Sentences with phrase «of any superannuation income»

The amount of your transfer balance cap worked out under special rules for a child recipient of a superannuation income stream.

As the asset is not being dealt with for the sole purpose of enabling the fund to discharge all or part of its liabilities in respect of superannuation income stream benefits, it can not be a segregated current pension asset under subsections 295 - 385 (3) or 295 - 385 (4) of the ITAA 1997.

The effect of the exempt current pension income provisions is preserved for the entire value of superannuation income stream interests until:

CGT relief is provided because a member reduces the value of their superannuation income stream before 1 July 2017 to comply with the start of the transfer balance cap reforms.

You continue to have a transfer balance account even if you subsequently cease to be a retirement phase recipient of a superannuation income stream.

[51] The purpose of these debits is to proportionately reduce the credits that arose as a result of both the member spouse and the non-member spouse being a retirement phase recipient of the superannuation income stream as a result of the payment split.

The regulations may provide that certain debits do not apply to a specified class of superannuation income streams.

If you are a retirement phase recipient of a superannuation income stream just before 1 July 2017 (at the end of 30 June 2017), your transfer balance account commences on 1 July 2017.

[50] In these circumstances the transfer balance credit that originally arose in the member spouse's transfer balance account in respect of the superannuation income stream is not altered.

[36] A commutation also occurs where a superannuation income stream provider converts superannuation income stream entitlements to a superannuation lump sum in compliance with a commutation authority issued under Subdivision 136 - B of Schedule 1 to the TAA in respect of that superannuation income stream.

The regulations may provide that certain credits do not apply to a specified class of superannuation income streams.

This, in turn, limits the amount of superannuation income stream provider earnings that are exempt from tax.

Where the initial commutation authorities fail to reduce your transfer balance to or below your transfer balance cap, the Commissioner is able to issue further commutation authorities to any of your superannuation income stream providers to ensure you no longer have excess transfer balance.

You must commute an amount of your superannuation income stream in order to reduce your transfer balance so that you no longer exceed your transfer balance cap.

One of these circumstances is when the superannuation income stream provider fails to pay the minimum amount of superannuation income stream benefits required under the regulatory rules.

As the sum of the transfer balance credits ($ 4.5 million) that arise in her transfer balance account on the 1 July 2017 in respect of superannuation income streams that Alice is receiving before 1 July 2017 is greater than her structured settlement contribution ($ 4 million), the debit that arises on 1 July 2017 is $ 4.5 million.

Alice's transfer balance account commences on 1 July 2017 and a transfer balance credit of $ 3.5 million arises on this day in respect of this superannuation income stream.

Similarly, a superannuation interest that supports a superannuation income stream that decreases in value because of investment losses [25] or a drawdown of superannuation income stream benefits does not have that reduction reflected in your transfer balance account.

A reversionary beneficiary is the nominated dependant beneficiary of a superannuation income stream that automatically reverts to the nominated beneficiary on the death of the superannuation income stream recipient (member).

You commence to have a transfer balance account on the later of 1 July 2017 and the day you first start to be a retirement phase recipient of a superannuation income stream.

Not exact matches

Outlook: Analysts say the business is well - positioned to take advantage of long - term tailwinds for the wealth sector, such as an ageing population looking for retirement income solutions and mandated superannuation.

First State Super head of income and real assets Damien Webb, a senior executive for one of the nation's largest superannuation funds, said the superannuation industry's view of agriculture was changing and he expected much more capital to flow into agriculture investments.

If you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset.

SV just after commutation is the special value, worked out just after the superannuation lump sum is paid, of the superannuation interest that supports the capped defined benefit income stream.

The period during which a superannuation income stream is currently payable, or, if it is a deferred superannuation income stream, when a person has met a relevant nil condition of release.

A superannuation income stream that automatically reverts to a nominated beneficiary on the death of its current recipient.

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.

The net amount of capital you have transferred to your superannuation retirement phase to support capped defined benefit income streams.

