SMSF pensions

Set out below are all SuperGuide articles explaining SMSF pensions.

Do I pay tax on a super account in the last year of accumulation phase?

Q: On 1 May 2016 I am transferring from accumulation phase to pension phase (I turn 65 on 30 April 2016). Is my super fund subject to tax (for 2015/2016 year) on income earned up until the date of conversion, or is no tax payable because the fund has been converted to pension phase?Earnings are … [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: You question is really … [Read more...]

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

Q: I am 67 and work part time, so I qualify to make concessional contributions to our SMSF. I am already receiving an account based pension from my SMSF. The new contributions I make will have to go into an accumulation account. How long do I have to wait before our SMSF can pay another account … [Read more...]

SMSF pension: Stick with original tax-free and taxable components

Q: I recently read your book on DIY Super for Dummies and picked up a number of useful hints. Thanks for writing it. My wife and I have only recently established a SMSF and are on a steep learning curve. We are in the pension phase. Both of us have a large tax-free component and a smaller taxable … [Read more...]

SMSFs: What is the proportioning rule?

Q: I have come across a statement which refers to a proportioning rule. Could you please explain to me exactly what the proportioning rule is, who it applies to and when it applies, and how you do the calculations for a SMSF?The short answer is: the proportioning rule is a mechanism to calculate … [Read more...]

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...]