There have been so many words devoted to the recent pension changes, and those just introduced to parliament, that you could be forgiven for not understanding what has already happened and what will happen if the Bill becomes law. If a fund has only account based pensions for the full year it will not require an actuarial certificate. This sensible...
There’s a great deal of complexity in transferring benefits to Australia. This is because you need to ensure that you are complying with both Australian and UK taxation and super/pension laws. We supply QROPS approved SMSF deeds and, where we are administering the fund on an ongoing basis, the necessary HMRC reporting. The UK regulator Within the UK,...
Due to their significant convenience and efficiency we have adopted the use of electronic signatures as our default – but not for everything. We still require wet signatures for Deeds, and some other documentation, even though this slows down the process. We know that some deed suppliers do not follow this practice so why do we? An...
SMSF Adviser published an article by Deanne Firth of Tactical Super that I feel should be retained to provide to SMSF trustees who complain about having to justify their related party transactions. Essentially, a member drew loans, in multiple tranches over three years, totalling $90,000. Each tranche incurred an administrative penalty resulting in a total penalty of...
By 28th October, some SMSFs will need to have reported any pension establishments or commutations that occurred since July 1. These are the funds that have been self assessed as quarterly reporting for TBAR purposes. To work out if quarterly or annual reporting arrangements apply, an SMSF will need to know the total super balance of all...
We have prepared a comprehensive SMSF end of year check list that we strongly suspect is the most comprehensive you would have seen published. It's available here....
From 1 July 2017, many superannuation obligations and rights became depend on a member’s total super balance which is , broadly, the total amount a person has in all Australian superannuation funds, including amounts in pension phase and accumulation phase. Event Based Reporting Generally, SMSFs are not required to report under the ATO’s transfer balance account report (TBAR)...
The links below are directly or indirectly related to pensions. ATO ID 2002-731 Same sex partner dependant ATO ID 2010-1 Child definition ATO ID 2011-77 Meaning of child dependant ATO ID 2011-83 Dependant former spouse, same sex ATO ID 2012-84 Allocation from pension reserve account Income Tax Assessment Act 1997 Super Extract NTLG Dec 2007 Super Interests NTLG Dec 2010 Super interests & pension...