SMSF pensions

Set out below are all SuperGuide articles explaining SMSF pensions.

Age Pension: 300,000-plus Australians lose entitlements from January 2017

Note: Changes to the Age Pension assets test are now law, and will take effect from 1 January 2017. The successful passage through parliament was due to the Greens supporting the changes announced by the Liberal/NP government in the 2015 federal budget. Although the ALP opposed the changes, the ALP … [Read more...]

Liberals to impose $1.6 million cap on pension start balances, if win election

Note: The proposed policy will apply to both existing and new pension accounts from 1 July 2017, which means the policy will apply retrospectively. Based on federal treasurer Scott Morrison’s comments after announcing the 2016 Federal Budget, he claims this policy is not retrospective, that is, it … [Read more...]

2016 Federal Election: Less Age Pension, and paid to fewer Australians

The change to the Age Pension rules is a bad example of ‘back to the future’ it seems, with a harsher Age Pension asset test taking effect from January 2017. The federal government expects 300,000 retired Australians will lose some, or all, Age Pension entitlements overnight.Before September … [Read more...]

ALP to tax pension earnings above $75,000 a year, if wins election

Note: Based on the ALP’s own election documents, this policy will be applied retrospectively, and will apply to all super pension earnings above $75,000 a year, from 1 July 2017. The ALP claims this measure is not retrospective, that is, it only applies to superannuation pensions started from 1 July … [Read more...]

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

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. Can you please clarify the rules for me?A: Your question is … [Read more...]

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

Q: I am aware that the minimum amount of super pension withdrawal is 4% (for under 65s) of the pension account balance. Is there now any MAXIMUM amount of pension required to be drawn from a super fund? If no maximum payment is required, is this still the case for account based pensions, transition … [Read more...]

Liberals to ban anti-detriment payments from July 2017

On 3 May 2016 (2016 Federal Budget), the Coalition government announced that it intends to abolish the anti-detriment provisions from July 2017, assuming of course that the Coalition wins the July 2016 Federal Election.From 1 July 2017, a super fund will not be able to pay a refund of a member’s … [Read more...]

A 10-step action plan for your SMSF

Any Australian who accumulates enough superannuation to justify the cost of setting up and running a self-managed super fund is progressing well with their retirement plans. Looking after your own retirement needs, by using a SMSF, is certainly an empowering move, but such a decision also comes with … [Read more...]