News : Pensions

Division 296, Pensions, SMSF, Tax

Ditch Div 296 for compulsory cashing

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, compulsory cashing, Institute of Financial Professionals Australia, IFPA, Economic Reform Roundtable, tax concessions, retirement-phase pension, unrealised gains, Natasha Panagis

IFPA has claimed the reintroduction of compulsory cashing would reduce tax concessions in super and generate revenue for the government.

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Compliance, Legislation, Pensions, Regulation, SMSF, Strategy, Superannuation

Pension commutation debt waiver secured

Legacy pensions unwound under the five-year amnesty introduced in December last year will not lead to adverse social security outcomes.

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Administration, Death benefits, financial advice, Financial Planning, Pensions

Death must halt auto pension payments

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, automatic pension payment, income stream, death benefit, reversionary pension, Accurium, Natalie Scott, lump sum, death of member, executor

Automatic pension payments made from an SMSF must be stopped when the recipient dies to avoid the misclassification of these amounts.

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ATO, Pensions

TR 2013/5 upgrade means more red tape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, minimum pension payment, TR 2013/5, Taxation Ruling 2013/5, commutation, ECPI, exempt current pension income, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, tax components, lump sum

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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Death benefits, Pensions

Death pension okay without instruction

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, pension documentation, income stream, automatic reversionary pension, Accurium, Mark Ellem, trust deed, death benefits, trustee discretion, SMSF Professionals Day 2025

The pension of a deceased member can be retained in an SMSF even if there is no evidence the income stream was reversionary.

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Pensions

Legacy pension wind-ups hold legal risk

SMSF, self managed superannuation fund, self managed super, legacy pensions, amnesty, Accurium, Mark Ellem, financial product, licence, financial advice, commuting

There are many legal restraints applicable to practitioners looking to assist their clients in commuting existing legacy pensions.

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Pensions

Amnesty also better for flexi-pensions

SMSF, self managed superannuation fund, self managed super, amnesty, legacy pensions, commutable lifetime non-complying income streams, Smarter SMSF, Tim Miller, flexi-pensions, commutation rules, reserve allocation rules

Expedient and complete flexi-pension commutations are possible for SMSF members under the new five-year amnesty measure.

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Pensions

Pre-emptive pension restart questionable

SMSF, self managed superannuation fund, self managed super, pension, minimum payment, ASF Audits, Shelley Banton, ATO, Taxation Ruling 2013/5, TR 2013/5, exempt current pension income, pre-emptive action, compliance, SIS Act

Plans to automatically commute and restart a failed pension may breach the law for trustees and advisers who implement them.

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