Prospective Pension Payment Planning
Paying a minimum pension amount is a fundamental requirement to ensure an SMSF receives the appropriate tax concessions for meeting the pension standards. In the 2020/21 Financial Year the minimum pension has been reduced by 50% as a means to assist in the preservation of capital as a result of the COVID-19 pandemic and the economic impact it has had on superannuation assets, amongst other things. Whilst the measure is a welcome relief to some, who consider the minimum to be above their needs, others will continue to draw down benefits at prior year rates to meet their income needs or they will take over and above the minimum under the premise that you can’t take it with you.
This webinar will take a prospective look at drawing benefits above the minimum pension, taking a keen interest in multiple pension interests, pension and accumulation interests, single pension accounts and the impact decisions will have on personal tax, fund tax, transfer balance caps and estate planning.
At the end of this webinar, participants will have a greater appreciation for:
- Taking partial commutations versus additional pension payments
- Determining the exempt pension income benefits of accumulation based withdrawals
- Withholding tax obligations and where they might apply
- Why Transition to retirement is a friend not a foe
- How every drawdown impacts estate planning
This session will be issued with CPD hours for:
- the SMSF Association
- Tax Practitioner’s Board (TPB); and
- The major accounting bodies.
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Accredited CPD Education
SuperGuardian’s education activities are assessed against the SMSF Association’s professional education standards. Being recognised as an SMSF Association Accredited Educator enables us to work closely with the Association in lifting the standards of professional SMSF advice and services through quality SMSF education.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.
Tim is an SMSF Association Specialist Adviser.