Post On July 12, 2016 By Aaron Dunn | 0 Comment(s)

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We are pleased to advise of the upcoming launch next week of our partial commutation documents within Campus.  This new document will allow for members to be able to generate a partial commutation of an existing account based pension (ABP) in accordance with the Commissioner’s guidance within taxation ruling, TR 2013/5 and specifically SMSFD 2013/2.  You can watch the video below to see how simple it is to generate compliant SMSF documents around one of the more popular post-retirement strategies within a SMSF:

 

 

The partial commutation documents provide users with the choice of the following combinations:

  • Ability to elect under Reg. 995.1.03 of the ITAR 1997 to not treat the amount as an income stream payment (but rather lump sum);
  • Ability to choose whether the payment is to be paid in cash or as an in-specie asset transfer; and
  • Whether the member is aged under 60 years to apply the low rate cap to the lump sum, or 60 years and over where the amount is non-assessable.

The paperwork also confirms that the amount will apply towards the member’s minimum pension obligations for the income year.

We will also look to add a similar form for Transition to Retirement Income Streams (TRIS) where a member has unrestricted non-preserved benefits, consistent with the Commissioner’s views in SMSFD 2014/1.

Access & Pricing

Please note that this document is available to be generated by gold and silver members as part of your membership.  Bronze and free members can purchase this document on a PAYG basis for $220 (incl. GST).

View the current SMSF Document Suite

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