News : Pensions

Pensions

Legacy pension relief approved

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

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Pensions, Tax

Legacy pension exits linked to Div 296 bill

Legacy pensions Division 296 bill Colonial First State Craig Day SMSF Self-managed superannuation

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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Compliance & Regulation, Pensions

TRIS strategy seen as a compliance concern

TRIS ATO Pension Strategy Transition-to-retirement

Starting and stopping a transition-to-retirement income stream multiple times in one year may trigger compliance issues for an SMSF.

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Legislation, Pensions

Legacy pension fix announced

Legacy pensions Reserve allocations Stephen Jones

The government has released plans to address outstanding issues with legacy pensions including the ability to extinguish associated reserves.

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Pensions

Significant change to pension rules

SMSF trustees have been warned of the significant tax risks if minimum pension payments are missed following a change to an established ATO ruling.

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Death Benefits, Pensions

Correct death beneficiary a critical detail

Confirmation as to whom death benefits should be assigned needs to be established before a reversionary pension is implemented.

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Pensions, Tax

Reversionary pensions impact $3m cap

Pension Non-reversionary pension Death benefit Division 296 tax Total superannuation balance

SMSF members who are death pension recipients can expect to have a reduced Division 296 tax liability if the income stream was non-reversionary.

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Compliance & Regulation, Pensions, SMSF

Penalties severe for TRIS payment errors

TRIS Retirement-phase pension Maximum drawdown Minimum drawdown ECPI

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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BDBN, Compliance & Regulation, Pensions

Death option choice not needed

BDBN Reversionary pension

Trustees do not have to choose between implementing a BDBN or reversionary pension to achieve their desired estate planning outcomes.

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