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Where an account-based pension (ABP) in retirement phase does not meet the minimum pension standards in the SIS Regulations there are consequences, both for the superannuation fund and the pension recipient. These include reducing the fund’s claim for exempt current pension income (ECPI) and changing the mix of tax components of the pension interest.
SuperStream is not a new concept for self managed superannuation funds (SMSFs), however, from 1 October 2021 it will be mandatory for SMSFs to use SuperStream in relation to transfers in and out of the fund.
In this session Melanie Dunn will equip you with the knowledge required to know how and when a fund can claim ECPI in the annual return. Kevin Zhang will demonstrate how Class Super’s cloud-based SMSF administration technology assists accountants and administrators to ensure that the rules for claiming ECPI will be correctly applied in two case studies.
This FAQ article provides responses to questions that arose from our webinar presented on 6 May 2021, ‘ECPI and Actuarial Certificates – tips and traps’.
The proposed changes to the exempt current pension income (ECPI) rules are slated to come into effect from 1 July 2021, after being delayed twelve months from an original implementation date of 1 July 2020. With no draft legislation released by mid-April 2021, it has to be asked whether there will be a further delay to the start date or if any changes are actually required?
An SMSF that pays a retirement phases pension is entitled to claim ECPI. In 2017-18 SMSFs claimed a total of $14b in ECPI – a notional tax saving of $2.1b, making ECPI an obvious focus area for the ATO and consequently an important deduction to get right.
A key matter of importance to SMSF trustees is correctly claiming exempt current pension income (ECPI) and, in particular, understanding how ECPI is calculated when the fund has segregated assets. A fund’s assets can be segregated in many different ways and for many different reasons.
Superannuation is a highly tax-effective vehicle for the accumulation of retirement wealth. This paper will explore the exempt current pension income tax (ECPI) concession available to self-managed superannuation funds (SMSFs). It will include case studies for fund losses and segregation, and some tips for maximising your ECPI.
ECPI is one of SMSFs most important tax concessions and has seen a number of significant changes in recent years. Accurium’s SMSF Retirement Insights report analyses the two latest proposed Government changes to how SMSFs claim ECPI. Billed as red tape reducing measures, will they live up to their name and reduce complexity for practitioners and SMSF trustees?
Transition to retirement income streams (TRIS) can be a useful tool for members of a self-managed super fund (SMSF) who have reached their preservation age and wish to reduce their working hours without reducing their income. However, there may be additional restrictions on these income streams which you need to be aware of.
The significant superannuation reform package that came into force on 1 July 2017 also saw the ATO release updated guidance on how self-managed superannuation funds (SMSFs) claim exempt current pension income (ECPI). These changes, which apply from the 2017-18 income year have made the question of whether an actuarial certificate is required more difficult to answer.
Recently we have seen large falls in the market and corresponding decreases in superannuation balances due to Covid-19. In response to this, a temporary reduction in the required minimum pension payments for account-based pensions and market-linked pensions (including allocated pensions) has been introduced for the 2019/20 and 2020/21 income years.