News : Pensions

ART, ATO, Pensions, Tax

ART ruling may clash with TR 2013/5

Administrative Review Tribunal, ART, TR 2013/5, superannuation pension, Tax Ruling 2013/5, Sladen, Phil Broderick, Philippa Briglia, QWYN and Commissioner of Taxation, superannuation income stream

The Administrative Review Tribunal has adopted a wide view on what may be considered a superannuation pension, potentially creating a conflict with Taxation Ruling 2013/5.

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Pensions

Cap-free reserve allocation unlikely

The allocation of reserves associated with a legacy pension recipient who has died will only be contribution cap-free in very rare circumstances.

The allocation of reserves associated with a legacy pension recipient who has died will only be contribution cap-free in very rare circumstances.

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ATO, Pensions

TR 2013/5 relief not a free kick

ATO, compliance resources, SMSF, minimum pension payment, Heffron, Leigh Mansell, Taxation Ruling 2013/5, TR 2013/5, payment standards

The ATO’s plans to not review minimum pension payment breaches in the past year should not be viewed as a free kick in regards to other contraventions.

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Pensions

TBC increase not just about pensions

Indexation, general transfer balance cap, superannuation, BT, Michael Tran, total super balance, TSB, co-contributions, spouse contribution, tax offset average weekly ordinary time earnings, AWOTE

The indexation that will be applied to the general transfer balance cap, taking it to $2 million, will also have other non-pension implications.

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Pensions

Smarter SMSF opens legacy pension hub

Smarter SMSF, legacy pensions, Legacy Pension Hub, commutation, market-linked pensions, lifetime complying pensions, life expectancy complying pensions, reserve allocations, Aaron Dunn, SMSF deed, Tim Miller, market-linked pension, lifetime complying pension, life expectancy complying pension

Smarter SMSF has developed a hub for resources to assist in the commutation of legacy pensions, linking it to the platforms of major administrators.

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Pensions, SMSF

NowInfinity adds UK pension deed

NowInfinity, UK pension, Recognised Overseas Pension Scheme, ROPS, deed, UK tax authority, Kate Anderson,

NowInfinity has released a deed to assist UK pension holders to roll benefits into an SMSF and upgraded its pension documents.

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Pensions

TR 2013/5 workable solutions needed

Additional ATO guidance is required to manage anomalies arising from the application of TR 2013/5 to death benefit pensions and TRIS.

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ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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Legislation, Pensions, SMSF, Superannuation

Safe to act on legacy pensions now

SMSF members can act with confidence that any moves to exit a legacy pension now cannot be undone even if parliament winds back the changes later this year.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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