202106.1 ECPI and actuarial certificates through Class Super

True or False. How a fund claims ECPI impacts capital gains and losses, expense deductibility and depends on the type of fund? *This question is required.

• a) True
• b) False

True or False. A fund solely in retirement phase and claiming ECPI using the segregated method in Section 295.385 of ITAA 1997 requires an actuarial certificate? *This question is required.

• a) True
• b) False

An SMSF has disregarded small fund assets for a year of income where it has any member in retirement phase at any time and at prior 30 June has a member with: *This question is required.

• a) Total super balance of $1.6m in the SMSF + receiving a retirement phase pension from the SMSF
• b) Total super balance that exceeds $1.6m, across all superannuation funds
• c) Total super balance equal to the general transfer balance cap + receiving a retirement phase pension from any super fund
• d) Total super balance that exceeds $1.6m + receiving a retirement phase pension from any super fund

Which of the following deductions for an SMSF would not require apportionment where it claims ECPI? *This question is required.

• a) Accounting & administration fees
• b) Tax agent fees
• c) Audit fees
• d) Investment costs and management fees

An actuarial certificate is required where an SMSF claims ECPI…..? *This question is required.

• a) Using the segregated method
• b) Only when the SMSF has disregarded small fund assets
• c) Using the proportionate (unsegregated) method
• d) For each distinct period in the year of income that ECPI is claimed using the proportionate method