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Categories | Federal Budget

pension documents in shape

Don’t get left behind — get your pension documents in shape for 1 July 2017

By on 31/03/2017 in Announcements, ATO, Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation, Trustee education

DBA Lawyers has recently been inundated with requests for up to date pension documents. Our suite of pension documents is fully up to date, including partial commutation documents with a tick-a-box option allowing the partial commutation of pension capital to just under a member’s personal transfer balance cap. Also, changes to the Superannuation Industry (Supervision) [read more]

Lump sum payments

Lump sum payment arising from a partial commutation

By on 01/03/2017 in Federal Budget, Pensions, SMSF strategy, Taxation

Co-author by Daniel Butler, Director, DBA Lawyers Introduction The treatment of a lump sum payment arising from the partial commutation of a pension will be significantly impacted by the super reform measures. This article examines changes from 1 July 2017. Background — lump sums arising from a partial commutation A benefit payment arising from the [read more]

cash flow

TRIS strategies after 1 July 2017

By on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

A transition to retirement income stream (‘TRIS’) provides an easy way to access superannuation savings. Various TRIS strategies have developed in recent years which may change following the super reforms that commence on 1 July 2017. This article examines a number of popular strategies and considers the likely impact on TRISs on and after 1 [read more]

Reversionary pensions

Reversionary pensions and the super reforms

By on 07/02/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

Introduction Superannuation law is currently undergoing the most significant period of change since mid-2007. As a consequence of the Federal Government’s reform measures, including the $1.6 million transfer balance cap (‘TBC’), it is important that the succession plans of fund members are reviewed as soon as possible so that appropriate and tax effective succession arrangements [read more]

Impact of the superannuation reforms on legacy pensions(1)

Impact of the superannuation reforms on legacy pensions

By on 16/01/2017 in Federal Budget, Pensions, SMSF strategy, Succession planning, Taxation

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 expectancy) pensions and market [read more]

Death benefit pensions and the $1.6 million transfer balance cap

Death benefit pensions and the $1.6 million transfer balance cap

By on 16/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

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]

pension

Pension changes — are your pension documents up to date?

By on 11/01/2017 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

By Daniel Butler ([email protected]), 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]

Transitional CGT relief

Transitional CGT relief for pension and TRIS assets for FY2017

By on 21/12/2016 in Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

By Daniel Butler, Director, DBA Lawyers This article provides a broad overview of the capital gains tax (‘CGT’) relief for superannuation funds and explains how the cost base reset relief works in respect of assets used to support a pension or a transition to retirement income stream (‘TRIS’) prior to 1 July 2017. Introduction SMSF [read more]

Superannuation reforms – a snapshot as at 20 December 2016

By on 20/12/2016 in Announcements, ATO, DBA News, Federal Budget, Pensions, SMSF compliance, SMSF strategy, Taxation

By: Daniel Butler, Director, DBA Lawyers and Philippa Briglia The information below is a broad snapshot summary of recently enacted super reform measures as at 20 December 2016. Note, further reforms have yet to issue. The reforms outlined below largely apply from 1 July 2017 unless stated otherwise. Transfer balance cap A transfer balance cap [read more]