Using a speech at a Liberal Party federal council meeting in Canberra, the Prime Minister, Scott Morrison has announced an extension to the current temporary 50% minimum pension reduction for accounts-based income streams, in a move that clearly puts a stake in the ground to target self-funded retiree voters in the lead up to the…
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The Government has released an exposure draft for the introduction of a retirement income covenant within the SIS Act from 1 July 2022, with SMSFs a notable absentee. This is a distinct change from the position paper that was subject to consultation over the past couple of months which was clear that the covenant would…
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As we’ve moved through a phase of implementation with the superannuation reforms from 1 July 2017, a range of relatively small, but important issues have been flagged with Government regarding the treatment of Market Linked Pensions, and death benefit rollovers. Market Linked Pension commutations For Market Linked Pensions, any pre-existing income stream was initially…
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With an election just around the corner, this year’s federal budget is expected to be lined with sweeteners. Even before the budget is delivered we have seen the Treasurer announce a boost for those closer to retirement (or in early stages of retirement) to be able to make both concessional and non-contributions into superannuation. From…
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With the Australian Taxation Office (ATO) having information available on an individual’s personal transfer balance cap (‘personal cap’) from 15 July 2021, the reliance on such information is going to present significant problems due to the current transfer balance account reporting (TBAR) framework that exists for SMSFs. Much like the concept of ‘garbage-in, garbage-out’ (GIGO),…
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