Government backflip!
Legislated passed November 2016 suggested that an Actuarial Certificate was no longer needed from 1 July 2017, where funds were in pension and accumulation stage – which left uncertainty over the importance of these documents going forward.
However, after consultation with industry bodies, the government has decided not to progress with this regulation. The change was intended to reduce the costs for SMSF’s, however through consultation it was determined that ceasing the obligation may in fact increase costs as the calculations will still need to be done.
This decision will ensure integrity in the system will be maintained.
