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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One of the distinctive differences under the transfer balance cap rules with reversionary and non-reversionary is the timing of transfer balance account reporting (TBAR) of the income stream. For any new pension that commences where the pension does not automatically continue to the reversionary beneficiary, the benefit is required to be ‘cashed’ as soon as…
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#TBARmaggedon has arrived… The first regular reporting date for transfer balance account (TBA) purposes occurs on 28 October 2018 for fund’s that need to report quarterly. This due date will require the fund to report ‘events’ from both: the 2017-18 financial year; and first quarter of 2018-19 financial year (July – September 2018). For SMSFs, transfer…
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Currently the SIS Regulations allows for all super funds, other than SMSFs to provide data to regulators and transfer payments between funds using the secure electronic payment and data verification system known as SuperStream. For SMSFs currently, it requires the processing of rollovers manually and often involve multiple interactions between the SMSF member at current…
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Treasury has released for draft consultation the amendments to extend the work test exemption for recent retirees. This announcement was made in the 2018-19 Federal Budget, whereby it makes amendments to the non-concessional contributions (NCC) rules in the ITAA 1997 to complement proposed amendments to the contribution acceptance rules within the SIS Regulations (SISR 7.04).…
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