SMSF administration software provider Class Super has teamed up with consulting firm Bendzulla Actuarial to further streamline the actuarial certification process.
SMSFs that have current pension liabilities can claim a proportion of the net ordinary assessable fund income as exempt from income tax – but only once an actuarial certificate is obtained.
Class Super users can receive the tax exempt percentage (as calculated by Bendzulla) for the actuarial certificate directly through the Class platform.
If the tax exempt percentage changes upon review and completion from the actuary, an automatic prompt is provided to users through the Class Super platform.
Bendzulla Actuarial chief executive Tracy Williams said the new process would increase the efficiency for users and improve accuracy due to “less manual entry being required”.
“Class is now instantly updated with actuarial certificate details, which are automatically stored on the system for easy audit reference,” said Class Super chief executive Rajarshi Ray.
“In just one click you can request an actuarial certificate, calculate exempt current pension income and be ready for online lodgement through Class Super,” he said.
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