The life and death of superannuation pensions - TR 2011/D3.
05 Aug 11 |
CCH TAX WEEK
Issue: Issue 28 28 July 2011
Pages: pp. 1-4
The Commissioner has released his much-anticipated draft ruling explaining when, in his view, a superannuation pension commences and ceases. The draft ruling, Taxation Ruling TR 2011/D3, is relevant to the trustees of both public offer superannuation funds and self managed superannuation funds.
Knowing when a pension commences is important for calculating when a member’s benefits go into tax exempt “pension phase” and for calculating the tax free and taxable proportions of a member’s pension benefits. It is also important to know when a pension ceases, to determine when a member’s benefits cease to be in pension phase, eg when a member commutes their pension or when they die.
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PhilBroderick, CTA, is a principal of Sladen Legal and heads its superannuation team. He is member of a number of superannuation related committees. This includes being the co-chair of The Tax Institute’s superannuation committee and the chair of SISFA’s technical committee. He is also a member of number of the ATO’s superannuation liaison groups including the Superannuation Industry Relationship Network (SIRN) and the Superannuation Industry Stewardship Group (SISG). Phil is also heavily involved in liaising with Treasury andATO in relation to the implementation of new super laws and administrative practices. Phil’s areas of practice include superannuation, estate planning and succession, duties and state taxes, trusts, federal tax and business structuring. He is regular author and presenter. His articles have featured in The Tax Institute’s Taxation in Australia Journal and CCH’s Super News. He has presented at seminars and conferences conducted by The Tax Institute, the Television Education Network, Legalwise and various accounting bodies.
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16 April 2019