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 »
Tag Archives: transition to retirement
Join us for the SMSF Pensions Webinar
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 »
ATO confirms in-specie lump sums as meeting minimum pension
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 »
Government finalises minimum pension drawdown relief for self-funded retirees
Assistant Treasurer and Minister for Financial Services & Superannuation, Mr Bill Shorten has announced the finalisation of regulations providing further draw down relief for account-based pensions in the 2011/12 financial year. Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1) provides relief for self-funded retirees by reducing the minimum payment amounts for accounts based pensions by 25% for the … Continue reading »
Financial year-end planning for your SMSF
With the end of the financial year fast approaching, it provides an important time for SMSF trustees to turn their attention to a range of strategies leading up to 30 June. The following list provides some ideas, issues, and strategies that can be used (or need to be addressed) with your self-managed super fund before … Continue reading »
Our latest video on pensions and lump sum
From the age of 55, you have the ability to pay yourself either a lump sum or pension out of your super fund. Where you are age 60 or over, the payment of super benefits can be taken tax-free. They don’t form part of your income. You don’t pay tax on them. If you are … Continue reading »
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 »
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 »
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 »