Guide to Pensions in SMSFs

When a member meets a condition of release, they become eligible to commence a pension using some or all of their superannuation balance. The pension establishes an income stream for the member, with a minimum payment requirement each financial year.

Prior to the commencement of any income stream, the fund’s trust deed must be reviewed to ensure that it allows the commencement of the type of pension requested by the member. Some older deeds may not provide for recent changes to legislation and may prohibit types of income streams that are otherwise now permissible by legislation. If necessary, trustees can amend the trust deed of the fund to allow for all permitted pension types to be paid from their super fund.

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Bring Forward Contributions

The ability to bring-forward future year entitlements to make non-concessional contributions has been in place for many years now. Prior

Understanding super terminology

An individual’s Transfer Balance Cap (TBC) and Total Superannuation Balance (TSB) are calculated differently and are separate concepts. When the

Excess Concessional Contributions

The concessional contribution cap is $30,000 from 1 July 2024. With the ability to carry forward unused concessional contributions over

Excess Non-Concessional Contributions

The non-concessional contributions cap is $120,000 from 1 July 2024, however the ability to contribute to super is dependent on

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