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Transition to Retirement Income Streams (TRIS's)


After a member attains age 55 they are eligible to commence a TRIS even though they are still working. The minimum amount of the pension is calculated the same way as an ordinary Account Based Pension. However these pensions are also subject to a maximum pension which is 10% of the member’s balance.

  



 Can my SMSF pay a pension when I retire?


Yes your fund can pay you a pension when you retire.


Account Based Pensions


The type of pension most commonly paid from a SMSF is an Account Based Pension which is a very flexible pension. Provided you receive at least the minimum pension each year, you can nominate the frequency of payments to suit yourself. (Normally pensions are paid monthly but can be paid quarterly, annually or “as required”)

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Frequently asked Questions (Q&A)

The Alan Skerritt Consultancy

                   Specialists in Superannuation

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We are an independent family owned business that has specialised in Self Managed Superannuation (SMSF) for more than 30 years..

 



What Tax will I pay on my Pension?


Under the current legislation, pensions paid after the member attains age 60 are tax free.


For members between the age of 55 and 60, in receipt of a pension, tax will be payable on the taxable portion of the pension benefit. A member’s benefit is split into underlying components – Taxed and Tax Free.


Tax is payable at the taxpayer’s marginal rates on the “Taxed” component of the pension benefit. However this tax is partially offset be a 15% rebate of this portion of the pension. The balance of the pension from the tax free component, is as the name suggests – tax free.


These rates of tax apply to any pension, either an Account Based Pension or a Transition to Retirement Pension, paid to a person aged from age 55 to under 60.



Nothing in this website should be considered personal advice. The information is of a general nature and does not consider your personal needs and objectives or your financial situation. Before you proceed to make changes to your Superannuation you should consider seeking financial advice. Our related company Dunross Financial Planning Pty Ltd (Australia Financial Services Licence Number 237496) can help you with your financial goals and investment needs.

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The Alan Skerritt Consultancy

Windsor Holdings Pty Ltd  (ACN 010 018 041 ABN 12 862 040 559)

(Incorporated in Queensland)  Trustee

 info@skerritt.com.au