In this episode of the DBA Lawyers Podcast, Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel, discuss what is new in the world of pensions following the Federal Budget announcements on 11 May 2021.
Bryce shares some practical tips for commuting and restarting a pension prior to or on 1 July. Bryce also discusses the legislative fix to assist those seeking to rollover death benefits in order to start a pension.
Zac and Bryce also discuss the latest changes to legacy pensions announced in the Federal Budget for 2021-2022. Broadly, the changes will ‘allow individuals to exit a specified range of legacy retirement products, together with any associated reserves, for a two-year period’ and that ‘[t]he allocations and the commuted reserves will be taxed as an assessable contribution.’
Bryce will be presenting DBA Network Pty Ltd’s SMSF Online Update on 9 July 2021 and will be covering the latest in pensions, changes for legacy pensions plus much more. To register, please click here.
Related articles and links below.
Hosts (in order of appearance): Zacharia Galloway, Lawyer and Bryce Figot, Special Counsel
30 June 2021