Paying pensions – the importance of planning ahead

Paying the 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.

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FAQs for LAB Group

Who is LAB Group? LAB Group specializes in RegTech, offering digital workflow solutions to streamline complex customer onboarding and

Step by Step Instructions to Appointing SuperGuardian as your Tax Agent Video

Watch this video to see step by step instructions how to appoint SuperGuardian as your Tax Agent.

Appointing SuperGuardian as your Tax Agent

Self-Managed Superannuation Funds are required to use the Client-agent linking nomination process to appoint a Tax Agent or update the

Guide to Pensions in SMSFs

When a member meets a condition of release, they become eligible to commence a pension using some or all of

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