202202.1 Quarterly SMSF update

From 1 July 2021, an SMSF that consists wholly of retirement phase pensions, excluding defined benefit pensions, for the entire income year and has disregarded small fund assets for that income year? *This question is required.

• a) Must use the proportionate method to claim ECPI and obtain an actuarial certificate.
• b) Must use the proportionate method to claim ECPI but is not required to obtain an actuarial certificate.
• c) Will use the segregated method to claim ECPI and is not required to obtain an actuarial certificate.
• d) Will use the segregated method to claim ECPI but is required to obtain an actuarial certificate.

Which of the following is not an attribute of an SMSF having a choice of how to calculate ECPI under the proposed ECPI choice measure for an income year? *This question is required.

• a) Not having disregarded small fund assets.
• b) Having a period (not the whole year) of wholly consisting of retirement phase pensions.
• c) Paying retirement phase pensions, excluding defined benefit pensions.
• d) Receiving no assessable contributions.

An SMSF trustee that has a choice of claiming ECPI? *This question is required.

• a) Must make a choice whether or not to use the proportionate method to claim ECPI for the entire income year.
• b) May make a choice not to treat assets held during a period of ‘deemed segregation’ as segregated current pension assets.
• c) Must make a choice whether or not to use the segregated method during periods of ‘deemed segregation’.
• d) Must make a choice in relation to each asset held during a period of ‘deemed segregation’ as to whether each asset will be treated as a segregated current pension asset.

Which of the following measures are now law? *This question is required.

• a) ECPI choice of calculation.
• b) Removal of the ‘work test’ from the contribution acceptance rules.
• c) Increase the cut-off age for the non-concessional contribution cap bring forward rule from under 67 to under 75.
• d) Removal of minimum monthly super guarantee threshold.
• e) Reducing the eligibility age for downsizer contribution from 65 to 60.
• f) Two year exit option for members with certain legacy pensions.
• g) Allowing commutation of a post 30 June 2017 market linked pension to remove an excess transfer balance account amount.
• h) Relaxing the residency requirements for SMSFs and small APRA funds.
• i) All of the above
• j) None of the above

Which of the following rollovers are not totally excluded from SuperStream?

• a) The rollout of a member’s superannuation under a family law superannuation split.
• b) The whole benefit rollover for an SMSF member, where part of the rollover includes an in-specie transfer.
• c) That part of a rollover of benefits for an SMSF member that wholly consists of an in-specie transfer.
• d) The transfer of benefits from an overseas superannuation scheme.