Module – Payment standards and paying a benefit

OVERVIEW

This topic considers the features of a member account and how a member can access their money.

It also discusses how money can be taken either as a superannuation lump sum or as an income stream and how both lump sum and pension payments are proportioned between taxable and tax-free components.

This topic also reviews previous types of pension payable from a self-managed superannuation fund (SMSF) and discusses the critical issues of when a pension commences and ceases and introduces the concept of the transfer balance cap.

LEARNING OUTCOMES

On completing this topic, you should be able to:

• identify the types of benefits that can be paid from an SMSF, and when
• Identify when a pension commences and ceases
• calculate the minimum pension obligations for a full or part-year pension
• discuss the requirements when a pension is commuted
• detail the different types of pension that can be paid from an SMSF
• understand the transfer balance cap.

Details

Date:
1 Jan 2020 - 1 Jan 2021
7:00 pm AEDT - 7:00 pm AEDT
Knowledge Area:
Benefit Payments, Taxation
CPD Hours:
5