Date posted: 3/04/2019 2 min read

Government accepts Chartered Accountants ANZ recommendation on actuarial certificates

Self-managed super funds can obtain an actuarial certificate for the whole income year.

In Brief

  • Actuarial certificate rule improved for funds with accumulation and pension monies
  • Funds with only pension members will no longer require an actuarial
"Self-managed super funds with accumulation and pension phase monies can obtain an actuarial certificate for the whole income year."

From 1 July 2020, the Australian government will allow self-managed super funds with accumulation and pension phase monies to obtain an actuarial certificate for the whole income year as opposed to only the period of time in which the fund was fully in the pension phase.

In addition, an actuarial certificate will no longer be required if all members are receiving pensions. This rule will apply to super funds that have at least one member with a Total Super Balance over $1.6 million.

These are welcome reforms that Chartered Accountants ANZ has advocated for over several years.