The annual entitlement of a capped defined benefit income stream is worked out by dividing the amount of the first superannuation income stream benefit you are entitled to receive from the income stream just after that time, by the number of whole days to which the benefit relates and multiplying the result by 365.

SV just before commutation is the special value, worked out just before the superannuation lump sum is paid, of the superannuation interest that supports the capped defined benefit income stream.

PFRDA in its circular has clearly mentioned that as per the provisions in the Income Tax Act, the amount transferred from Recognised PF / superannuation fund to NPS will not be treated as Income of the current financial year and is hence not taxable.

The stop time is the time at which an income stream of which you were a retirement phase recipient stops being a retirement phase superannuation income stream.

If there is a net capital gain remaining at Step 5, that amount is reduced by the exempt proportion under subsection 295 - 390 (3) of the ITAA 1997 for the income year (or pursuant to section 295 - 400 in the case of pooled superannuation trusts), to determine the assessable amount.

A further example is where a fund is paying a superannuation income stream to one member and a TRIS to another, and all of the fund's assets are used to support those superannuation income stream benefits.

[3] Alternatively, the values used to calculate the proportion of exempt income that a complying superannuation fund or pooled superannuation trusts may be adjusted.

The value of the superannuation interest supporting her income stream is $ 2.5 m.

Note, the fund could not use the segregated method for the 2017 - 18 income year because Tina's total superannuation balance exceeds $ 1.6 m on 30 June 2017 (refer to paragraphs 25 to 27 of this Ruling).

The CGT relief provisions do not need to apply in situations where there is an actual disposal during the pre-commencement period of CGT assets used to support superannuation income streams.

Sometimes, all of a fund's assets are held «solely» to meet liabilities it has to pay, for example, superannuation income stream benefits (including TRISs for the 2016 - 17 income year).

The fund could not use the segregated method for the 2017 - 18 income year because Tina's total superannuation balance exceeds $ 1.6 m on 30 June 2017 (refer to paragraphs 25 to 27 of this Ruling).

The exempt proportion under this provision for an income year is the: average value of a fund's current pension liabilities for the year, divided by the average value of its superannuation liabilities for the year.

A trustee of a pooled superannuation trust with a relevant exempt proportion for the 2016 - 17 income year (refer to paragraph 68B of this Ruling) of 100 % should choose option one, and not option two, for any deemed capital gains under the CGT relief provisions (refer to paragraph 86A of this Ruling).

S 295 - 385 (5) amended by No 81 of 2016, s 3 and Sch 8 item 3, by substituting» * RP superannuation income stream benefits of the fund» for» * superannuation income stream benefits payable by the fund», effective 1 January 2017 and applicable in relation to the 2017 - 18 income year and later income years.

As no member of the fund had a total superannuation balance of $ 1 million or more as at 30 June 2017 (the year before the first fund member commenced an income stream), the SMSF has an annual reporting obligation.

Fiona, of Seagull SMSF, has a total superannuation balance at 30 June 2018 of $ 500,000 and starts an income stream valued at $ 500,000 on 1 July 2018.

Where an SMSF has only one member with an individual total superannuation balance of $ 1 million or more, it must report all events for all members within 28 days after the end of the relevant quarter, even if the balance of the first member to start a retirement phase income stream is below $ 1 million.

As others in this situation may experience, there is a significant opportunity cost in forgoing immediate income and accompanying employer Superannuation contributions (currently 9.5 % of salary) and potential returns given the time value of compounding (i.e. the sooner you start compounding, the greater your investment returns, all else being equal).

Keith is retired and receives an annual superannuation pension income of $ 25,000.

If you are a trustee of a self - managed superannuation fund (SMSF) or a small APRA fund, your members» total superannuation balances will determine whether you can use the segregated assets method to calculate exempt current pension income (ECPI).

A contribution made by the Australian Government to a person's superannuation account based on that person's income, source of income and personal super contribution.