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SMSF Retirement Insights Volume 8: SMSFs on track for aspirational retirement lifestyle

Published 21 Oct 2019

Accurium’s SMSF Retirement Insights Infographic illustrates how SMSF retirees are tracking against achieving their goals of a comfortable or aspirational lifestyle in retirement. The data is drawn from around 65,000 SMSFs with balances in the retirement phase, and uses Accurium’s stochastic Retirement Adequacy Model to assess how SMSF retirees are...

Income streams/pensions

Non-retirement phase TRIS: consequences of exceeding maximum pension payments

Published 23 Sep 2019

A TRIS can be a useful tool for members of a SMSF who have reached their preservation age and wish to reduce their working hours without reducing their income. Like account-based pensions, a TRIS must meet minimum pension standards each year. This involves taking the minimum pension payments each income...

Age Pension & Aged Care

An introduction to deferred lifetime annuities

Published 20 Sep 2019

The introduction of the Government’s ‘Innovative Superannuation Income Streams’ Regulations has, since 1 July 2017, allowed for the development of new categories of retirement income streams to meet the needs of Australian retirees. These Regulations have allowed for the development of a variety of income streams, including deferred lifetime income...

ECPI, segregation and actuarial certificates

SMSFs investing in a pooled superannuation trust – important considerations if you have a retirement phase interest

Published 17 Sep 2019

A pooled superannuation trust (PST) is a unit trust in which only assets of superannuation funds, approved deposit funds and other PSTs can be invested. SMSFs are therefore eligible to invest in a PST and a prominent public offer profit for member fund recently introduced a PST product encouraging investment...

Age Pension & Aged Care

Do your clients need to complete the aged care means test assessment form

Published 16 Sep 2019

A common question posed by advisers is whether clients need to complete the aged care means test assessment form. A related line of questioning then revolves around the benefits and disadvantages of completing or not completing the aged care means test form....

Till death do us part – an aged care focus

Published 6 Aug 2019

The average age of admissions in 2017-18 to permanent residential aged care was 82 years for men and 84.5 years for women, with an average stay of 2.97 years, estate planning and post death issues are often at the forefront of advice considerations for aged care clients....

When to complete transfer balance account reports for death benefits

Published 23 Jul 2019

When a member in an SMSF passes away the trustee will decide how to pay out the death benefit. A new administrative requirement for the trustee to consider is whether a transfer balance account report (TBAR) is required....

ECPI, segregation and actuarial certificates

Pension payment strategies for 2019-20

Published 10 Jul 2019

At the start of each new financial year self-managed superannuation fund (SMSF) trustees will re-calculate the minimum pension payment requirements for each income stream in their SMSF. Trustees may also desire to draw from their SMSF an amount higher than the minimum requirements over the coming year. It is important...

Age Pension & Aged Care

Understanding permanent residential aged care fees

Published 30 Jun 2019

‘How much will I pay?’ is a common concern for aged care clients. There can be a range of fees clients may be asked to pay. Financial advisers are well placed to help clients understand what these fees are and provide solutions to help manage them. In this article we...

ECPI, segregation and actuarial certificates

Tax losses in an SMSF what you need to know

Published 17 Jun 2019

The Australian Tax Office has indicated its intention to focus on tax losses claimed by SMSFs in pension phase and claiming exempt current pension income (ECPI). They have identified a number of cases where funds are incorrectly claiming a tax loss deduction. This article discusses how to appropriately apply tax...

Transfer balance cap

TBAR for a pension that fails to meet the minimum pension standards

Published 23 May 2019

Since 1 July 2017 a pension commutation, whether partial or full, requires the fund to submit a transfer balance account report (TBAR). However, submitting a TBAR may be a little bit different than expected in the situation where the minimum pension standards are not met and the income stream is...

Defined benefit & market-linked pensions

What is a defined benefit pension and actuarial requirements

Published 10 May 2019

Defined benefit pensions require an actuary’s statement of adequacy opinion each year. This opinion will state whether, in the actuary’s opinion, there are sufficient assets on an ‘average’ Best Estimate basis (50% probability) backing the defined benefit pension to meet all future liabilities. The actuary will also issue a ‘High...

Income streams/pensions

Federal Budget Report 2019-20

Published 3 Apr 2019

On Tuesday 2 April 2019, the Treasurer, Josh Frydenberg, released the Government’s 2019-20 Budget. The Accurium tech team have reviewed the Budget and prepared a summary of the key measures to be considered when working with clients....

Income streams/pensions

Legislation fixes death benefit issue with reversionary TRIS

Published 14 Mar 2019

Treasury Laws Amendment (2018 Measures No.4) Bill 2018 finally received Royal Assent on 1 March 2019. This Bill addressed an outstanding issue with reversionary transition to retirement income streams (TRIS) paid to a beneficiary who had not yet met a condition of release....

Age Pension & Aged Care

New means testing rules for lifetime income streams rules now legislated

Published 4 Mar 2019

The Social Services and Other Legislation Amendment (Supporting Retirement Incomes) Bill 2018 recently passed parliament. This legislates new social security means test rules for lifetime income streams as well as changes to the Pension Work Bonus and Pensioner Loan Scheme. ...

Income streams/pensions

Superannuation interests and calculating tax components

Published 27 Feb 2019

Each superannuation interest is made up of a tax-free component and a taxable component, each of which can also be broken down into two further components. These components are not always constant and can change over time. This article discusses when these components are required and how to calculate them....