News : Retirement

The ATO’s current stance on the elimination of some existing reserves runs contrary to the law and may result in SMSF trustees having to set up an accumulation account to ensure compliance in this area, a technical expert has said.

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Compliance & Regulation, Retirement

Disregarded small fund asset awareness needed for ECPI

November 7, 2018

Darin Tyson-Chan

SMSF trustees need to consider the new rules pertaining to disregarded small fund assets when assessing whether an actuarial certificate will be needed to claim exempt current pension income (ECPI), an industry technical expert has said.

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Insurance, Retirement, Strategy

Life cover paid from pension can be TBC bonus

September 12, 2018

Darin Tyson-Chan

Holding life insurance cover inside an SMSF and funding the premiums from a reversionary account-based pension can give a surviving spouse the ability to establish an income stream well in excess of the $1.6 million dictated by the transfer balance cap (TBC), a technical manager has said.

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Retirement

Market-linked pension commutations unclear

July 10, 2018

Darin Tyson-Chan

The SMSF Association is seeking clarity from the ATO over its position regarding the treatment of market-linked pension commutations on an individual’s transfer balance account.

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Retirement

TRIS conversion should be considered

May 11, 2018

Malavika Santhebennur

SMSF trustees and members should consider converting a transition-to-retirement income stream (TRIS) into an account-based pension (ABP) as the former is no longer classified as a retirement income product, according to an industry expert.

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Retirement

Retirees shouldering growing cost of living

September 7, 2017

Daniel Paperny

Rising costs of living were impacting on Australian retirees, with couples needing to fork out over $60,000 a year for a comfortable retirement, according to new figures from the Association of Superannuation Funds of Australia (ASFA).

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