News : Pensions

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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Contributions, Pensions

Final day of financial year noteworthy

30 June Contributions Minimum pension payments

Trustees need to consider the implications of having 30 June 2024 fall on a Sunday with regard to contributions and pension obligations.

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Pensions, SMSFA

Legacy pension amnesty missing

Legacy pension Amnesty SMSF Association Federal budget

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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Economy, Pensions

Deeming rates freeze continues

Deeming rates Social security Federal budget

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

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