News : Pensions

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.

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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.

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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.

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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.

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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.

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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.

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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.

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Pensions

Pension underpayments a risk for members

SMSF members must meet their mandatory minimum pension amounts in order to claim their tax exemptions for the financial year, an SMSF expert says.

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Pensions

June optimal for pension commencement

SMSF; pension; exemption

A specialist lawyer has suggested June is the best time for SMSF members to start a pension, using an exemption related to minimum yearly draw-down amounts.

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Pensions, Property

More retirees to access reverse mortgages

Changes to the Pension Loans Scheme will allow more retirees to access reverse mortgages, but they should also consider the potential downsides.

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