News : Pensions

Pensions, SMSF, Superannuation

Terminal illness withdrawal choice crucial

Terminal medical condition Pension Lump sum Heffron Sean Johnston

Choosing how to access superannuation entitlements is a crucial consideration for terminally ill SMSF trustees as it can greatly impact the tax they will have to pay.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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Pensions, SMSF

Deeming rates to reduce pension amounts

Centrelink income means test Aged pension SMSF Deeming rates Pension

Retirement income streams drawn from an SMSF are likely to be impacted by new deeming thresholds for the age pension, regardless of the amount drawn down each month.

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Insurance, Pensions, SMSF, Tax

Insurance benefits limited by pensions

Insurance SMSF Income stream Pension

Certain retirement income streams can limit SMSFs from claiming the full range of tax benefits available on their insurance policies.

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Pensions

Missed pension exemption unfair to couples

SMSF Minimum pension payment shortfall ATO exemption Concession Graeme Colley

An ATO concession allowing a missed pension payment to be made later without impacting the income stream is limited in its usage and unfair to couples who make the mistake together.

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Compliance, Pensions, SMSF

Lumpy assets require regular valuation

SMSF asset valuation large assets lumpy assets Pension standards Minimum pension payments Heffron Lyn Formica

Regular valuations for large assets in an SMSF are vital in order to comply with the pension standards and the minimum payment requirement.

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Pensions, SMSF, Superannuation

Reissue minimum pension reminder

minimum pension SMSF Superannuation Institute of Financial Professionals Australia Graeme Colley

SMSF advisers should remind clients minimum pensions must be paid in full as some are likely to reference last year’s reduced figure as a guide for this year.

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Death benefits, Pensions, SMSF

Death options not mutually exclusive

BDBN Reversionary pension Death benefit pension SMSF Professionals Day 2024

Trustees do not have to choose between implementing a BDBN or reversionary pension to achieve their desired estate planning outcomes.

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Legislation, Pensions, SMSF, Tax

Div 296 to worsen legacy pensions

Legacy pensions Division 296 tax Defined benefit pension SMSF Professionals Day 2024

The proposed Division 296 tax should have led to the inclusion of a measure in the 2024 federal budget allowing legacy pensions to be scrapped.

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