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Author Archives: actuarialmelanie
TTR: consequences of exceeding maximum pension payments
Transition-to-retirement pensions can be a useful tool for members of an SMSF who have reached their preservation age and wish to reduce their working hours without reducing their income. Like account-based pensions transition-to-retirement (TTR) pensions must meet the minimum pension … Continue reading
Deductibility of insurance premiums in an SMSF
Background Life insurance and Total and Permanent Disability premiums paid by a Self Managed Super Fund prior to 1 July 2007 had always been fully deductible. However the ‘Simpler Super’ changes which came into effect from 1 July 2007 introduced … Continue reading
Treatment of income and expenses when the fund is segregated
Income: The income on segregated assets will be 100% tax free or 0% tax free based upon whether the assets are backing pension or accumulation. Any income on an unsegregated pool of assets will receive a tax exempt proportion given … Continue reading
Posted in Segregation, SMSF
Tagged actuarial certificate, assessable income, deduction, expenses, income, pension, segregated, superannuation, tax exempt, tax exempt percentage, tax return, TR 93/17
8 Comments
Rolling back and recommencing pensions: the requirement to re-calculate the tax free and taxable components
At the National Tax Liaison Group Superannuation Technical Sub-group meeting on 8 December 2010 the issue of whether a recalculation of the tax free and taxable components is required upon the recommencement of a pension which was previously rolled back … Continue reading
An update on the commencement of the debt relief for defined benefit pensions
Further to our blog post outlining the Social Security Specification which will waive the debt incurred when commuting a defined benefit pension to a market linked pension in an SMSF, this morning we received more information regarding the expected date … Continue reading
Good News! Centrelink debt relief for SMSFs with defined benefit pensions
On 15 April 2011, Jenny Macklin, Minister for Families, Housing, Community Services and Indigenous Affairs recently issued a Specification waiving the debt incurred on the commutation of a defined benefit pension to a market linked pension. This Specification is the Social Security … Continue reading
Why defined benefit pensions are not 100% tax exempt
An actuarial certificate will be required to calculate the tax exempt percentage for any pool of assets that contain a defined benefit pension. This is because defined benefit pensions in most cases are not entirely tax exempt, unlike account based, … Continue reading
Can I have an actuarial certificate for part of a year?
Section 295-390 of the ITAA 1997 makes it clear that the tax exempt proportion calculation for an un-segregated actuarial certificate uses the average values for a full financial year. The tax exempt percentage proportion is calculated as: average value of … Continue reading
Pension commencements and the tax exempt percentage
All new pensions which commence in an SMSF after 19 September 2007 must be account-based type pensions. These new pensions must meet the new minimum pension standards. Allocated pensions that commenced prior to 1 July 2007 can choose to make … Continue reading
