Tips to Completing the
Form to Save Time
Save your company and contact details in the form so you don't have to enter them each time.
If you would like an additional copy of the certificate, letter and invoice emailed to someone else (e.g. the trustees, a colleague or your supervisor) enter their name and email address. If this is not required - simply leave blank.
If the Fund has a Corporate Trustee, ONLY enter the name of that Corporate Trustee (The ACN and directors information is not necessary).
When listing individual trustees, only the full name of ONE trustee is required, however if you believe your clients might feel happier with all trustees listed - list them all, they will all appear in the certificate.
Only enter the details of those members with non-zero accounts in the Fund during the year.
Some Funds will have an asset or a set of assets segregated from the remainder of the Fund. If this is the case, only list the balances of the unsegregated pool of assets in the application form and indicate that there were segregated assets in the space provided.
Remember that we're preparing a calculation of the tax exempt percentage and a corresponding certificate, we are NOT auditing the Fund. So, it isn't vital that we know how many pensions each member has or what type of pension they are (as long as they're NOT Defined Benefit Pensions)
Since we're not the auditors, keep things simple. One column, one accumulation balance and one pension balance per member. If a member has multiple pensions, aggregate their opening balances to one amount.
If a pension commenced on 1st July, it isn't significant to the calculation or the certificate that the pension commenced on that date, what it effectively means is that from the start of the financial year this pension was in place. So:
- Show the opening balances as they were AFTER the pension commenced
- Don't include the pension commencement details in the Internal Transfer list
- If an existing pension was commuted (on 1st July) and a new pension commenced with this balance plus the existing accumulation balance (aggregation) simply show the entire opening balance in Pension.
Please check that the “from account” and “to account” details are correct.
These don't need to be broken down into Concessional and Non-Concessional.
In the Transaction Dates section it can be shown whether the benefits were paid from the Pension or the Accumulation account.
This is not used in the calculation so is not vital to the application form, however many clients prefer to be able to provide this figure so they can be comfortable the closing balance matches their financials.
Total Fund Balance
This is only required if there were Segregated Assets that weren't included in the application form. Please include them in the Total Fund Balance (required in the certificate by regulation).
The timing of transactions is vital to the accurate calculation of the tax exempt percentage. It is therefore very important that these details are provided accurately. Please ensure that all member transactions (Contributions, Transfers In and Benefits Paid) are listed in the Transaction Dates section.
Whilst there is room on the form to list up to 80 transaction date entries, it is not expected that you will exhaustively list each transaction when there are a large number of them.
- Uniform Transactions: If Pension Benefits or Contributions are regular and even throughout the year, show one entry for the ANNUAL TOTAL of these uniform transactions without a transaction date. We will interpret this as that amount being spread evenly throughout the year.
- e.g. Pension Benefit (without a date) 60,000 - this tells us that the member received $60K in Pension Benefits spread evenly throughout the year (roughly $5K per month)
- Monthly Transaction Summary: When things are messy and there are many Pension Benefits or Contributions each month, rather than list each one - list 12 monthly summaries of these transactions using the middle date (usually 15th) of the month as the transaction date.
Multiple Transactions on the same date
Each row can handle details of the same type of transaction (Contribution, Transfer In, Pension Benefit or Accumulation Benefit) for multiple members on the same date.
For all other transactions, please list transactions individually.