A proportion of the income of a complying superannuation fund can be exempt from income tax under section 295.390 of the Income Tax Assessment Act. This section of the Act applies to the unsegregated pool of assets in the fund.
Where a fund contains unsegregated retirement phase assets, the exempt proportion of income for the fund’s tax return is equal to:
Average value of unsegregated current retirement phase liabilities / Average value of unsegregated superannuation liabilities
The value of these liabilities must be specified by an Actuary in an Actuary’s certificate obtained by the trustee before the date for lodgement of the fund’s income tax return. All Apricot actuarial certificates are prepared in accordance with Guidance Note 451 issued by the Actuaries Institute and other relevant professional standards.