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News
Deeming Rates Change
22/07/2019
The Federal Government has announced that the deeming rates used for the income means test will be reduced given the current very low official interest rate. This reduction in the deeming rates will generally result in an increase in the age pension for individuals currently receiving a part pension, and may allow others who were ineligible for a part pension to now be eligible for a part pension.Death Benefit Pensions - what happens when too little is paid?
22/07/2019
The ATO has recently highlighted the consequences of death benefit underpayments and what action must be taken by the trustee.What happens when a member in pension phase dies before sufficient pension payments have been made?
22/07/2019
The story is this. Assume Sacheverell (yes, it is a real name and correctly spelt) has retired and taken his superannuation as a non-reversionary income stream in the form of an account-based pension. Given his attained age and commencement balance, the minimum pension amount for the 2019/20 financial year is $20,000.Minimum pension amounts must be paid on or before 30 June
26/06/2019
It is vitally important that individuals receiving retirement phase pensions should ensure that they pay the minimum pension amount in respect of the 2018/19 financial year. The minimum pension amount must be paid on or before 30 June 2019.