News : Pensions

ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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Pensions, SMSF, Superannuation

Injury settlements no threat to caps

Personal injury settlement

SMSF members receiving a personal injury settlement payment should not be concerned it will impact their TBC or TSB and reduce their ability to make other contributions.

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Pensions

Use pension payment workaround sparingly

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

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ATO, Pensions, SMSF

Pension restructure needs approval

Pension restructure ATO

SMSF members restructuring a pension that has an excess transfer balance should wait for ATO approval before making any commutations from the pension.

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ATO, Pensions, Retirement

TRIS could hinder indexation access

TRIS TBC indexation

The situation of a person turning 65 in June 2023 with a TRIS needs particular attention so they can maximise their personal transfer balance cap.

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Pensions

Pensions must not be backdated

pensions backdated

Advisers and trustees of SMSFs have been cautioned that retroactively applying a pension could lead to compliance issues with the ATO.

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Pensions

Pension threshold move may impact cash flow

minimum pension thresholds

The return to full rates for minimum pensions may be accompanied by a change in thresholds for some pensioners, creating a need for greater cash flow in the coming financial year.

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Pensions, Regulation, Retirement, Superannuation

Age issue curbs bring-forward rule

NCC bring-forward rules

The non-concessional contribution bring-forward rules can only be used if a person is under 75 during the relevant financial year.

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BDBNs, Pensions

Death pension doesn’t need order

Death benefit pension

It is not necessary to have a reversionary instruction or BDBN in place to pay a death benefit to the spouse of a deceased member via a pension.

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