SMSF pensions

Set out below are all SuperGuide articles explaining SMSF pensions.

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...]

SMSF compliance: Is your fund due for a super service?

Read this article to discover the rules in place for SMSF trustees, and discover what you can do to ensure your SMSF operates within the super laws.A lot has changed for SMSF trustees in the past few years. The most recent significant change was the introduction of financial penalties, which are … [Read more...]

SMSF trustees face bigger penalties from 2015/2016 year

SMSF trustees can expect harsher fines from this financial year (2015/2016 year) onwards with administrative penalties of up to $10,800 per trustee (including corporate trustee) for a breach of the super rules.A SMSF trustee must run his or her super fund according to the superannuation rules. … [Read more...]

SMSF compliance: ATO’s hit list for the 2015/2016 year

Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the financial year. This is the hit list for the 2015/2016 year.Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF … [Read more...]

Reminder: Harsher penalties for SMSF trustees

Note: This article explains many of the recent changes to the superannuation rules that affect SMSFs.Effective since 1 July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.The explanatory memorandum that accompanied the … [Read more...]

SMSF basics: Updating SMSF trust deeds

Q: I (my wife & I) have had a self-managed super fund (SMSF) since 1996. As rules concerning super pensions etc have changed since the date of my deed, can we simply sign a current, new, trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the old … [Read more...]

Super rumour: Government to ban anti-detriment payments?

Recently, financial publications have been reporting on the use of anti-detriment payments, and the possibility that the federal government plans to ban such payments. This speculation continues even though at the time of writing, we do not have an official government response to the 2015 Tax … [Read more...]

How can a SMSF live forever?

Q: It has been suggested, that a family self-managed super fund (SMSF) can become a multi-generational tax haven, which can go on into perpetuity, provided that you establish a special corporate trustee, as well as a SMSF Will. I thought that the super money could not remain in the fund indefinitely … [Read more...]

SMSF pension earnings remain tax-free after death

SMSF pension earnings remain exempt from tax until a superannuation death benefit is paid to a dependant, or paid to the deceased member’s estate.The tax exemption on pension earnings remains in place regardless of whether the death benefit is paid as a lump sum, or as a pension, provided the … [Read more...]