News : Pensions

Pensions, Retirement

Call a TRIS an ABP if release conditions met

TRIS release conditions ABP

Allowing a TRIS to be called an ABP under certain conditions of release would simplify the industry understanding of the differences between the two, an SMSF expert says.

read more
Pensions, Retirement, Superannuation

Mixed-phase SMSFs ahead on assets

Mixed-phase SMSFs assets

Mixed-phase SMSFs currently have higher average balances per fund and per member than other funds, according to new data released by an SMSF administration services provider.

read more
Pensions, Tax

Pension can retain entitlements even when member dies

pension earnings entitlements

Non-reversionary income streams paid out through pensions can retain earnings entitlements and tax exemptions even when a member dies before payout.

read more
ATO, Pensions

Confusion again surrounds death benefit pensions

treatment of death benefit pensions

A recent ATO update regarding the treatment of death benefit pensions that have failed to meet minimum pension standards has raised more questions for the sector.

read more
ATO, Compliance, Pensions

ATO concessions critical to avoid pension penalties

ATO concessions death benefit

Trustees of funds that have underpaid their death benefit income streams must first determine whether the ATO’s administrative concession applies to their situation, an SMSF online service provider says.

read more
Documentation, Pensions, Retirement

Trust deeds key to TRIS status in retirement

retirement phase TRIS

Trustees should pay close attention to their SMSF trust deeds to ensure members converting to retirement phase still benefit from TRIS regulations, an SMSF expert says.

read more
ATO, Pensions

ATO prompts funds, members to report income streams

SMSF income streams report

SMSF members receiving a defined benefit income stream have been reminded of their reporting duties to the ATO, which has given them about a month to lodge an annual report.

read more
Pensions, Retirement, Superannuation

Super growth reducing age pension drawdown

The growth of superannuation assets has resulted in less than half of new retirees drawing on the age pension last year, and only one-quarter accessing the full amount available to them.

read more
Pensions

Valid pensions take precedence over BDBNs

Valid reversionary pension arrangements should take precedence over binding death benefit nominations, according to an SMSF document provider.

read more
Pensions, Retirement

Time running out for anti-detriment benefits

anti-detriment; provisions; death benefits

Advisers wanting to take advantage of the anti-detriment provisions for death benefits paid to their clients must do so before 1 July, a financial institution has said.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital