Another financial year has been and gone and you’ve only just realised that an Account Based Pension has not met the Minimum Pension Standards. Sound familiar? Well you still might be in luck. The Commissioner of Taxation can exercise their General Powers of Administration (GPA) and allow a super income stream to still be entitled […]

With a new financial year just beginning, there is no better time to start thinking about strategies to maximise Exempt Current Pension Income (ECPI) than right now. Two methods on claiming ECPI For SMSFs who intend on claiming ECPI, there are two methods available: Unsegregated Method and Segregated Method. For Trustees who have elected to […]

Let us break down the five most common mistakes we see when it comes to failing to meet the minimum pension standards. Account Based Pensions (ABP) are required to pay a minimum amount each financial year in order to satisfy the minimum pension standards and be eligible to claim Exempt Current Pension Income (ECPI). It […]

To ensure you have complied with the ECPI changes that came in to effect 1 July 2017, we have taken the liberty of putting together an easy-to-use checklist to assist you in correctly completing your actuarial certificate requests for the 2017/18 year. 1. Did the SMSF pay a Transition to Retirement Income Stream (TRIS) during […]

Two sections added to Act2 actuarial certificates Act2 Solutions have recently updated their actuarial certificate to reflect the Exempt Current Pension Income (ECPI) changes that came into effect for the 2017/18 financial year. There are two new and important sections added to the actuarial certificate that you need to be aware of.   Eligibility to […]

Changes to TRIS The good old days of a Transition to Retirement Income Stream (TRIS) receiving tax free earnings is now a distant memory for most SMSFs. Effective 1 July 2017, the Australian Government have removed the tax exemption on earnings received from assets supporting a TRIS that is not in ‘retirement phase’. The intention […]

Everything you need to know on Deemed Segregation The Australian Taxation Office (ATO) have provided further guidance on when it is compulsory to use the segregated method for the purposes of claiming Exempt Current Pension Income (ECPI). This guidance was not consistent with previous industry practice and as a result, calculating ECPI will be a […]