ECPI compliance burden tackled with new AI feature
An SMSF software firm has developed a new feature that determines whether an actuarial certificate is required for a client and sends data automatically to their actuarial certificate provider.
SuperConcepts-owned software provider SuperMate has developed a new feature that uses artificial intelligence (AI) capabilities to determine the need for an actuarial certificate and then sends the relevant data to their chosen actuarial certificate provider.
Actuarial certificates are then automatically received and stored in SuperMate’s document management system.
SuperConcepts chief technology officer Kurt Groeneveld said ECPI is one of the largest concessions used by SMSFs and is an obvious target by the ATO for review to ensure the claim is correct.
“Claiming ECPI manually can be quite complex and confusing, particularly as both the segregated and unsegregated method can apply in the same income year, across multiple periods,” said Mr Groeneveld.
“You need to be aware of the effect on the method used where an SMSF has ‘disregarded small fund assets.”
Having an automated actuarial certification process, he said, removes the complexity and helps to minimise the compliance risk of getting an ECPI claim wrong.
SuperMate’s ECPI validation engine is among the latest features being rolled out this month in an updated version of the SuperConcepts software suite.
“For accountants, advisers, auditors and direct trustees, this new AI driven function reduces time spent on what can be a complex calculation and produces a reconciliation report to verify the amount of the claim, clearly showing which method has been used and for which periods,” said Mr Groeneveld.
“The automated intelligent workflow minimises errors that could be made when assessing which ECPI method should be used, assuring your fund of compliancy.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
