News : Pensions

Pensions, Regulation

Legacy pension amnesty process clarified

Legacy pensions that are not commuted will now retain their asset test exempt status under new rules released by the government.

Legacy pensions that are not commuted will now retain their asset test exempt status under new rules released by the government.

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Pensions

TR 2013/5 update means more admin

The update to TR 2013/5 made last year has imposed a significant administrative burden for an SMSF that breaches pension payment standards.

The update to TR 2013/5 made last year has imposed a significant administrative burden for an SMSF that breaches pension payment standards.

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Pensions, Trusts

Automatic pension restart unworkable

Automatically commuting and restarting pensions via a trust deed rule is unlikely to be a valid way to address minimum payment failures.

Automatically commuting and restarting pensions via a trust deed rule is unlikely to be a valid way to address minimum payment failures.

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Pensions, Regulation, Superannuation

No minimum time for couple definition

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

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ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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Pensions, Trusts

Agreement can’t redirect income stream

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

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Compliance, Contributions, Pensions, Tax

Min pension effects contribution status

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

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ATO, Pensions

Minimum payment discretion caution

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

SMSFs may cause revised pension payment rules to be applied to past failures to make minimum payments by seeking ATO discretion on those errors.

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Pensions

Consider failed pension pro-rata payment

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

There is a possibility trustees will be required to pay a pro-rata minimum on a failed pension before it can be commuted properly.

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Pensions, Retirement, Strategy, Tax

TBC contradicts sole purpose test

Restricting superannuation pensions via caps runs counter to the sole purpose test, which aims to pay benefits in retirement.

Restricting superannuation pensions via caps runs counter to the sole purpose test, which aims to pay benefits in retirement.

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