News : Pensions

Administration, Compliance, Pensions

Beware excess TBC tax trap

Transfer balance cap Excess transfer balance cap Notional earnings Retirement phase Commutation Pension

Exceeding the personal transfer balance cap will raise an additional tax liability for trustees when they intend to take a pension income stream.

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Pensions, SMSFA, Tax

Legacy pension amnesty sought

Division 296 tax Amnesty SMSF Association Family law split Legacy pension Lifetime pension

The government has been asked to provide an amnesty for legacy pensions from the proposed Division 296 tax in this year’s federal budget.

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Compliance, Contributions, Pensions

Caps only barrier to pension

Non-concessional contribution Pension Total superannuation balance Contribution cap

A contribution being succeeded by a pension in short order is allowable with the only barrier to the former being the relevant caps that may apply.

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Death benefits, Pensions, SMSF, Tax

Div 296 reversionary pension trap

Division 296 Tax SMSF Reversionary pension Non-reversionary pension Death benefit pension

Superannuants with reversionary pensions may be unwittingly captured by the proposed Division 296 tax a year earlier than necessary.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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Legislation, Pensions, Tax

$3m cap non-indexation will create confusion

Indexation Division 296 tax Total superannuation balance Transfer balance cap

As the proposed Division 296 tax will not be subject to indexation, the $3 million cap will likely be surpassed by other superannuation thresholds that are indexed.

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