SMSF pensions

Set out below are all SuperGuide articles explaining SMSF pensions.

New penalties for SMSF trustees from July 2014   Super Guide

From July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.

2014 Federal Budget: Superannuation and retirement summary (updated)   Super Guide

On 13 May 2014, Treasurer Joe Hockey released his first federal budget. For many Australians, the proposed changes will hit hard financially.

Start planning! New income test rules mean less Age Pension   Super Guide

Changes to the deeming rules will potentially have financially devastating effects on the Age Pension entitlements of future retirees.

SMSF pension: After making super contributions, when can I convert to another pension?   Super Guide

Can I start the new account based pension as soon as I meet another “condition of release”, i.e. stop my part time employment?

SMSF pensions:  Stick with original tax free and taxable components    Super Guide

Could you please tell me whether our SMSF pension fund earnings are tax free, taxable or are split in the same taxable/tax free proportion as existed when the pension phase began?

Retirement and tax: What are the minimum pension payment rules?   Super Guide

Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits.

Tax free super: what happens when I start a pension just before turning 60?   Super Guide

Q: I turn 60 in May 2014. Is the compulsory 4% drawdown from my super pension treated on a pro-rata basis for my tax return for the 2013/2014 year, or can I draw it down after May 2014 rendering my super income after 60, tax-free?

Super pensions: Is there an upper limit to how much we can withdraw?   Super Guide

Q: I am aware that the minimum amount of pension withdrawal is normally 4% (for under 65s) of the pension account balance (currently 3% for 2012/2013). Is there now any MAXIMUM amount of pension required to be drawn from a super fund?

Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $11,000. I only withdrew $6000 and I can catch up this year. Is this a reportable breach to the Tax Office?

Guest contributor: Penalising those who saved for future is unfair   Super Guide

My issue is equity, and I will illustrate: Assume Bill and Wayne both start work on 1 July 2013 on $60,000 a year. For 40 years they earn exactly the same wage. Let’s assume that CPI is 3%, super is 12% and fund investment performance is 5% a year.