News : Pensions

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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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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Pensions

Legacy pension exit may need two steps

Five-year legacy pension amnesty, Accurium, SMSF education, Mark Ellem,

Commuting certain income streams under the five-year legacy pension amnesty will have to be performed using more than one action.

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Pensions

Debt waiver adjustment needed

SMSF Association, Department of Social Security, Centrelink, legacy pensions, Treasury, regulations, 

The debt waiver to be applied to the commutation of legacy pensions should be extended to ensure they retain their asset test exempt status.

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Pensions, Retirement

Super system reduces pension costs

ASFA, Super and the Australian Economy report, Association of Super Funds of Australia, Age pension, Mary Delahunty, Treasury, GDP, Super Guarantee,

The superannuation system has been a key driver in assisting government reduce the cost of the age pension while also boosting household savings.

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Pensions

Legacy pension glitch addressed

Social Security Act, legacy pensions, Smarter SMSF, education,  Tim Miller,

The anomaly arising from the operation of the Social Security Act and the legacy pension amnesty has been addressed by a new legislative instrument.

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