News : Pensions

ATO, Pensions

ATO releases legacy pension guidance

New guidance from the ATO on commuting legacy pensions has been welcomed, but the SMSF Association says more detail is required.

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Pensions

Reserve allocations may need actuaries

The allocation of a reserve associated with a legacy pension may require actuarial services if more than one of these income streams exist.

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Documentation, Pensions

Deed key to stopping legacy pensions

Trustees need to pay particular attention to the details contained in the SMSF trust deed before commuting a legacy pension.

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Pensions

Stopping TRIS in retirement needless

Replacing a retirement-phase TRIS with an account-based pension is unlikely to lessen any administrative processes for SMSF trustees.

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Division 296, ECPI, Pensions, Tax

Accumulation exits best for Div 296

Self managed superannuation fund, Self managed super, SMSF, total super balance, Division 296 tax, Division 296, withdrawals, accumulation, Colonial First State, Craig Day, exempt current pension income, ECPI

Drawdowns to manage the proposed Division 296 impost should be made from the accumulation interest of SMSF trustees to achieve an optimal tax outcome.

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Pensions, Regulation

Legacy pension debt waiver still pending

While SMSF members have been able to commute legacy pensions since late last year, the regulations waiving Centrelink debts are still not operational.

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Pensions

Check TRIS docs prior to conversion

SMSF, self managed super, TRIS, documentation, transition-to-retirement income stream, Accurium, Melanie Dunn, condition of release, retirement-phase pension interest, SMSF Professionals Day 2025

Practitioners should check the documentation regarding a client’s TRIS to ensure it is not restricted if converted to a retirement interest.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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