News : Pensions

TBA angst over death pensions

April 9, 2024

reversionary pensions transfer balance account reporting regime SMSF Accurium Mark Ellem

Reversionary pensions are still causing anxiety for practitioners with regard to transfer balance account reporting obligations.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

April 9, 2024

Todd Wills

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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Legislation, Pensions, Tax

$3m cap non-indexation will create confusion

Indexation Division 296 tax Total superannuation balance Transfer balance cap

April 8, 2024

Todd Wills

As the proposed Division 296 tax will not be subject to indexation, the $3 million cap will likely be surpassed by other superannuation thresholds that are indexed.

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Pensions, Superannuation, Tax

MLP valuations under Div 296 still unclear

Market-linked pensions Defined benefit pensions Division 296 tax Valuation Treasury

March 18, 2024

Todd Wills

Guidance on the treatment of market-linked pensions in relation to the Division 296 tax has yet to clearly outline how these interests will be valued under the cap.

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Pensions, Retirement, Superannuation

Annuity design flaws addressed

Annuities Retirement income products challenger Mercer

March 11, 2024

Darin Tyson-Chan

Annuities are showing an increase in popularity among retirees since providers of these products have addressed some of the associated design issues.

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ATO, Pensions, Tax

Court rejects pension exclusion from TBC

Federal Court defined benefit lifetime pensions excess transfer balance transfer balance cap Stern Commissioner of Taxation

March 6, 2024

Jason Spits

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

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Pensions, Retirement, Superannuation

Living costs hit retirement confidence

Retirement income covenant Retirement savings Superannuation Cost of living

January 22, 2024

Todd Wills

Rising living expenses are causing a growing number of Australians to harbor less confidence in their quality of life as they approach retirement age.

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Death benefits, Pensions, Tax

$3m super tax pension risk

SMSF Reversionary pension $3m soft cap tax Pension

January 17, 2024

Todd Wills

Reversionary pension beneficiaries may be at risk of an additional tax hit due to a provision contained within the draft legislation for the $3 million soft cap measure.

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Pensions, Superannuation

Revisit reserves before new tax starts

December 14, 2023

Jason Spits

Reserve and legacy pension allocations inside SMSFs should be revisited before the new earnings tax applies as they may be counted as earnings and not contributions.

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Pensions

Logical pension assessment allowed

SMSF minimum pension drawdown exceptional circumstances self assessment ATO

November 30, 2023

Jason Spits

SMSF trustees can self-assess if their personal circumstances have an impact on their ability to pay minimum pensions, but need to do so in a pragmatic way.

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