SMSF pensions
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Q&A: Timing for commencing a pension and minimum pension requirements
Q: My wife and I wish to start a pension in our SMSF soon. Do we have to wait until July 2024 or can we start one now? How do we tell the minimum? Is it still based on our 30 June 2023 balance?
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Q&A: How do we structure our SMSF to collect rent as a pension if my wife is under preservation age?
How can we structure/split our fund between pension and accumulation phase so I can draw rent as pension for me?
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In-specie transfers out of an SMSF
There are many reasons you may want to transfer an asset out of your super fund into your own name, but there are processes you need to follow.
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Q&A: Transfer balance account, minimum pension requirements and the 1 June rule
Q: If I start a Pension in my SMSF after 1 July 2023 with a Transfer Balance Cap (TBC) at $1.9 million and Transfer Balance Account (TBA) at $1.9 million (but do not take a Pension payment until after 1 June 2024,) does it means that I do not have to use any of my…
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Q&A: Does the previous year’s balance affect the minimum pension amount?
Q: My wife and I are both over 70 and are the only members of our SMSF. On 30 June, my wife had a nil balance in our SMSF but will make a $300,000 non-concessional contribution in July and commence an account-based pension at the 5% rate. Does her nil balance in the previous financial…
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Q&A: When I retire, can I transfer the cash assets to my share of the SMSF?
Q: I am about to retire but my partner is still working. There is one property, some shares and cash in the SMSF. My partner and I have 50% share each. Moving to retirement, can I transfer all cash to my share of the fund into retirement phase? The value of cash is 25% of…
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Q&A: Is a lump sum super payment taxed if I’m under 60?
Q: Assuming a member turns 59 on the 9th of May 2023, and sets up a full pension fund to commence from 1 July this year (2023) shortly, when that member withdraws the lump sum before the 9th of May 2024 (next year), aged then 60, is the lump sum subject to tax or not?
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Q&A: How does a transition to retirement pension impact CGT on property assets?
I’ve got property assets in my SMSF. I was intending to allocate those property assets into my pension portfolio then sell them and re-use the liquidity in the pension phase investing / payments. Would going with a TTR have an impact on CGT on the property sales?
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Q&A: Can I cancel a reversionary pension within my SMSF and wind up the SMSF?
I have been receiving a reversionary pension since my husband died but I am finding the paperwork required to maintain my SMSF is a little overwhelming.
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Q&A: Can we use the money from our SMSF for personal use upon reaching pension age?
After reaching pension age, are we allowed to use the money from our SMSF for our personal use? Can we use the money from our SMSF to start a business from home?
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SMSFs: Minimum account-based pension payments, strategies and calculator
SMSFs in pension phase need to be extra careful when setting their pension payments for 2023-24, as minimum drawdown rates double from 1 July.
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Q&A: Do I need to complete a TBAR when commencing a Transition to Retirement (TTR) pension?
I’m 61 years old and still working. I would like to start a Transition to retirement pension. Do I need to complete a TBAR to notify the ATO and how often does one need to do this after turning 60 years old if the answer is yes?
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Q&A: Can I benefit from the increased transfer balance cap if I’ve already started a pension?
Q: I started a pension with $1.7 million on 1 July 2022. Can I move a further $200,000 into pension phase from 1 July 2023 post indexation?
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Q&A: Can I receive my deceased spouse’s accumulation death benefit in a pension income stream?
If a fund has two members (both in accumulation) and one dies, can the surviving spouse receive the deceased spouse’s super by a death benefit pension income stream?
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SMSF pensions: Planning your pension properly
Tim Miller from SuperGuardian discusses the most important considerations when planning a pension, potential traps to look out for, and what often can be overlooked.
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Video: Explainer on the legacy retirement income products amnesty
John Maroney, CEO of the SMSF Association explains the amnesty on legacy retirement income products that was announced in the 2021 Federal Budget.
