BGL has updated Simple Fund 360 for the changes to how Exempt Current Pension Income (ECPI) needs to be calculated.
“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,” said BGL.
“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.”
Five of the actuarial certificate providers in Simple Fund 360 work with the update – Accurium, Act2, Heffron, Verus and Lime – with Hainz and Cumpston Sarjeant to 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,” said BGL.
BGL will be holding its REGTECH 2018 conference in major cities starting 31 July 2018:
- BGL REGTECH Sydney – 31 July 2018
- BGL REGTECH Brisbane – 1 August 2018
- BGL REGTECH Adelaide – 7 August 2018
- BGL REGTECH Perth – 8 August 2018
- BGL REGTECH Melbourne – 14 August 2018