News : Pensions

Pensions

Death benefits don’t need cash

The cashing of a death benefit can be executed using an in-specie transfer, a technical services manager has said.

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Pensions

Pension reserve shifts still possible

Pension reserves SMSF account

Moving pension reserves into an SMSF member’s account is still possible as long as it is allocated correctly and the cost of switching is considered.

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Pensions

Records key to minimum pension

minimum pension records

SMSF members must have the correct documentation in place to support their treatment of pension payments taken before and after 24 March, a technical expert has warned.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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Pensions

ECPI impacts tax loss treatment

ECPI tax loss

SMSF tax losses carried forward from a prior year will need to take into account the calculation of exempt current pension income if the proportionate method has been used to do so, a technical leader has said.

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Pensions

Pension reform no cost to govt

legacy pensions

The costs of maintaining legacy pensions are more than they are worth and it would cost the government nothing to transition to modern products.

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Pensions, Superannuation

Severe hardship rules can offer better relief

severe financial hardship rules

Invoking the severe financial hardship provisions to access super benefits early instead of starting a pension to do so may be strategically advantageous for individuals who have reached preservation age, an industry expert has said.

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Pensions, Tax

Proportionate ECPI method emphasises timing

Proportionate ECPI

The proportionate method of calculating exempt current pension income makes the timing of SMSF transactions significant, a technical expert has said.

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ATO, Pensions

Market-linked pension tax relief not on table

Market-linked pension tax

The ATO cannot provide relief to SMSFs that have commuted a pre-2017 market-linked pension which has resulted in an excess transfer balance tax determination.

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Pensions

Legacy pension fix can be simple

legacy pension

Claims that rollovers away from legacy pensions are too complex to implement have been rejected with industry stating it is ready to move on the issue.

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