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Accurium leads the way in providing options for ECPI choice 

7 Dec 2022

Written by

Melanie Dunn
 
 
 
 
 

Client feedback is always valued at Accurium as it provides opportunities to improve our services and meet our clients’ needs. Recently a client gave us some great feedback about the changes we made to help clients with ECPI choice:

‘I love to use Accurium for actuarial certificates because you make it easy to compare the exempt income proportion my client would receive if they did, or did not, apply the ECPI choice rules, and it is much more straight forward than with other certificate providers‘.

The Accurium actuarial certificate application provides the ability to toggle between the election to apply ECPI choice or not before you submit and finalise the actuarial certificate application. This allows our clients to complete a comparative analysis of ECPI outcomes for a fund of applying ECPI choice or not. 

What is ECPI choice? 

From the 2021-22 income year SMSF trustees are able to choose their preferred method of calculating ECPI. This will provide options to claim exempt income under the segregated or proportionate methods for an income year. Click here for more information. 

How to do an ECPI choice comparative analysis when ordering an actuarial certificate from Accurium? 

Accurium’s actuarial certificate process asks you to confirm your choice. During the ‘segregation’ step of the actuarial certificate application form you will see the following question:

A comparative analysis can be completed by toggling between Yes (proportionate method) and No (use segregated method in periods of deemed segregation). The illustration of fund liabilities for the year will update based on the selected choice and the ‘review’ step will provide the draft exempt income proportion based on that choice. Simply change the choice in the ‘segregation’ step to compare outcomes. This comparison can be completed without needing to finalise and submit the actuarial certificate application. 

Even after deciding on the selection for ECPI choice and completing the actuarial certificate order there is flexibility to make a change. Accurium offers free amendments to actuarial certificates at no additional cost, so if the Trustee changes their mind at a later stage the actuarial certificate can be updated without any financial impact. 

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Disclaimer
This information is general information only and not intended to be financial product advice, investment advice, tax advice or legal advice and should not be relied upon as such. As this information is general in nature it may omit detail that could be significant to your particular circumstances. Scenarios, examples, and comparisons are shown for illustrative purposes only. Certain industry data used may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Accurium has not independently verified any such data provided by third parties or industry or general publications. No representation or warranty, express or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. We recommend that individuals seek professional advice before making any financial decisions. This information is intended to assist you as part of your own advice to your client. Use of this information is your responsibility. To the maximum extent permitted by law, Accurium expressly disclaims all liabilities and responsibility in respect of any expenses, losses, damages or costs incurred by any recipient as a result of the use or reliance on the information including, without limitation, any liability arising from fault or negligence or otherwise. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision.
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