News : Pensions

Pensions

No barrier to changing pension providers

Super fund members are not restricted from changing pension providers, but should ensure the rollover retains any benefits and is a like-for-like transition.

read more
Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

read more
Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

read more
Pensions

Flexible payments must be noted

SMSF members drawing an income stream from their fund should declare the frequency of payments and their source as these types of transactions will come under greater scrutiny.

read more
Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

read more
Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

read more
ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

read more
Accounting, Death benefits, Pensions

Death benefit pensions account agnostic

Death benefit pension Preservation age Reversionary Non-reversionary

A death benefit pension does not need to be commenced from any particular type of account held by the primary member prior to their death.

read more
Documentation, Pensions

Pension status change possible

Self-managed superannuation SMSF Reversionary pension Status Cooper Partners Financial Services Jemma Sanderson DBA Lawyers Dan Butler

It is possible to change the reversionary status of a pension inside an SMSF as long as it remains a pension and the fund’s supporting documents allow it.

read more
Pensions

Legacy pension exit a rational choice

Legacy pensions SMSF Self-managed superannuation Townsends Business and Corporate Lawyer Michael Hallinan

Proposed laws to allow exits from legacy pensions are a gift from the government and in most cases there would be few good arguments not to use them.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.