Whilst much of the focus of the Mid-Year Economic and Fiscal Outlook (MYEFO) has been on the need to find dollars ensure the Labor Government delivers a surplus, the report has delivered some much-awaited news for the superannuation sector the final outcomes of the Commissioner’s views regarding TR 2011/D3, in particular when a pension ceases … Continue reading »
There is a growing focus on retirement income streams within SMSFs, in particular with the tax advantages available at both the fund and member level. The Simpler Super reforms have opened up a range of strategies to for advisers and their SMSF members to consider, along with fluctuating market conditions. Join me for this … Continue reading »
The 2011 year was the first year in which baby boomers became eligible to receive an Age Pension. However, for many baby boomers, the ability to draw an income stream has started a lot earlier in life with individuals either retiring well before age 65 or transitioning to retirement. With a SMSF, the ability to … Continue reading »
As the 2011 year comes to a close, it’s a time to ponder where the SMSF industry has come from in the last 12 months and also where it is heading… This time last year, we had just seen the Government’s response to the Cooper Review, with many of these reforms now only 6 months … Continue reading »
The impact of ATO draft tax ruling, TR 2011/D3 has sparked a significant amount of interest in how income streams are structured for SMSF members, in particular with those who have not originally included a tax dependant reversionary beneficiary in the original terms & conditions of the pension. The draft ruling states that a pension will cease … Continue reading »
With 2011 representing the first year in which baby boomer’s can qualify for the Age Pension (born in 1946), retirement income streams are growing in importance for many Australian’s looking towards the next stage of their lives. According to well-known demographer, Bernard Salt, “Baby Boomers will never retire. Their parents retired; old people retire; obsolete … Continue reading »
The SMSF Academy is pleased to introduce the October 2011 half-day SMSF workshops on Pensions and Estate Planning. These SMSF workshops will work through case studies to outline key issues and strategies in these topical areas, in particular in light of the ATO’s draft ruling TR 2011/D3, when a pension commences & ceases. Due to the workshop format, numbers are … Continue reading »
Watching the current turmoil on the investments markets is a bit like watching a car crash (you can’t look away)… but in these troubled times, it is important to think about and strategies for members within a SMSF. In particular, one strategy allows for a member receiving a pension to capitalise on the current down … Continue reading »
I am pleased to announce the next SMSF Academy InPractice webinar on “Using an anti-detriment strategy effectively within a SMSF”. This one (1) hour webinar will work through: How the anti-detriment tax saving amount is calculated, including discussing the ATO’s recent view’s on this matter; Why it’s now very important to consider claiming an anti-detriment payment … Continue reading »
The Australian Taxation Office (ATO) has recently released draft Tax Ruling, TR2011/D3 which outlines when a pension commences and when it ceases. This draft income tax ruling is by no means “earth-shattering” in the context of the views expressed by the ATO. However, it does provide clarity around when a pension commences and ceases, in … Continue reading »