Categories

Accountant Aged Care Allied Health Andrew Bragg Annuity Apps Asic Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Auction Audit Insurance Australian House Market Report Baby Bonus Bas Binding Death Benefit Nominations Binding Financial Agreement Binding Financial Agreements Body Corporate Bonds Borrowing Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Gains Tax: Will Capital Protection Catherine Frost Cgt Checklists Commercial Loans Commercial Property Company Tax Concessional Superannuation Contribution Corporate Trustee Cryptocurrency Darren Foster Debt Debtors Deceased Estate Depreciation Dereen Wallace Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Federal Election Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Holiday House Home Office Hybrid Unit Trust Individual Ownership Insolvency Insurance Insurance In Super Interest Rates Investment Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Life Insurance Linda Hamilton Loan Repayments Loans Lvr Margin Loans Margin Scheme Market Update Medical Expenses Mortgage Mortgage Broker Mortgage Broking Mygov Negative Gearing Offset Account Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Valuations Private Wealth Property Property Development Rebecca Mackie Record Keeping Redraw Facility Refinance Renovating Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Seminar Shares Small Business Smsf Smsf Borrowing Smsf Property Smsf Self Managed Superannuation Fund Steve Golding Steve Wildes Strategic Business Structuring Structures Subdividing Property Succession Plan Superannuation Superannuation Fund Tanya Hofbauer Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Investment Property Tax Losses Tax Offset Tax Planning Tax Savings Tax-Free Temporary Full Expensing Tenants in Common Tessa Testamentary Trusts Tfe Training Transition to Retirement Trust Trusts Ttr Will Working from Home
Home » E-News » Latest News

Amendments To Retirement Phase For Super

Amendments To Retirement Phase For Super

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018  passed both Houses on Tuesday, the  12th of February 2019.

Schedule 8 to this Bill makes miscellaneous amendments to the taxation, superannuation and other laws.

It also includes the amendment to the meaning of the term retirement phase that was impacting the payment of reversionary transition to retirement income streams (TRISs) since super reform started on the 1st of  July 2017.

As part of the super reform, the transition to retirement income stream is no longer considered to be in the retirement phase, so where a recipient of transition to retirement income stream (TRIS) who was in pension phase dies, the reversionary TRIS could only be paid to a reversionary beneficiary who satisfied the condition of release. Otherwise,  the reversionary TRIS would cease to be in the retirement phase.

This has now been fixed with the passing of Treasury Laws Amendment (2018 Measures No. 4) Bill 2018, so the transition to retirement income streams can be paid to a reversionary beneficiary, irrespective of whether they have satisfied a condition of release.

Allowing a TRIS to revert in all cases will automatically simplify administrative processes for superannuation funds. It will also make it easier for superannuation members.