News : Pensions

Compliance, Death benefits, Pensions

TR 2013/5 impacts death pensions

Additional rules must be followed beyond those in Taxation Ruling 2013/5 when a death benefit pension fails to make minimum payments.

Additional rules must be followed beyond those in Taxation Ruling 2013/5 when a death benefit pension fails to make minimum payments.

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Compliance, Direct Property, Investments, Pensions, Strategy

Liquidity issues should be flagged

SMSF auditors and accountants should be highlighting the need for liquidity inside funds where investments are locked into property assets.

SMSF auditors and accountants should be highlighting the need for liquidity inside funds where investments are locked into property assets.

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ECPI, Legislation, Pensions, Regulation, Retirement

Record-keeping timeframe now relevant

Practitioners taking on new clients where the 2017 CGT cost base reset is relevant should be mindful of the legal timeframe regarding record-keeping.

Practitioners taking on new clients where the 2017 CGT cost base reset is relevant should be mindful of the legal timeframe regarding record-keeping.

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Pensions

Commutations can create pension failure

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

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Compliance, Documentation, Legislation, Pensions, Regulation

Pension documentation flexibility needed

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

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Pensions

Australia ranks lower on pension index

It has been recommended Australia focus on the retirement phase of its superannuation system as much as it does on the accumulation interests.

It has been recommended Australia focus on the retirement phase of its superannuation system as much as it does on the accumulation interests.

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Compliance, Pensions, Retirement

In-specie pensions not possible

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

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Pensions, Regulation

Legacy pension amnesty process clarified

Legacy pensions that are not commuted will now retain their asset test exempt status under new rules released by the government.

Legacy pensions that are not commuted will now retain their asset test exempt status under new rules released by the government.

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Pensions

TR 2013/5 update means more admin

The update to TR 2013/5 made last year has imposed a significant administrative burden for an SMSF that breaches pension payment standards.

The update to TR 2013/5 made last year has imposed a significant administrative burden for an SMSF that breaches pension payment standards.

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