Reading the calculation report

Covering letter and result

Confirm the fund name, ABN, trustees and year ended 30 June. Check whether a percentage is stated, whether any periods have separate treatment, and whether the document is an unsigned draft or an issued certificate.

Data schedule

Review member balances, dates of birth, dated transactions and the closing-balance reconciliation. A missed payment or a wrong date can change the liability averages even when the closing balance looks right.

Assumptions and outstanding matters

Read every exception and review item. A draft is not suitable for tax lodgment. An issued certificate must be the work of a qualified actuary and must relate to the data and income year you are lodging.

Checklist

• Check the fund identity and income year.
• Match the schedules to the final financial statements.
• Keep the issued certificate and any later amendment.