FAQs

• 1. What is number of accounts in members’ section?
• 2. I had purchased actuarial certificates of same fund during last year. Can some of the data be auto filled?
• 3. I have large number of contributions and pension payments. Do I need to enter each contribution and pension separately ?
• 4. For pensions starting on 1 July how do I enter the data ?
• 5. My SMSF has received a transfer from pension account with another fund. Can I take that to a pension account straightway?
• 6. If I select ‘whole of account balance’ to the question in accumulation account ‘This pension was commence with’ will the whole amount of accumulation automatically be ported to ‘purchase price of pension’?
• 7. I am getting a message “ Transfer from accumulation to pension account does not match with each other. Please check & correct” . What is this error ?
• 8. My SMSF do not have any unrealised gain / loss on investments, shall I leave the field blank ?
• 9. In the summary operating statement classification of income / expenses does not match with the classification as per my accounting software. For example, my software does not classify pension payments as an expense, hence my Income / Loss from operations does not match with the figures produced on your web form ?
• 10. I want to see the provisional exempt percentage before I submit the application for issuance of actuarial certificate ?
• 11. I want to make an amendment in my application after a certificate has been issued ?

This refers to number of accounts a member had during the year. For example if a member started with an accumulation account and during the year a pension was started with the entire balance in accumulation account, you would put 2 as number of accounts. One accumulation account and one pension account. Assume, that member received further contributions during the year. This means he had to start a new accumulation account since the last one got closed when whole of the balance was transferred to pension account.

Yes, if you have purchased actuarial certificate for this fund for last year from us we give you an option to auto fill some of the data like details of SMSF, its members and closing balances of last year which are auto picked as opening balances of current year. Even if you are applying for actuarial certificate for the first time and this SMSF has been formed on our website, you still can select the fund from drop list and fund details and member details will get auto filled.

Exempt percentage is calculated with the weighted balances so it is important that the transactions be entered on correct dates as changing the dates will affect the calculation of exempt percentage. However if the transactions are very small & relatively evenly spread out in a period you can combine them and enter as one transaction around middle of that period. However for large transactions we strongly recommend that the transactions be entered individually to get a correct exempt percentage.

For pensions starting on 1 July, you need to create two accounts. The opening balance has to be entered as an accumulation account and then transfer this balance to commence a pension on 1 July.

With our system transfers in from other funds are allowed in accumulation account only. So if you have received a balance transfer from a pension account with another fund that need to be brought into an accumulation account and on the same date can be transferred into a pension account.

No, this question is to determine whether the accumulation account has ceased to exist with the whole balance being transferred to pension account which is reflected in the member’s data table in the certificate. Purchase price of pension has to be manually entered.

The ‘Transfer outs’ from an accumulation account to pension account should match with the ‘Transfer ins’ in pension account. If these figures are not matching, you will get this error message. Please recheck and reconcile your figures.

No, you should not leave the field blank. You can enter the amount as ‘0.00’. Leaving the field blank will give an error on the page.

The figures you are required to enter in this summary operating statement are balancing figures and for reconciliation purpose only. These will not affect the calculation of exempt percentage. So if the classification of income / expenses does not match with the software used by you, just reconcile the figure manually by leaving/adjusting the figures as per operating statement produced by your software.

You can click on ‘Pay by other method’. The application will be saved in ‘ Finished unpaid documents’ in your document manager and you will get an email containing the provisional exempt percentage. When you are satisfied with the figure, you can choose to make the payment and submit the application.

After you have completed and submitted the application or the certificate has been issued, you may realise that the submitted data contains some error. If so, making an amendment is easy. Just phone our service centre and we will put your data back in edit mode for you to make the necessary changes. After you have finished amending the data, you need to click on ‘Pay by other method’ on the last page and that’s it on your part. After the amended application has been submitted, our actuary will go through the amended data and a replacement certificate will be issued. Amendments are free of charge. It is that simple.