News : Pensions

Pensions

Legacy pension exit may need two steps

Five-year legacy pension amnesty, Accurium, SMSF education, Mark Ellem,

Commuting certain income streams under the five-year legacy pension amnesty will have to be performed using more than one action.

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Pensions

Debt waiver adjustment needed

SMSF Association, Department of Social Security, Centrelink, legacy pensions, Treasury, regulations, 

The debt waiver to be applied to the commutation of legacy pensions should be extended to ensure they retain their asset test exempt status.

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Pensions, Retirement

Super system reduces pension costs

ASFA, Super and the Australian Economy report, Association of Super Funds of Australia, Age pension, Mary Delahunty, Treasury, GDP, Super Guarantee,

The superannuation system has been a key driver in assisting government reduce the cost of the age pension while also boosting household savings.

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Pensions

Legacy pension glitch addressed

Social Security Act, legacy pensions, Smarter SMSF, education,  Tim Miller,

The anomaly arising from the operation of the Social Security Act and the legacy pension amnesty has been addressed by a new legislative instrument.

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financial advice, Pensions, Property, Retirement, SMSF, Superannuation

Debt-free retirement an advice opportunity

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

Financial advice to reduce mortgage advice will become increasingly crucial as more people carry debt into retirement.

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Pensions, Tax

Consider tax in indexation planning

Pension, transfer balance cap, indexation, SMSF, capital gains tax, Smarter SMSF, Tim Miller, pension commencement, SuperGuardian, exempt current pension income, ECPI, disregarded small fund assets, CGT, capital gains tax

Waiting for the indexation of the general transfer balance cap in July to start a pension may not be suitable for SMSF members staring down a large tax bill before the end of the financial year.

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ART, ATO, Pensions, Tax

ART ruling may clash with TR 2013/5

Administrative Review Tribunal, ART, TR 2013/5, superannuation pension, Tax Ruling 2013/5, Sladen, Phil Broderick, Philippa Briglia, QWYN and Commissioner of Taxation, superannuation income stream

The Administrative Review Tribunal has adopted a wide view on what may be considered a superannuation pension, potentially creating a conflict with Taxation Ruling 2013/5.

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Pensions

Cap-free reserve allocation unlikely

The allocation of reserves associated with a legacy pension recipient who has died will only be contribution cap-free in very rare circumstances.

The allocation of reserves associated with a legacy pension recipient who has died will only be contribution cap-free in very rare circumstances.

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ATO, Pensions

TR 2013/5 relief not a free kick

ATO, compliance resources, SMSF, minimum pension payment, Heffron, Leigh Mansell, Taxation Ruling 2013/5, TR 2013/5, payment standards

The ATO’s plans to not review minimum pension payment breaches in the past year should not be viewed as a free kick in regards to other contraventions.

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