News : Pensions

Pensions

‘Easy way’ not always best when calculating ECPI

ECPI reporting process

The upcoming changes to ECPI will have the overall effect of complicating the reporting process for funds, an SMSF expert says.

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ATO, Pensions

TBAR hampered by lack of real-time data

real-time data transfer balance

The lack of real-time data from the ATO about the transfer balance account (TBA) is hampering the ability of SMSFs to manage pension transfers.

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Documentation, Pensions

Estate planning conflict not always present

BDBN reversionary pension co-exist

A binding death benefit nomination and a reversionary pension can both exist within the same estate plan without the need for one to trump the other, a specialist document provider has said.

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ATO, Pensions

ECPI discretion success has several elements

ECPI discretion success has several elements

A successful application for ATO discretion to claim exempt current pension income usually involves some common elements, a technical manager has said.

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Pensions

Transaction timing can boost ECPI

transaction timing ECPI

SMSF trustees can boost their exempt current pension income (ECPI) by timing when they make fund transactions, according to an actuarial services provider.

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Pensions

Reversionary pensions carry risks

Reversionary pensions BDBN

There are risks in establishing reversionary pensions for clients that could undermine estate planning strategies, a specialist SMSF lawyer has said.

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ATO, Pensions

Better to claim ECPI after discretion application

ATO ECPI discretion application

A technical services manager has shared a successful approach to applying for ATO discretion to claim exempt current pension income when a minimum pension has not been met.

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Pensions

Pension income bonus from deeming rates

pension income deeming rates

The government’s decision to reduce deeming rates will see part-pensioners increase their income, according to analysis performed by AMP.

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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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