Pension planning for 30 June 2018
Winter has arrived and that means it is time to get all our pre-30 June planning finalised.
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Market linked pension update
One of the more crazy elements of the 1 July 2017 superannuation changes was the treatment of market linked pensions.
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My client’s husband died in March 2018. On his death, his account based pension automatically reverted to her. When will the value of this pension count towards her Total Superannuation Balance?
Your client became the “owner” of the pension on the day of her husband’s passing. This means the value of the pension counts towards her Total Superannuation Balance immediately in March 2018.
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My client is currently in receipt of a transition to retirement income stream (TRIS). He will turn 65 next month. Does his TRIS automatically become an account based pension on his 65th birthday?
And is the minimum pension for the current year recalculated on his 65th birthday?
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Death and transfer balance cap reporting
A question that has already come up in our practice several times relates to clients who died before 1 July 2017.
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TBAR deadlines for SMSFs - the final verdict
The timing of Transfer Balance Account Reports for SMSFs has been hotly debated ever since the ATO first flagged its view that this should occur outside the normal annual return cycle. The final verdict is now in.
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