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Cost Base Management on Pension Phase
15/08/2011
The Draft Ruling has highlighted a tax management issue which is vital in pension phase. While a super interest is supporting a pension, capital gains and income arising from assets allocated to that interest will be tax exempt.The Two Step Tango
15/08/2011
Another interesting observation is that the ATO takes the view that a super interest in pension phase will immediately revert to taxable phase once the pensioner has requested the full commutation of the pension.How Do You Tell the Difference Between a Commutation Payment and a Large Pension Payment?
15/08/2011
On the basis of the Draft Ruling, a commutation is the conversion of future pension payments to a currently payable lump sum. This requires the pension documents to specify with some detail those future pension payments. If the pension payments are not specified, then it is not possible to commute them, so the argument would run.What Counts for the Pro-Rata Payment Requirements?
15/08/2011
A lump sum paid from a pension interest will be counted in determining whether the pension interest has satisfied the pro-rata minimum payment requirement before a commutation payment can be made.Independent Auditor’s Report for SMSFs – Changes for 2010/11
15/07/2011
The approved form for the independent auditor’s report for SMSFs is not the most interesting read. However, there are two changes for the approved form for 2010/11 which should catch your attention.