for allocated, account-based and market linked pensions
for defined benefit pensions
Use Cleardocs to obtain your annual actuarial certificate for a SMSF that pays a pension. Your SMSF may require the certificate to qualify for an exemption from tax on SMSF income in respect of assets used to support the pension payments.
Heffron Expertise The actuarial certificate is provided to you through our partnership with Australia's Premium Comprehensive SMSF service provider, Heffron Consulting.
Time taken to complete 10 minutes.
Cost $ 187.00 (inc GST) — for allocated, account-based and market linked pensions
Cost $ 880.00 (inc GST) — for defined benefit pensions
How does the process work?
- If you do not have a Cleardocs account, register as a user.
- Log into your Cleardocs account.
- Select Actuarial Certificate from the Superannuation menu and click "Start a new order".
- You will be taken to the Heffron online order form which you will need to complete. If the fund has a Cleardocs deed then we can pre-populate the fund information into the Heffron online order form.
When you have completed the online order form Heffron will:
- provide you immediately with an approximate tax exemption percentage; and
- email the necessary documents to you:
- for an SMSF providing allocated, account-based and/or market-linked pensions - an actuarial certificate; or
- for an SMSF providing defined benefit pensions - an actuarial valuation.
Does the SMSF require a Cleardocs trust deed?
No, an SMSF does not require a Cleardocs SMSF Trust Deed to obtain an actuarial certificate through Cleardocs.
How long will it take for me to receive the actuarial certificate?
After you complete Heffron's online order form and provide the required documents and information, you will receive an approximate tax exemption percentage on your screen. You will then receive the actuarial certificate by email from Heffron:
- for a SMSF providing allocated, account-based and/or market-linked pensions – within 1 business day
- for defined benefit pensions – within 5 business days
How often does the SMSF require an actuarial certificate?
A separate actuarial certificate is required for each financial year that the fund wishes to claim a tax exemption.
Which SMSFs require an actuarial certificate?
There are two situations where an actuarial certificate is required:
- a fund is paying an account balance pension - for example, account based or market linked – and the assets are unsegregated; and/or
- a fund is paying a defined benefit pension - for example, complying lifetime, complying life expectancy or commutable lifetime.
For a diagrammatical overview, click here. You will see that the timing of the pension commencement during the course of the year also plays an important role in determining your client's requirement for an actuarial certificate.
What types of SMSFs can use Cleardocs to obtain their actuarial certificate?
We can provide you with actuarial certificates for all types and combinations of SMSF pensions – account based, market linked and defined benefit.
What is "segregation" and "segregated assets"?
Segregation is only relevant in determining when an actuarial certificate is required if the fund is not paying a defined benefit pension. If a fund is paying a defined benefit pension an annual actuarial valuation will always be required.
Specific assets within the fund are segregated if they are solely used to back the pension. This means that all members of the fund receive a pension with all of their balances for the entire financial year and the fund has no reserves.
A fund with both pension and accumulation balances might achieve segregation by earmarking specific assets for the pension balances and other assets for the accumulation balances. This is administratively complex and therefore relatively rare.
If you are interested in a bulk order for actuarial certificates, then let us know. We can speak with our partners at Heffron about any special rates.
Questions or further information
If you have questions:
- about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
- about actuarial certificates, contact the Cleardocs helpline on 1300 307 343. If you need assistance, we will arrange for you to speak with our partners at Heffron. Heffron provides a free helpline for Cleardocs customers in relation to obtaining actuarial certificates ordered through Cleardocs. If you require written advice, then this will be charged for.
- Take advantage of Heffron's expertise
- Pre-population of fund details with existing Cleardocs SMSF trust deed information - saving you time and typing
- Extensive online help and local phone support
- Easy to use question interface