This edition covers the ATO’s view on the re-classification of pension payments into lump sums once the pension payment has been received by a member.
This issue of Technically Speaking, written by the Association’s Technical Manager, Mary Simmons:
- Unpacks how the superannuation and tax laws interact to outline the issues that must be considered before withdrawing a lump sum;
- Outlines some advantages of paying amounts in excess of the minimum pension as a partial commutation;
- Reinforces the importance of satisfying the minimum pension drawing requirements;
- and much more…
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association