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Death benefits & Estate planning

Part 1: Who can be paid your superannuation on death?

Published 10 Feb 2022

There are two important questions that need to be answered when it comes to complying with the compulsory cashing requirements of a deceased member’s superannuation benefit: 1. Who can the superannuation death benefit be paid to?2. How will the superannuation death benefit be taxed? The answer to the first question...

ECPI, segregation and actuarial certificates

Options for a shortfall in the minimum pension for an ABP

Published 3 Feb 2022

Where an account-based pension (ABP) in retirement phase does not meet the minimum pension standards in the SIS Regulations there are consequences, both for the superannuation fund and the pension recipient. These include reducing the fund’s claim for exempt current pension income (ECPI) and changing the mix of tax components...

SMSF acronyms

Published 25 Jan 2022

During our webinars you might hear our presenters refer to some things in acronyms or you may have heard some in general SMSF discussions and be unsure what they are referring to. The team at Accurium have put together an extensive list of the most popular SMSF acronyms. If you...

Income streams/pensions

Allocating from an unallocated reserve to a member in an SMSF: which member account can the allocation be made to?

Published 14 Jan 2022

The ATO’s view on the use of reserves in an SMSF is outlined in their Regulator’s Bulletin, SMSFRB 2018/1 ‘The use of reserves by self-managed superannuation funds’, which was published on 15 March 2018....

Defined benefit & market-linked pensions

Dealing with legacy pensions – do you have time to wait for the 2-year exit measure?

Published 13 Jan 2022

The number of SMSFs with a member being paid an old legacy pensions continues to fall and with the budget announcement of a two period for SMSF members with these old pension to exit, there may not be many, if any, left in five years....

Death benefits & Estate planning

No rollover options for SMSF defined benefit members

Published 7 Dec 2021

For those SMSFs that have a member with a legacy complying defined benefit pension, a wind up of the SMSF will require them to rollover their pension to either an APRA regulated fund that provides a complying pension or to an institution that provides a retail annuity....

Age Pension & Aged Care

Frequently asked questions about providing aged care advice

Published 7 Dec 2021

The need for aged care advice is increasing with Australia's ageing population providing more opportunities for professionals to expand their service offer into this market. The aged care system is complex and subject to regular review and reform making aged care advice more important to ensure the right outcomes are...

Age Pension & Aged Care

How much are the Centrelink concession cards worth?

Published 4 Nov 2021

One benefit of receiving the Age Pension is the Pensioner Concession Card (PCC). But how much value can the PCC provide your client? ...

Age Pension & Aged Care

Children paying their parent’s RAD – issues and considerations

Published 3 Nov 2021

From time to time, the Challenger Tech team come across situations where most of the client’s wealth is tied up in the family home, and in some cases, clients express a wish to retain the home. Where the RAD is mostly unpaid, it can place significant pressure on cash flow. Through a...

Retirement strategies

Preservation age is increasing, again: do you know what age your clients can access their superannuation?

Published 29 Oct 2021

Preservation age is increasing, again: do you know what age your clients can access their superannuation?...

Accumulation & contributions

SMSF residency and upcoming changes

Published 1 Oct 2021

This article will look at the current fund residency rules, the consequences of failing those rules and currently proposed changes to relax the residency requirements. ...

Age Pension & Aged Care

Protected person – key to help retain the principal home exemption

Published 1 Oct 2021

The principal home exemption for clients entering a residential aged care facility can make a considerable difference in their aged care fees. In some cases, the availability of the home exemption on the date of entry could even determine whether the client is a low means resident or an accommodation...

Retirement strategies

Guide to the Commonwealth Seniors Health Card

Published 28 Sep 2021

The Commonwealth Seniors Health Card (CSHC) provides self-funded retirees with discounted health costs and various concessions from Australian, state and territory governments. To qualify for the CSHC, a person needs to meet certain age, residency and income requirements. In this article, we look at the benefits available for CSHC holders...

Age Pension & Aged Care

Aged care questions you have asked in 2021

Published 28 Sep 2021

Aged care can be a complex and an intricate area of advice. Although detailed laws have been laid out, certain types of scenarios require a practical understanding of how these laws are applied....

Accumulation & contributions

Are you making a mistake when commencing a pension with specific contributions?

Published 21 Sep 2021

Commencing a pension is one of the most important tasks to running a self-managed super fund (SMSF). An SMSF with a correctly established pension interest may be eligible to claim tax exempt income, a significant tax concession to the fund. However, there are some common mistakes trustees make when commencing...

Accumulation & contributions

Boosting retirement savings through a personal deductible contribution strategy

Published 15 Sep 2021

A tax effective strategy of contributing to superannuation is to make a personal contribution, which is claimed as an income tax deduction. When doing this it is important to ensure that the contributions are indeed deductible so that the full benefits of the strategy can be realised....