News : Pensions

Logical pension assessment allowed

November 30, 2023

SMSF minimum pension drawdown exceptional circumstances self assessment ATO

SMSF trustees can self-assess if their personal circumstances have an impact on their ability to pay minimum pensions, but need to do so in a pragmatic way.

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Compliance, Pensions

Drawdowns create commutation limits

Minimum pension drawdown Account-based pensions Commutations Pension commutations

November 29, 2023

Jason Spits

Pension commutations have few limits on them, but super fund members still need to be aware of their obligations to meet minimum drawdown requirements.

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Downsizer, Pensions

Surplus proceeds a pension threat

Downsizer Aged pension AAT asset pension test

November 13, 2023

Jason Spits

A recent AAT case has highlighted the need for retirees to use the full proceeds of a home sale to buy another home to avoid surplus funds impacting pension entitlements.

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ASIC, Compliance, Investments, Pensions

SMSF investment firm’s assets frozen

October 30, 2023

Todd Wills

ASIC has successfully applied to the Federal Court to freeze the assets of a company that provides SMSF investment services after it failed to provide financial statements and auditor reports.

Best openings from older clients

SMSF trustees Pension Strategies Financial advice Inheritance Estate planning

October 26, 2023

Darin Tyson-Chan

Two distinct issues have been identified as areas on which advisers should concentrate in order to provide the greatest value for their SMSF clients.

Partial commutations now trickier

TBAR Transfer balance account reports Quarterly reporting Pension payments Partial commutation

October 25, 2023

Darin Tyson-Chan

The move to compulsory TBAR lodgement will make managing pension payments involving partial commutations more challenging.

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Contributions, Pensions, Superannuation

Commutation notice can be preconfigured

October 19, 2023

Jason Spits

SMSF members can use a prepared notice to inform their fund that withdrawals from their pension will be treated as commutations, avoiding the risk they will be regarded as payments.

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Pensions, Retirement

TRIS forgotten hero for recontribution

transition to retirement income stream TRIS pension SMSF

October 18, 2023

Jason Spits

Transition-to-retirement income stream pensions have been overlooked, but offer SMSF trustees an easy-to-execute method to start recontributions before retirement.

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Pensions, Superannuation

Pensions over $1.9m possible

September 25, 2023

Jason Spits

It is possible for super fund members to commence a pension with a balance of more than $1.9 million, but the scenarios for it are very limited.

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Pensions, SMSF, Superannuation

SMSFs lead pension transition

September 13, 2023

Jason Spits

Far more SMSF members over 65 are in pension phase compared to APRA-regulated fund members, highlighting the different levels of engagement in the two sectors.

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