News : Pensions

Downsizer, Pensions

Downsizer may clash with asset test

downsizer asset test

A number of changes related to downsizer contributions and asset test exemptions may reduce pension entitlements if used incorrectly at the same time.

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Pensions, Strategy

Consider CSHC test with pension change

CSHC income test pension

SMSF practitioners should be cautious about pension changes that could negatively interact with new thresholds for the CSHC.

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Pensions

Excess pension payment rules key

Excess pension payment

SMSF trustees should establish consistent rules as to whether payments in excess of the minimum pension are treated as lump sums.

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Insurance, Pensions

Insurance source may not restrict payout

insurance pension

The proceeds from life insurance cover can be treated as part of a reversionary pension even if the premiums were paid from the accumulation account.

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ATO, Pensions

ATO discretion worth pursuing

ATO discretion pension

Applications for ATO discretion should always be made where a minimum pension payment has not been met and self-rectification cannot be used.

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Death benefits, Pensions

Legacy pension benefits locked in from start

Legacy pension benefits

The treatment of death benefits from a legacy pension are likely to be predetermined, offering limited choices to the pension beneficiary.

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Pensions

ECPI method used a trustee choice

ECPI calculation method

SMSF trustees are the individuals who must make the final decision as to which exempt current pension income calculation a fund will use.

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Pensions, Superannuation

TBC Indexation highly likely

TBC indexation

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

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Pensions

Use current laws to release legacy pensions

laws legacy pensions

The lack of action in regards to an amnesty for legacy pensions may require SMSF members to use current laws allowing for an exit from market-linked pensions.

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NALI/NALE, Pensions

Budget silent on NALI, legacy pensions

budget NALI legacy pensions

The status of changes to non-arm’s-length income and expenditure and an amnesty to exit legacy pensions remains unknown after the government failed to address these issues in the budget.

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