Lump Sum Minute Template Pack

Description

After 1 July 2017 many pensioners affected by the new $1.6m pension transfer balance cap will have both pension and accumulation accounts in their SMSF. They will be required to take at least a minimum amount from their pension account(s) as a pension payment but have some discretion as to how any extra payments are treated. Many will choose to take these payments from their accumulation accounts to minimise the amount they withdraw from their pensions. Those with no accumulation accounts might choose to take the extra amounts as “partial commutations” from their pensions.

Documentation is key here and Heffron has developed a template pack that provides the resolutions and minutes needed at the start of the year to ensure that a trustee can make the right elections up front for all of the year’s payments. This template pack meets all the requirements for payments during 2017/18, 2018/19 and 2019/20 and can be used for multiple clients during these years. There is no limit on the number of funds or members for whom these templates may be used - the pack is a tool for accountants or advisers to use in their practice as many times as they wish or for trustees to use for one or all members.

Of course some payments require additional work at the time the payment actually occurs (for example, PAYG reporting or reporting for the purposes of the Transfer Balance Cap) but the Lump Sum Minute Template Pack allows the pensioner to set out the order in which the individual wishes to structure their payments and ensure that any elections which must be made in advance of the payment are attended to automatically.

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Lump Sum Minute Template Pack