News : Pensions

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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Pensions

Legacy pensions won’t create debt

Legacy pension holders will not face any social security debt if they choose to commute their income stream, but will lose any asset text exemptions.

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Pensions

Act cautiously with pension amnesty

SMSF Self-managed super Heffron Meg Heffron Legacy pensions Asset test exemption transfer balance cap commutations

Using the five-year amnesty to commute a legacy pension will require caution where the new rules interact with other superannuation, tax and social security laws.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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Pensions, Regulation

Legacy pension exit changes approved

legacy pensions, five-year amnesty, tax-free commutation, legislative instrument, regulations, pension reserve, reserve allocations, self managed superannuation, self managed super, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

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Pensions

Legacy pension exits hinge on Div 296 progress

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

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Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

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Pensions

No barrier to changing pension providers

Super fund members are not restricted from changing pension providers, but should ensure the rollover retains any benefits and is a like-for-like transition.

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Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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