Denying imputation credit tax refunds to the SMSF as taxpayer will reduce its income, causing pension funds to deplete faster, and its members to turn to the age pension quicker. This isn’t an outcome the Government desires.
Tag Archives | tax
Accurium’s facts and figures guide compiles current rates and schedules for tax, superannuation, retirement, social security and aged care, updated to 1 January 2018.
Transition to Retirement Income Streams are no longer tax-free, but you can still access your super before retirement if you meet certain conditions, and there are strategies to reduce the tax paid.
A response to Labor’s proposal to tax superannuation earnings of more than $75,000 during retirement phase from a former Assistant Deputy Commissioner for the ATO who has seen it all before.
It’s one thing to know the super and SMSF legislation and devise an appropriate strategy, but it’s quite another if it can’t be implemented in practice. Especially when bank lending policies are involved.
* Treasurer’s full Media Release on not taxing superannuation pensions over $100,000. Too complex and undeliverable.
The main benefit of a Transition to Retirement (TTR) pension when under age 60 is not the cash flow from the pension, but income earned in the fund on the investments supporting the TTR pension is tax free.
There’s an ongoing debate about income inequality and personal income tax. Looking at the numbers, 45% of Australian adults pay no personal income tax, while 1.5% of adults pay 26% of income tax.