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Experience and innovation
The SMSF actuarial certificate work at TCW Actuarial is headed by John Tellyros and Dr. Gaurav Khemka who have a combined 20 years of experience in SMSF actuarial certificates. During that time John created and maintained the IT system and procedures for Bendzulla Actuarial's defined benefit calculations through changes in ownership to Cavendish and Challenger, where Bendzulla Actuarial was renamed as Accurium.
Enhanced tax-exemption calculations
The legislation doesn't prescribe the methodology for calculating the averages used in the tax-exemption calculation. This leaves a lot of scope for practitioners to develop their own procedures. For example, we include the movement in market value of SMSF assets as part of our calculations.
This is important. Consider the following example to understand why.
Sam is the sole member of an SMSF and has a non-pension balance of $700,000 at 1-July and starts a new pension at the next 1-January. By Sam must determine the market-value of assets at the start of the new pension and must pay a proportion of that to satisfy minimum pension standards. If Sam is 60 y.o. that minimum will be 4%, pro-rata'ed to 2% for the half-year duration of the pension. If the market-value is $800,000 at 1-January then the minimum payment is $16,000.law
If the movement in market-value is ignored then the actuarial tax-exemption ratio will be near 49.72%. If the market-value is included and the Fund finishes the year on, say, $840,000, then the tax-exemption ratio will be near 53.25%. This is the result that TCW's procedures will return.
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In general, if a Fund enjoys upwards movement in asset values then you should insist on a methodology that considers market-value movements, especially if new pensions have started during the year. If a Fund suffers from downwards movement in asset values then the opposite will be true.
Competitive pricing
While the calculations involved in generating an SMSF actuarial certificate are complex, they are the same for each fund and can therefore be automated. TCW exploits this to produce summarising documents that allow for efficient and careful review by those with sufficient experience. Actuarial certificate providers who are incorporated into a platform must pass a percentage of their fee to the software provider. Our independence allows us to pass this saving on to you. Furthermore, to keep costs down we have paid very careful attention to our overheads. This allows us to exceed the quality of our competitors and beat them for price.