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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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

Guide to Transition to Retirement Pensions in SMSFs

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

Non-arm’s length expenses – changing old habits

Over time tax law has evolved to disincentives certain income from being diverted into SMSFs or to discourage trustees from

Valuations for Year End Reporting (Trustees)

It is a legal requirement that all SMSFs record and report all assets at market value. Failure to report assets

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