News : Pensions

Pensions, SMSF

NowInfinity adds UK pension deed

NowInfinity, UK pension, Recognised Overseas Pension Scheme, ROPS, deed, UK tax authority, Kate Anderson,

NowInfinity has released a deed to assist UK pension holders to roll benefits into an SMSF and upgraded its pension documents.

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Pensions

TR 2013/5 workable solutions needed

Additional ATO guidance is required to manage anomalies arising from the application of TR 2013/5 to death benefit pensions and TRIS.

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ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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Legislation, Pensions, SMSF, Superannuation

Safe to act on legacy pensions now

SMSF members can act with confidence that any moves to exit a legacy pension now cannot be undone even if parliament winds back the changes later this year.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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Pensions

Legacy pensions won’t create debt

Legacy pension holders will not face any social security debt if they choose to commute their income stream, but will lose any asset text exemptions.

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Pensions

Act cautiously with pension amnesty

SMSF Self-managed super Heffron Meg Heffron Legacy pensions Asset test exemption transfer balance cap commutations

Using the five-year amnesty to commute a legacy pension will require caution where the new rules interact with other superannuation, tax and social security laws.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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Pensions

Legacy pension exits hinge on Div 296 progress

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

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Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

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