News : Pensions

Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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Pensions

Flexible payments must be noted

SMSF members drawing an income stream from their fund should declare the frequency of payments and their source as these types of transactions will come under greater scrutiny.

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Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

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Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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Accounting, Death benefits, Pensions

Death benefit pensions account agnostic

Death benefit pension Preservation age Reversionary Non-reversionary

A death benefit pension does not need to be commenced from any particular type of account held by the primary member prior to their death.

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Documentation, Pensions

Pension status change possible

Self-managed superannuation SMSF Reversionary pension Status Cooper Partners Financial Services Jemma Sanderson DBA Lawyers Dan Butler

It is possible to change the reversionary status of a pension inside an SMSF as long as it remains a pension and the fund’s supporting documents allow it.

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Pensions

Legacy pension exit a rational choice

Legacy pensions SMSF Self-managed superannuation Townsends Business and Corporate Lawyer Michael Hallinan

Proposed laws to allow exits from legacy pensions are a gift from the government and in most cases there would be few good arguments not to use them.

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Pensions, Regulation, Strategy

TTR strategy holds up amid changes

Concessional contribution cap Stage three tax cuts Superannuation guarantee Transition-to-retirement pension TTR Colonial First State Tim Sanderson

The merits of implementing a transition-to-retirement income stream have not been dulled by recent changes to certain superannuation parameters.

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Administration, Legislation, Pensions

Defining reserves key to pension exit

Reserve Legacy pension Non-concessional contributions cap Concessional contribution cap Commutation

The definition of a reserve is likely to impact the extent to which it can be extinguished under the proposed legacy pension amnesty.

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