ATO’s about face a positive outcome for ECPI
ATO / Pensions / Podcasts / Professionals / SMSF

ATO’s about face a positive outcome for ECPI

Earlier this year, we saw the ATO appear to ‘move the goal posts’ when it came to applying exempt current pension income (ECPI) within a SMSF. This guidance provided by the Assistant Commissioner, stated two critical changes in calculating and reporting ECPI: to be exempt from an actuarial certificate, you must use the segregated method … Continue reading »

Have you taken your minimum pension before 30 June?
Pensions / SMSF / SMSF Compliance

Have you taken your minimum pension before 30 June?

With approximately 40% of all members now receiving an income stream from their self-managed super fund, the need to comply with the pension rules is paramount to the fund’s ability to claim a tax exemption on income supporting pension assets.  The most fundamental element is the need to take the minimum pension.  With 30 June fast … Continue reading »

Commutation clarity for Transition to Retirement Income Streams
Pensions / Professionals / SMSF

Commutation clarity for Transition to Retirement Income Streams

The Australian Taxation Office (ATO) has released SMSFD 2014/1, a determination seeking to clarify the commutation rules for transition to retirement income streams (TRIS) where a member has unrestricted non-preserved benefits available to commute the pension. Last year, we saw the Commissioner finalise his views on when a pension commences and ceases (TR 2013/5), along … Continue reading »

Promise (mostly) kept for Super in Federal Budget
Federal Budget / Pensions / Professionals / SMSF / Trustee education

Promise (mostly) kept for Super in Federal Budget

It was a commitment made by both sides of Government in the lead up to the last Federal election that superannuation would no longer be a political ‘football’.  Over many Federal budgets we saw Governments constantly tinkering with taxation rates, contributions levels and more.  The message became loud and clear from industry, working and retired … Continue reading »

Can a SMSF segregate in pension phase with one bank account?
Pensions / Professionals / SMSF / SMSF Compliance

Can a SMSF segregate in pension phase with one bank account?

As a growing number of SMSF members begin to draw down retirement income streams, one of the important considerations is the decision to segregate specific assets to support the pension or simply remain in a pooled environment and obtain an actuarial tax certificate to support the amount of exempt current pension income (ECPI).  Where a … Continue reading »

ATO withdraws draft tax determination on pension segregation
ATO / Pensions

ATO withdraws draft tax determination on pension segregation

The Australian Taxation Office has today announced the withdrawal of draft tax determination, TD 2013/D7, which provided circumstances of where an asset of a complying superannuation fund are segregated current pension asset under section 295-385 of the Income Tax Assessment Act 1997. The ruling explained the Commissioner’s preliminary view about when an asset of a … Continue reading »

Tax on pension earnings headed for the scrap heap
Federal Budget / Pensions / SMSF

Tax on pension earnings headed for the scrap heap

#Unworkable, #complex, and #confusing were just a few words that came to mind in April 2013, when the former Federal Treasurer, Wayne Swan and Minister, Bill Shorten announced as part of the Federal Budget the proposed introduction to tax pension income in excess of $100,000 per individual.  The approach by the then Government that this … Continue reading »

SMSF Podcast Show – Episode #2
Pensions / Podcasts / Professionals / SMSF / SMSF Compliance

SMSF Podcast Show – Episode #2

Thanks to everybody who provided great feedback following the launch of my SMSF Podcast show last week.  With a growing number of topics and speakers, this weekly podcast will grow from strength to strength in the coming months and into 2014! In this second podcast, Aaron is joined by Melanie Dunn, Actuarial Analyst and Team … Continue reading »

An election that can provide a better alternative
Pensions / Professionals / SMSF / SMSF Strategy

An election that can provide a better alternative

  Whilst we await the upcoming Federal election, an important election of a pension kind was confirmed as a result of the Commissioner’s final views as to when a pension commences and ceases. The ruling outlined circumstances that where a member wishes to partially commute their pension, a payment made as a result of the … Continue reading »