last week the Government announced a range of economic stimulus measures in response to COVID-19. These changes include amending the minimum payment amounts for account-based pensions, market linked pensions and allocated pensions. There are two ways to understand the impact of these changes – the simple way, and the detailed way. Keeping it Simple If […]
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For SMSFs that incur general expenses from assets gaining or producing both Exempt Current Pension Income (ECPI) and assessable income in a given financial year, they may be eligible to claim a portion of the expenses as deductible. To calculate the apportionment fairly and reasonably, there are two methods available under Section 8.1 of Tax […]
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