Generally pensions cannot be commenced if the initial pension account balance is greater than $1.9m (the current transfer balance cap which applies from 1 July 2023).
pension
Transfer balance cap set to increase to $1.9m
The transfer balance cap, which is currently $1.7m, will be increased to $1.9m with effect on 1 July 2023. The increase of $200,000 in the gap is due to indexation.
Last minute withdrawals before time is called
Is it possible to make a last minute withdrawal before you die and the payment, if made after you have died, still be treated as being tax free? Well Yes – according to a recent private binding ruling from the Commissioner.
What are COVID-19 re-contributions?
COVID-19 re-contributions are superannuation contributions which are a return to the superannuation system of a COVID-19 release amount. They are new personal superannuation contributions which have been identified by you as being COVID-19 re-contributions.
Actuarial certificate requirements burden reduced slightly
The compliance and cost burden for SMSFs which are entirely in retirement phase during a financial year may now be reduced as they will no longer be required to obtain an actuarial certificate to determine their “exempt current pension income”.
Plan B: SMSF pension strategies during the COVID-19 recession
Investment values have nosedived but an SMSF is still required to pay the minimum pension amount – Townsends Lawyers believe it’s time for Plan B.
The next two months may be last golden opportunity for LRBA
The Government is proposing the introduction of new measures that will impact all Limited Recourse Borrowing Arrangements (LRBA) entered into or after 1 July 2018.
Shorten plan would adversely affect retirees with small balances
Mr Shorten’s proposal announced this week that cash refunds of excess franking credits should be scrapped will have a greater proportionate adverse impact on a retiree with a $500,000 balance than a retiree with a $5m balance. If implemented, a retiree with only $500,000 in super will not be entitled to any franking credits (as […]