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Article 481: How do I enter the exempt percentage from my Actuary's Certificate into Simple Fund. |
| Article Description |
How to enter Actuary Percentage |
| Article Location(s) |
Simple Fund: General
Simple Fund: Pensions
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| Article Addition Added |
13/11/08 |
| Article Last Updated |
17/11/08 |
| Software Version |
Simple Fund 11.1 |
Article Solution |
1. Enter the Exempt Percentage from your Actuarial Certificate into the Actuary's Percentage and Pension Expenses Percentage fields in Fund Details | Reporting screen and  SAVE. You will also be required to place in the Actuary's Percentage date.
2. Click Yes to update members details for tax percentage.
Simple Fund will then split the actuary's percentage between the pension member's based on their balance on the Actuary's Percentage date.
Simple Fund will use the Actuary Percentages from the Member's screen for the Calculation of Exempt Pension Income.
You will see this broken down in the Create Entries Report.
PLEASE NOTE:
Simple Fund cannot calculate an Actuary's Percentage. The LAW requires an Actuarial Certificate to be obtained.
An Actuarial Certificate is still required for funds which have pension and accumulation accounts at any given time in a financial year and the fund wishes to claim an exemption from income tax from pension assets which are not segregated. |
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