SMSF borrowing on ATO’s radar, says Assistant Commissioner

SMSF borrowings which contravene the SIS Act and regulations are on the ATO’s radar. ATO Assistant Commissioner for superannuation, Matthew Bambrick, told the Tax Institute Annual Superannuation Intensive Conference that the ATO is “concerned that some organisations are promoting arrangements where SMSF assets provide members with a current-day benefit.”

Minimum pension payment amounts for super funds

Super funds, including SMSFs, are required to meet the minimum pension payment amounts for superannuation pensions. Failing to do so can result in additional tax for the fund and the member. This article only discusses account-based pensions, other types of pensions, such as Allocated or Market-linked/Term-allocated, operate under different rules. Also Transition to Retirement Account-Based… Continue reading Minimum pension payment amounts for super funds

Lower minimum super pension drawdowns: Actuaries Institute

The current minimum superannuation pension drawdowns “reflect annuity factors that at one point would have been very conservative, but are now too high for retirees investing in government inflation linked bonds due to the low real return on such bonds,” according to the Actuaries Institute. Instead the minimum pension drawdown limits should be “determined as the… Continue reading Lower minimum super pension drawdowns: Actuaries Institute

Government considers ways to improve income streams

The Government has released a discussion paper which raises the option of changes to the minimum annual pension payments and the introduction of new types of income streams to improve incomes in retirement. With the release of the discussion paper, Review of Retirement Income Stream Regulation, Acting Assistant Treasurer Mathias Cormann says the Government is… Continue reading Government considers ways to improve income streams