News : Pensions

Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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Pensions

Pension reversion event reporting causing trustee issues

Pension reversion event reporting

Confusion exists among SMSF trustees as to when a reversionary pension event needs to be reported, according to a technical services team.

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Pensions, Retirement

Call a TRIS an ABP if release conditions met

TRIS release conditions ABP

Allowing a TRIS to be called an ABP under certain conditions of release would simplify the industry understanding of the differences between the two, an SMSF expert says.

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Pensions, Retirement, Superannuation

Mixed-phase SMSFs ahead on assets

Mixed-phase SMSFs assets

Mixed-phase SMSFs currently have higher average balances per fund and per member than other funds, according to new data released by an SMSF administration services provider.

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Pensions, Tax

Pension can retain entitlements even when member dies

pension earnings entitlements

Non-reversionary income streams paid out through pensions can retain earnings entitlements and tax exemptions even when a member dies before payout.

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ATO, Pensions

Confusion again surrounds death benefit pensions

treatment of death benefit pensions

A recent ATO update regarding the treatment of death benefit pensions that have failed to meet minimum pension standards has raised more questions for the sector.

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ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

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Documentation, Pensions, Retirement

Trust deeds key to TRIS status in retirement

retirement phase TRIS

Trustees should pay close attention to their SMSF trust deeds to ensure members converting to retirement phase still benefit from TRIS regulations, an SMSF expert says.

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ATO, Pensions

ATO prompts funds, members to report income streams

SMSF income streams report

SMSF members receiving a defined benefit income stream have been reminded of their reporting duties to the ATO, which has given them about a month to lodge an annual report.

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Pensions, Retirement, Superannuation

Super growth reducing age pension drawdown

The growth of superannuation assets has resulted in less than half of new retirees drawing on the age pension last year, and only one-quarter accessing the full amount available to them.

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