If a member contributes $300 000 NCC - to a fund which is 100% in pension mode - fund receives the $300 000 on 16 June 2020 - and sets up a new ABP on the same day - does the fund need an actuarial certificate?
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Hi Leslie,
Thanks, if the Fund is 100% in retirement phase (paying account based pensions) and a contribution is made and then on the same day then placed into retirement phase (paying a new account based pension) then an actuarial certificate is not required and the Fund's investment income will be 100% tax free / exempt.
Regards
SMSF AAA