Transition To Retirement Pensions – Back To Their True Purpose

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Among the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.

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The $1.6 million transfer balance cap – what does it mean for you?

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament.  Among those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions.

This new limit on superannuation will apply from 1 July 2017 and creates additional responsibilities for SMSF trustees. The main issues you need to be aware of are:

• All super fund members who are receiving a pension on 1 July 2017 will have a transfer balance cap of $1.6 million created at that time. Continue reading →

SMSF Association Appoints A New CEO

2 February 2017:

https://www.smsfassociation.com/smsf-association-appoints-new-ceo/

Reversionary Pensions

Who can be nominated as a reversionary beneficiary?

• Spouse
• Child < 18
• Child > 18 if they meet the following criteria:
  • 18–25 and financially dependent, or
  • Have a disability as outlined in the Disability Services Act.
• Financial dependent (at time of death)
• A person who is in an interdependency relationship (at time of nomination and time of death)

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SBR Reporting Issues – Lodgement of SMSF Annual Returns/Refund Processing

Please note that the ATO are having issues with their standard business reporting (SBR).

We are unable to lodge some annual returns at this point. This is something that the ATO are working to rectify and we have to wait until they fix this issue.

 As a result of the SBR issues, there is a backup of refund processing, so there may be a delay in our clients receiving the funds.