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New SuperMate feature lowers compliance risk for claiming ECPI

Oct 16, 2018, 09:55 AM

Actuarial Certificates can now be automatically validated when SMSFs claim Exempt Current Pension Income (ECPI), reducing time, costs and exposure to compliance risks.

The latest feature in SuperConcepts’ SuperMate software uses powerful AI capabilities to determine the need for an actuarial certificate and send the relevant data to a chosen firm.

Actuarial certificates are then automatically received and stored in SuperMate’s Document Management System.

“ECPI is one of the largest concessions used by SMSFs and is an obvious target by the ATO for review to ensure the claim is correct,” said SuperConcepts CTO, Kurt Groeneveld.

“Claiming ECPI manually can be quite complex and confusing, particularly as both the segregated and unsegregated method can apply in the same income year, across multiple periods. You need to be aware of the effect on the method used where an SMSF has ‘disregarded small fund assets’.

“By having an automated actuarial certification process, it removes the complexity and gives you the assurance that SuperMate’s AI capabilities lower the compliance risk of getting an ECPI claim wrong,” said Mr Groeneveld.

SuperMate’s ECPI validation engine is among the latest features being rolled out this month in an updated version of the SuperConcepts software suite.

“For Accountants, Advisers, Auditors, and Direct Trustees, this new AI driven function reduces time spent on what can be a complex calculation and produces a reconciliation report to verify the amount of the claim, clearly showing which method has been used and for which periods,” said Mr Groeneveld.

“The automated intelligent workflow minimises errors that could be made when assessing which ECPI method should be used, assuring your fund of compliancy.”

Media contact: 
Garth Montgomery
0408 864 851