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Impact of the superannuation reforms on legacy pensions(1)

Impact of the superannuation reforms on legacy pensions

Rebecca James, Special Counsel Transfer balance cap modifications As the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 is now law, it is critical that advisers have an understanding of the impact of the superannuation reforms on legacy pensions. In particular, the specified defined benefit pension modifications apply to lifetime pensions, fixed term (life [read more]

Death benefit pensions and the $1.6 million transfer balance cap

Death benefit pensions and the $1.6 million transfer balance cap

Introduction The Federal Government’s $1.6 million transfer balance cap (‘TBC’) measure is likely to adversely impact couples who have pension entitlements exceeding $1.6 million. This articles outlines some of the implications in relation to death benefit pensions. The key TBC provisions are in div 294 of the Income Tax Assessment Act 1997 (Cth) (‘ITAA 1997’) inserted [read more]

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Pension changes — are your pension documents up to date?

By Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers The recent superannuation reforms substantially impact existing pensions from 1 July 2017. This means that pension documents will need to be updated prior to 1 July 2017 to reflect the latest changes and new pensions implemented from 1 July 2017 will also need to reflect the latest changes. [read more]

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