The Government has released draft legislation allowing reversionary Transition to Retirement Income Streams (TRIS) to be paid to dependant beneficiaries whether they satisfy a condition of release or not. Currently a reversionary TRIS can’t be paid to a dependant if that dependant hasn’t satisfied a condition of release. This was a result of the changes… Continue reading Draft legislation released allowing reversionary TRIS
Questions about Transition to Retirement Income Streams (TRIS) strategies were the top adviser queries in the September quarter, according to BT Advice Technical. The top query was around people aged 60 and over with multiple employment arrangements retiring and the potential impact on TRISs. BT says that since APRA updated Superannuation Prudential Practice Guide SPG 280:… Continue reading TRIS questions are top adviser queries in September quarter: BT
Legislation has gone before the Parliament to make amendments to the superannuation changes passed late last year, including to TRISs, but without a change to how LRBAs are treated which was included in the draft. The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 includes measures earlier subject to public consultation – referred to… Continue reading LRBAs not to be included in Total Super Balance, for now
Treasury has been told it could take up to two years to implement the change to the tax super funds pay on income relating to Transition to Retirement Income Streams. The 2016 Budget included a measure to remove the tax exemption on earnings from assets supporting Transition to Retirement Income Streams (TRISs), from 1 July… Continue reading Change to tax on TRIS income could take two years to implement
The Prime Minister has said that people on low incomes don’t use Transition to Retirement Income Streams (TRISs), or if they do they have received bad advice. The PM was asked, in an interview with Neil Mitchell on 3AW, if the changes to TRISs in the 2016 Budget would impact people on low incomes. “Can… Continue reading People on low incomes don’t use TRIS, says PM
The Government estimates that around 115,000 people will be affected by the Transition to Retirement pensions changes proposed in the 2016 Budget. Superannuation policy is again a focus in the election campaign, this time on the changes to Transition to Retirement pensions (variously shortened to TTR or TRIS). “The change will affect 115,000 to the… Continue reading 115,000 people to be affected by TTR pension changes
Another Minister has been unable to explain the Government’s policy, announced in the 2016 Budget, to change the tax on Transition to Retirement pension income. Foreign Minister Julie Bishop was challenged on 3AW to explain the proposed changes to Transition to Retirement pensions: Neil Mitchell: “Are you aware of the transition to retirement scheme?” Julie Bishop: “I’m certainly… Continue reading Another minister doesn’t understand Budget TRIS changes
The ATO has clarified what happens if the 10% maximum pension payment cap for a transition to retirement pension (TRIS / TRAP) is exceeded.