On Tuesday 9 May, Treasurer Jim Chalmers handed down the Federal Budget for 2023-24. As expected, the budget priorities included cost of living relief and a stronger and more secure economy. Pleasingly, there were no unexpected changes to superannuation or SMSFs announced in the budget. Previously announced superannuation measures, such...
Brought to you by Challenger Tech When a person enters aged care, they are faced with a plethora of rules – to name a few, concerns relating to social security payments, aged care fees and funding decisions, including what to do with the family home are often front of mind....
In the lifecycle of a self managed superannuation fund (SMSF) the death of a member is an event that requires particular attention to ensure that the relevant superannuation laws are adhered to, as well as having to deal with the personal and emotional aspects that the nature of an SMSF...
The upcoming increase in the general transfer balance cap (TBC) on 1 July 2023 will affect how income streams that are a ‘capped defined benefit income stream’ (CDBIS) will be taxed. A pension that is a CDBIS is subject to assessment against the ‘defined benefit income cap’, which is set...
Where a retirement phase account-based pension (ABP) does not meet the relevant pension standards there are consequences for the fund and the member. These include reducing the fund’s claim for exempt current pension income (ECPI) and changing the mix of tax components of the pension interest. There will also be...
With the knowledge that the general transfer balance cap (TBC) is increasing to $1.9m on 1 July 2023 (assuming no legislative intervention), those who are planning to retire and or commence a retirement phase income stream need to understand the effect of the timing of commencing a pension on...
With the impending increase to the general transfer balance cap (TBC) on 1 July 2023, the commencement of a retirement phase income stream will generally determine the extent to which a person is entitled to an increase to their personal TBC. However, it actually depends on whether or not they...
The general transfer balance cap (TBC) is the cap that determines how much an individual can transfer into retirement phase and will increase from the current $1.7m to $1.9m on 1 July 2023. This is the second time that the general TBC has been lifted. This article will look at...
This article was first published in SMSF Adviser Will 2023 will be the year which resolves the unfinished business with legacy pensions? The proposal to allow individuals to exit legacy pensions, together with associated reserves, was announced back on 11 May 2021 in the 2021-22 federal budget however it remains...
