Seven Common SMSF Pension Errors

The rules and regulations surrounding SMSF’s is a complex area, and SMSF Pensions is no exception.  Having the right documentation and abiding by the guidelines set down for accessing pensions will ensure your SMSF remains compliant and receives the tax exempt status.

Today we discuss the following seven common mistakes when it comes to documentation and accessing SMSF pensions:

  1. Are you entitled to start a Pension;
  2. Revaluation of assets backing the Pension;
  3. Use a professional provided Penstion kit;
  4. Minimum Pension payments;
  5. Tax & Estate Planning – keeping records of tax free component amount / percentage;
  6. Mixing contributions with Pensions; and
  7. Actuarial Certificate.

Please click here to read the full article, and contact JBS to discuss your SMSF needs www.jbsfinancial.com.au.

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