SMSFs facing issues with TTRs

23 July 2015
| By Mike |
image
image
expand image

The Australian Taxation Office (ATO) appears to have been surprised by the number of self-managed superannuation funds (SMSFs) involved in the provision of transition to retirement pensions, according to specialist SMSF service provider, SUPERCentral.

The company has pointed to the fact that the ATO Commissioner responsible for the SMSF segment had recently commented that the ATO had been "surprised by the number of SMSFs which are currently providing pensions - typically transition to retirement pensions - when the applicable trust deed neither contemplates nor permits the trustee to pay such pensions".

It said that the Assistant Commissioner had warned that a key element of the SMSF compliance program for the next 12 months would be on "out of date" trust deeds.

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

3 months 4 weeks ago
Kevin Gorman

Super director remuneration ...

4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

4 months ago

The Association of Superannuation Funds of Australia has appointed a new director representing industry funds, among a number of other appointments in recent months....

23 hours ago

The asset manager is bolstering its investments in the global energy transition and climate opportunities....

1 day 23 hours hence

The ethical investment manager has reported record FUM as its growth trajectory continues apace....

1 day 22 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND