The new Draft Ruling from the ATO that will require a pension account to automatically revert back to the accumulation phase upon the death of a member is consistent with their poor policy on excess contributions. 

Irrespective of how much planning that is done in the lead up to 30 June sometimes things still fall through the cracks. If you have made a contribution in June 2011 that has exceeded your contribution caps, there may be a way out! 

The end of the financial year is upon us and there are some critical things to remember if you are the Trustee of a Self Managed Superannuation Fund: 

In our latest video, Taxation at Benefit Level – Lump Sums we explain what tax is payable when a member withdraws a lump sum from their superannuation fund. We use case studies to demonstrate the importance of a member’s superannuation components within their member balance and show the difference a person’s age has on the tax payable on their withdrawals. 

In our three part series, Pension Structures that are Common Today we cover the structure, features and restrictions relating to the most popular retirement income streams utilised by pre-retirees and retirees to fund their retirement lifestyle.