Sep 7, 2023 | Blog, Centrelink, Death Benefits, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
A pension refresh strategy involves commuting an existing pension and commencing a new pension to include contributions accumulated since the original pension was initially established. Starting a superannuation pension does not prohibit a person from continuing to...
Sep 7, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
A transition to retirement allocated pension is a type of superannuation income stream. Some or all of a member’s superannuation accumulation balance can be used to start a transition to retirement allocated pension. A transition to retirement pension is...
Sep 6, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation
This article discusses transition to retirement pensions for people over age 65. It explains why individuals over age 65 will never have a transition to retirement (TTR) pension. A transition to retirement pension provides access to superannuation for people who have...
Sep 6, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation, Superannuation Tax
The transition to retirement rules relate to transition to retirement income streams (TRIS), commonly referred to as Transition to Retirement (TTR) Pensions. Traditionally, people would work up until a certain age, then retire and begin drawing an income stream from...
Sep 5, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
The Centrelink Assets Test for superannuation savings is determined by your age and the value of your super accumulation and pension assets. Centrelink applies both an Assets Test and an Income Test. The test that results in you receiving the lower social security...
Sep 5, 2023 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
The Centrelink treatment of lump sum withdrawals from super is important to understand. There are a number of ways that lump sum withdrawals can be made from super and each way is assessed by Centrelink differently. Making one lump sum withdrawal from super has the...
Sep 5, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
The deductible amount definition for Centrelink and DVA purposes refers to the amount of income received from an account based pension, allocated pension or defined benefit pension that is not assessed under the ‘Income Test’ When completing documentation...
Sep 4, 2023 | Blog, Retirement Income Streams, Superannuation, Superannuation Tax
The level of tax that you are required to pay on pension income depends primarily on your age and the type of pension. Account Based Pensions/ Allocated Pension Paying Tax on Pension Income – Over age 60 All income received from an Account Based or Allocated...
Sep 4, 2023 | Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
A grandfathered account based pension is an account based pension where the assessment of the pension income is calculated using the deductible amount method. The current assessment of a non-grandfathered account based pension for social security or aged care purposes...
Sep 3, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, SMSF, Superannuation
Prior to the significant superannuation reforms ‘simpler super’ in 2007, Allocated Pensions were the most common form of retirement income streams for retirees. Account Based Pensions came into existence as a result of the ‘simpler super’...