News : Pensions

ATO, Pensions

TR 2013/5 amplifies ATO discretion

Minimum pension Tax ruling TR 2013/5 Accurium Mark Ellem SMSF Self-managed superannuation

The update to Tax Ruling 2013/5 means the discretionary powers of the ATO will likely be more significant when a minimum pension has not been paid.

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Pensions, Retirement, SMSF

Trustees retiring earlier with more

Class SMSF TRIS Transition-to-retirement income streams APRA Pension

Research has found a much higher percentage of SMSF trustees are in pension phase and have larger member balances compared to those in APRA-regulated funds.

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Pensions

Legacy pension proposals a win

SMSF legacy pensions SMSF Association Peter Burgess draft regulations consultation

Proposed regulations to allow simple exits from legacy pensions are a positive result for the SMSF sector, which has called for their introduction for five years.

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Pensions

Govt unveils legacy pension exit plan

legacy pensions reserves lifetime pension life expectancy pension market-linked income streams commutation regulations Stephen Jones

The government has released plans that will open a five-year window for SMSF members to exit legacy pensions and allocate reserves to specific members without impacting contribution caps.

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Pensions

TR 2013/5 update has TRIS impact

Transition to retirement income streams TRIS Minimum pension SMSF Self-managed superannuation Mark Ellem Accurium

The impact of the update to TR 2013/5 will not be confined to retirement-phase pensions and will extend to transition-to-retirement income streams as well.

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Pensions, Retirement

Age pension falling short

age pension guaranteed income Allianz Retire+ Allianz Australia Adrian Stewart

The age pension is regarded as insufficient by most retirees, leading to a growing interest in working longer and securing guaranteed retirement income streams.

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ATO, Pensions, Regulation

Take note of pension rule change

Pension TR 2013/5 ECPI Exempt current pension income ATO

SMSF trustees have been warned of the significant tax risks if minimum pension payments are missed following a change to an established ATO ruling.

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Death benefits, Estate Planning, Pensions

Death beneficiary must be confirmed

Death benefit Reversionary pension Pension Beneficiary

Confirmation as to whom death benefits should be assigned needs to be established before a reversionary pension is implemented.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

A superannuation income stream can start before the necessary paperwork for the pension is completed as long as a certain set of requirements are met.

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Pensions, Strategy, Tax

Pension rules impact Div 296 tax

SMSF Self-managed superannuation Reversionary pension DBA Lawyers Bryce Figot Division 296 tax

SMSF members who are death pension recipients can expect to have a reduced Division 296 tax liability if the income stream was non-reversionary.

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