SMSF pensions
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SMSFs: How to start a pension
There are decisions to make and steps to take before a fund member can start withdrawing retirement income from their super. Here’s what trustees need to know.
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Five common financial mistakes SMSF trustees make just before retirement
There’s a lot to think about when you’re on the threshold of retirement, so it’s not surprising that mistakes are made and opportunities overlooked. Here’s what to watch out for.
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Starting an SMSF pension checklist
Running your own super fund offers greater control and flexibility when it comes to paying pensions, but there are still regulatory hoops to jump through.
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Commuting an SMSF account-based pension
If you want to commute (roll back) some or part of a super pension, or combine multiple pensions, you need to follow strict rules.
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What SMSF trustees need to know about exempt current pension income (ECPI)
Understanding the rules around ECPI can help reduce tax and save costs when fund members move into retirement phase.
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Q&A: Can I make super contributions after commencing a pension?
Q: I’m 70 years of age, retired and currently receiving a pension from my self-managed super fund. I would like to add additional money, non-concessional, to my superannuation. Am I able to do it? And what are the steps to carry out this task?
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Q&A: Do I have to take my SMSF pension as regular payments?
My accountant says I should take it as a regular payment spread out over the financial year because the ATO prefers this.
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SMSFs: Segregating assets in retirement phase
In some circumstances it can make sense to allocate assets to particular fund members. We explain the how and the why.
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What happens if I don’t pay the minimum pension from my SMSF?
Now updated with a handy video guide. Adverse tax and compliance outcomes can occur if you fail to take your minimum pension payment each year. Don’t get caught due to poor SMSF administration.
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SMSFs: Legacy pension relief at long last
Proposed changes to legacy pensions will make it much easier to switch to newer, more flexible products without some of the previous hurdles and restrictions.
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SMSFs: Running multiple pensions for the one member
Running multiple pensions from the one SMSF can be extremely beneficial. From tax planning to estate planning, there is a lot to consider!
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SMSFs: What are the lump sum withdrawal rules?
Do you know the difference between pension payments and lump sums? The process for taking a lump sum from your accumulation account or your pension account?
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SMSF pension strategy: Lump sum payments
With restrictions on the amount you can use to start a pension, understanding how you can then access these funds has become an even more important issue.
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Q&A: How do I ensure a lump sum is taken from the right pension account?
Q: Myself and my husband both 72 have an SMSF. We both have 3 individual pension accounts in our fund. I have paid out the required minimum amounts for this year as per our accountants’ instructions.
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SMSFs: What is an actuarial certificate, and how much do they cost?
When a member of your SMSF retires and starts receiving pension income, then it’s time to put an actuarial certificate on your annual to-do list. Here’s what’s involved.
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Q&A: What is required when making lump sum withdrawals from an SMSF in pension mode?
Q: Can you explain the conditions or requirements pertaining to lump sum withdrawals from a self-managed super fund in pension mode?
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Q&A: Is TBAR reporting required for lump sum payments?
Q: I’m 67 years of age, and I’ve kept my SMSF in accumulation phase so far. There is only about $200,000 in my SMSF. I’d like to take a $7,000 lump sum out of my SMSF if possible. If I do this, will I need to provide a TBAR or some other kind of report…
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Q&A: What is asset segregation in pension phase?
Q: I would love to understand a little more about segregating assets on reaching pension phase. i.e. how it works in practice and reasons when such a strategy might be appropriate?
