Paying a minimum pension amount is a fundamental requirement to ensure an SMSF receives the appropriate tax concessions for meeting the pension standards.  In the 2020/21 Financial Year the minimum pension has been reduced by 50% as a means to assist in the preservation of capital as a result of the COVID-19 pandemic and the economic impact it has had on superannuation assets, amongst other things.  Whilst the measure is a welcome relief to some, who consider the minimum to be above their needs, others will continue to draw down benefits at prior year rates to meet their income needs or they will take over and above the minimum under the premise that you can’t take it with you.

This webinar will take a prospective look at drawing benefits above the minimum pension, taking a keen interest in multiple pension interests, pension and accumulation interests, single pension accounts and the impact decisions will have on personal tax, fund tax, transfer balance caps and estate planning.

Learning Outcomes:

At the end of this webinar, participants will have a greater appreciation for:

• Taking partial commutations versus additional pension payments
• Determining the exempt pension income benefits of accumulation based withdrawals
• Withholding tax obligations and where they might apply
• Why Transition to retirement is a friend not a foe
• How every drawdown impacts estate planning

This session will be issued with CPD hours for:

• the SMSF Association
• FASEA
• Tax Practitioner’s Board (TPB); and
• The major accounting bodies.

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