News : Pensions

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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Documentation, Pensions, SMSF

Pension contracts can add legal assurance

Pension contract SMSF SIS Act

Using a pension contract to specify the rules for an income stream can offer greater legal certainty and administrative control to SMSF trustees.

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Pensions, SMSF, Tax

Act on legacy pensions before $3m cap

Division 296 $3 million cap Legacy pensions SMSF Federal budget

SMSF trustees with legacy pensions should convert or exit them to avoid an additional liability when Division 296 tax is introduced.

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Pensions, SMSF, SMSFA

Legacy pension amnesty missing

Legacy pensions SMSF Association Amnesty

The absence of an announcement declaring the government’s commitment to a legacy pension amnesty has disappointed the sector’s peak body.

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Pensions, Tax

Deeming rates freeze continues

Deeming rates Age pension Social security SMSF

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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