Much of the focus in obtaining tax exemption within a SMSF is to ensure that a member’s minimum pension has been met prior to 30 June each year. Where the minimum pension has not been met, the fund is not entitled to tax exemption on income generated by assets supporting the pension account (see article, … Continue reading »
Tag Archives: account based pension
Optimising transition to retirement pensions
Transition to Retirement Income Streams (TRIS) have been a very popular strategy since their introduction on 1 January 2006. Whilst the halving of the concessional contribution cap over the past couple of years has had an impact on this strategy, it still provides significant long-term benefits being run at its optimal level. What is “transition … Continue reading »
Taking a death benefit as a pension
As the saying goes, “there are only two things certain in life… death and taxes.” Well, for somebody over the age of 60 living in Australia, the issue of tax should no longer be relevant. Unfortunately, there appears to be no strategies yet around fixing the issue of death!! The payment of a death benefit … Continue reading »
Video blog – the benefits of drawing a pension from a SMSF
In my 100th blog on ‘thedunnthing’ website, I’m pleased to provide a new video blog on the benefits of drawing a pension from within a SMSF. Fund member’s who are 60 years (of age) and over who are drawing an income stream from their SMSF are living in a ‘tax haven’. In many instances, Australia … Continue reading »
5 key reasons why you must always have a reversionary pension
Simpler Super has streamlined the types of pensions that can be drawn from all types of superannuation funds. For any SMSF member starting a new pension, we now simply have an Account Based Pension (“ABP”) that can be paid. Prior to 1 July 2007, a pension amount was assessable and a tax deduction provided to … Continue reading »
Dealing with unpresented cheques and 30 June pension payments
The ATO has recently issued draft SMSF determination, SMSFD2010/D1, which considers whether a benefit payable with a cheque or promissory note can be ‘cashed’ for the purposes of superannuation law at the time the cheque or note is issued. This issue tends to appear year after year when completing a SMSF’s compliance obligations, particularly where … Continue reading »
Government announces extension to relief on minimum account based pensions drawdowns
It has been announced today by the Federal Government, that they will extend the drawdown relief for account-based pensions for another year. The government currently sets minimum annual payments to be made from any Account-Based Pensions (including Market Linked Pension) , which are determined by age and the value of the account balance as at 1 … Continue reading »
10 things to do with your SMSF before 30 June
With only a month until the end of the financial year, it is important for all trustees to consider a range of issues and opportunities to ensure that they are optimising the benefits of their SMSF. I have outlined below a list of 10 things to check and consider before 30 June: Ensure that you … Continue reading »