News : Pensions

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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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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