We are pleased to announce the release of the new actuarial certificate process in Simple Fund 360.
This process change handles the ATO’s new Exempt Current Pension Income calculations.
These changes required a huge amount of work. The ATO’s new interpretation of the ECPI rules have really complicated the calculations. Deemed segregation, part year pensions, when you do and do not require an actuarial certificate has all become so complicated.
This Simple Fund 360 update has been completed with the support of 7 of our actuarial certificate providers – 5 are available today: Accurium, Act2, Heffron, Verus and Lime, and 2: Hainz and Cumpston Sarjeant will be available soon. We have worked with all our actuaries to design a common data payload with flexibility for any further changes to the ECPI requirements. It’s great to see everyone coming together to solve a problem.
The new requirements demand SMSF administrators to take a very close look at any fund with a pension account. Some funds may now be deemed to be segregated for part of the year, some may not, some may now not require an actuarial certificate at all. It is import clients are aware of these changes.
BGL has over 20 years experience in connecting businesses with all types of integration and data feeds. Our ecosystem now includes 250+ integration partners including banks, brokers, wrap accounts, registries, actuary, document providers, practice management solution providers and a host of other industry software solutions.
BGL’s Simple Fund 360 Marketplace is now being used in by over 50 integration partners.
To meet many of our integration partners, join us at BGL REGTECH 2018 Accountants in BETA from 31 July 2018 to 14 August 2018 in Sydney, Brisbane, Adelaide, Perth and Melbourne.
Can you please give us more specific details as to how this is working from BGL into let’s say Accurium ?
Is it using multiple Pension Policy date ranges to match to different segregated deeming periods ?
Is there an article you can share with us ?
Hi Brian
Thanks for your query. Essentially the Actuaries (Accurium) would send back one percentage for all unsegregated period. The pension policy screen will specifically identify the periods that are unsegregated and deemed segregated and this will all display under a single pension policy record. For more information please refer to:
https://sf360.zendesk.com/hc/en-au/articles/360017535472-Changes-to-ECPI-from-01-July-2017
If you require further clarification please do not hesitate to contact BGL Support on 1300 654 401. Thanks.