SMSF pensions

Set out below are all SuperGuide articles explaining SMSF pensions.

2015 Federal Budget summary: No new taxes on super but bumpy ride for retirees

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On 12 May 2015, the federal treasurer Joe Hockey released the second federal budget of his career. While last year’s budget was fire and brimstone and targeted ‘leaners’ (who Hockey blamed for the state of Australia’s finances, when he was not blaming the former ALP government), Hockey’s launch of … [Read more...]

Budget brief: will I lose my age pension?

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By Rafal Chomik, UNSW Australia Business School The Conversation’s Budget briefs series aims to answer reader questions about the 2015 federal budget. The 2015 budget confirms pre-budget announcements that the government is committed to reducing the cost of the age pension, but will now do so … [Read more...]

Age Pension assets test changes: Comments from readers

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On 7 May 2015 (and confirmed in the May 2015 Federal Budget), the Minister for Social Services, Scott Morrison announced two key changes to the Age Pensions assets test, to take effect from January 2017 (assuming the Liberals win the next election). Our SuperGuide readers had a few things to say … [Read more...]

300,000 retired Australians to lose some or all Age Pension entitlements

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More than 300,000 Age Pensioners will have their Age Pension cut, with just under 100,000 of those affected Australians losing all Age Pension entitlements, taking effect from January 2017. On 7 May 2015 the federal government announced changes to the Age Pension assets test (and confirmed this … [Read more...]

ALP policy hits super contributions and pension earnings

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Note: If you are retiring with $500,000 (or even less) in a super pension, you could potentially be hit with the ALP’s proposed new tax on pension earnings. On 22 April 2015, the leader of the opposition, Bill Shorten announced the ALP’s superannuation election policy. If the ALP wins government, … [Read more...]

Super Guide to the 2015 Tax Discussion Paper

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Note: The federal government is now accepting submissions from the public in response to its 2015 Tax Discussion Paper. I strongly encourage you to make a submission if you want your views heard, and your concerns taken into account in any future tax reforms. Submissions must be in by Monday 1 June … [Read more...]

SMSF compliance:
ATO’s hit list for the 2014/2015 year

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Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the year. Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF trustees, by helping them rectify and undo … [Read more...]

New laws: Is your SMSF due for a super service?

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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...]

Reminder: New penalties for SMSF trustees

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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 accompanies the new legislation, states that the new SMSF penalties, taking effect from 1 July 2014 will enable the ATO to “give … [Read more...]