PIPS Data Collection for Special Exemption

Step

Action

1

identify the superannuation fund investment in the person's assessment, under managed investments, which has been granted the exemption and delete from the assessment.

2

access the managed investments data collection screen in PIPS.

3

click on the [add] button.

4

click on the field called [manager] type the letters [Supe] and this will present a drop down box, if not already highlighted, scroll down until you see the manager called [Superannuation Fund Exemption Under VEA 52AA] and click to select.

5

click on the field called [product] and this will present a drop down box, the option [Temporary Exemption Granted Until Funds Accessible], should already be highlighted, click to select.

6

click on the [accept] button.

7

click on the field called [owner] and set to either [vet] or [sps].

8

record a $0.01 value in the field called [Asset Value].

9

click on the [Save] button.

10

in View, Comments tab, Electronic Minutes folder, record the following details:    

• the full name of the superannuation fund which has been granted exemption, and
• the circumstances of the exemption, for example [fund insolvent, exemption expires date].

11

set a review in DRS using review reason Income/Assets General in advance by 2 weeks as follows:    

• of the date that exemption is expected to cease, or
• the date that employment is expected to cease.

Note: The review should be set in advance, 2 weeks is recommended, but may vary depending on review workload.