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  • Changes to actuarial certificate requirements

    Treasury Laws Amendment (2021 Measures No.6) Bill 2021 received royal assent on 13 September 2021. The law removes a requirement for superannuation trustees to obtain an actuarial certificate when calculating exempt current pension income (ECPI), where all members of the fund are fully in retirement phase for all of the income year. The law will apply to assessments for the 2021-22 income year and later years.

    Previously, funds with disregarded small fund assets were required to use the proportionate method and obtain an actuarial certificate, even when all of their members were fully in retirement phase for the entire income year. The new law:

    • reduces costs and removes unnecessary red tape for affected funds by removing this requirement, and
    • allows these funds to use the segregated method to calculate their ECPI.

    An actuarial certificate will still be required for funds where it is possible that at any time during the income year, assets and earnings are greater than the estimated liabilities, even if all members are fully in retirement phase. This is commonly seen in legacy (non-account based) pensions.

    SMSFs who were fully in retirement phase and only paying account-based pensions will not be required to obtain an actuarial certificate for their 2022 SMSF Annual Return.

    Our web content will be updated shortly to reflect these changes.

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      Last modified: 15 Sep 2021QC 66796