• JCMB Consulting

    Self-managed Superannuation Fund Audit and Consulting Services

     

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  • JCMB Consulting

    Trusted, Experienced, Professional - Superannuation Services in Inverloch

     

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I HAVE AN ACCOUNT BASED PENSION SO IT’S OK NOT TO WITHDRAW MY MINIMUM PENSION BENEFIT FOR THE 2018 YEAR AS I CAN ALWAYS MAKE IT UP LATER

IT’S ACTUALLY NOT OK, there can be serious tax consequences for the fund if you do not withdraw your minimum pension this year. These include:

  • No tax exemption – the SMSF may not be entitled to the tax exemption under the superannuation legislation in respect of income (and net capital gains) derived from pension assets for the entire income year, and
  • No more transfers of assets in specie to count toward your minimum pension – from 1July 201  7, the fund can no longer transfer assets in specie that count towards your minimumpension. Note that asset transfers in specie are still allowed, but the minimum pension must be paid in cash.

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Contact Details

0418 324 992
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JCMB Consulting Pty Ltd
PO Box 480, Inverloch, VIC 3996


 
ABN 86 768 265 615
Michele Beattie – Principal


C.A., B. Commerce (Melb), Approved SMSF Auditor / SMSF AUDITOR NUMBER - 100 087 330


Liability limited by a scheme approved under Professional Standards Legislation

Michele Beattie is an Authorised Representative No. 001242630 of the SMSF Advisers Network Pty Ltd - ABN 64 155 907 681
An Australian Financial Services Licensee - AFSL No 430062 - http://www.smsfadvisersnetwork.com.au
JCMB Consulting is a Corporate Authorised Representative No. 001242634