Income from SMSF can also be paid to you as a pension or what is now referred to as an “income stream”. The law now allows a SMSF to pay what is called an account based pension. This pension is calculated at the beginning of every financial year. The account based pension requires a minimum amount to be taken each year.
Our services include the following:
• Pension initiation, including preparation of documentation necessary to commence an Account Based Pension (ABP) or a Transition to Retirement Pension (TRIP)
• Necessary documentation to convert Allocated Pensions funds into Account Based Pensions (ABP)
• Preparation of member’s annual pension calculations together with the required minutes
• Actuarial Certificate application to ascertain funds exempted pension income for funds that are partly in pension and accumulation mode