An earnings tax exemption applies to a superannuation
income stream in the retirement phase.
The debit amount is the value of the superannuation interest that supported the superannuation income stream just before it ceased to be a superannuation
income stream in the retirement phase.
As Raj has no superannuation
income streams in the retirement phase he is not a retirement phase recipient and does not have a transfer balance account.
A debit arises in the individual's transfer balance account at the time the superannuation income stream stops being a superannuation
income stream in the retirement phase.
Not exact matches
A superannuation
income stream will not be
in the
retirement phase in an
income year if a superannuation
income stream provider has failed to comply with a commutation authority
in respect of a member's transfer balance cap.
A transition to
retirement income stream (TRIS) is only
in the
retirement phase when the person receiving the TRIS reaches 65 years old or notifies their fund that they have met a specified nil cashing restriction condition of release, such as
retirement, permanent incapacity or terminal illness.
Also includes a future payment from a deferred superannuation
income stream that is
in the
retirement phase.
From 1 July 2017, a fund will lose the
income tax exemption for assets supporting TRISs and similar superannuation
income streams that are not
in the
retirement phase from this time.
super
income streams that stop being
in the
retirement phase, for example because the trustee failed to meet the minimum pension payment standards for an
income stream.
If you do not commute the required amount by the due date or tell us why you have not done so (using a TBAR), the
income stream will stop being
in the
retirement phase and this will affect entitlement to exempt current pension
income.
In the case studies below, the pre-existing income streams or income streams that commence are in retirement phas
In the case studies below, the pre-existing
income streams or
income streams that commence are
in retirement phas
in retirement phase.
Note: From 1 July 2017, earnings from assets supporting a transition to
retirement income stream (TRIS) which is not
in the
retirement phase will not be eligible for ECPI and will be taxed at 15 %.
You may be able to claim a tax exemption
in the SMSF annual return for certain
income earned from assets held to provide for
retirement phase super
income stream benefits.
From 1 July 2017, these superannuation
income streams will not be
in the
retirement phase.
You can claim the tax exemption
in your SMSF annual return once your SMSF begins paying «super
income stream benefits» (commonly referred to as pensions) that are
in the
retirement phase.
Jill still has her original account - based
income stream (now with a reduced value)
in the
retirement phase, and has $ 800,000
in accumulation
phase.
Justin has a superannuation
income stream that is
in the
retirement phase that pays $ 4,000 per month.
Subject to paragraph 15 of this Ruling, a superannuation
income stream is
in the
retirement phase when a superannuation
income stream benefit is currently payable.
Note: From 1 July 2017, earnings from assets supporting a transition to
retirement income stream (TRIS) will not be eligible for ECPI if the
income stream is not
in the
retirement phase and will be taxed at 15 %.
[11] If it is a deferred superannuation
income stream [12], that
income stream is
in the
retirement phase when a person has met a relevant condition of release (
retirement, terminal medical condition, permanent incapacity or attaining age 65).