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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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New ATO ruling tipped for pensions

By Miranda Brownlee

January 19 2016
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New ATO ruling tipped for pensions

By Miranda Brownlee
January 19 2016

Colonial First State expects that the ATO will release a public ruling on a transition to retirement income stream (TRIS) strategy involving payments being taxed as a lump sum.

New ATO ruling tipped for pensions

By Miranda Brownlee

January 19 2016
Share

Colonial First State expects that the ATO will release a public ruling on a transition to retirement income stream (TRIS) strategy involving payments being taxed as a lump sum.

Speaking to nestegg.com.au's sister publication SMSF Adviser, Colonial First State executive manager Craig Day said following the issue of a private binding ruling by the ATO last year, allowing the use of this strategy, it is likely the ATO will now be dealing with a large number of private binding ruling (PBR) requests on the same issue.

Mr Day said the ATO will be considering how it can efficiently respond to all these requests and will look to release further guidance to clarify the issue rather than having to deal with a large number of PBR requests separately.

“I would expect a clarification in the form of a ruling from the commissioner,” said Mr Day.

While the ATO released information last week highlighting the potential issues and ramifications of the strategy, Mr Day said this does not provide an ATO position on it.

The information stated, among other things, that “electing for a TRIS payment to be treated as a super lump sum for income tax purposes may affect the amount of the SMSF’s exempt current pension income for an income year and whether particular fund assets are segregated current pension assets”.

The ATO’s full release can be found here.

“What this appears to say is that the ATO has identified that as a potential issue but don’t have a position on it yet,” said Mr Day.

“Until this issue is clarified it would be prudent, if you wanted to implement this strategy, to seek your own private binding ruling.”

He also warned that if the ATO concludes that treating TRIS payments as a super lump sum for income tax purposes does affect the amount of exempt current pension income, then this could also impact a fund’s ability to claim exempt current pension income where they have taken a commutation out of the fund.

“It’s completely different to this [TRIS] strategy but where they’ve actually commuted and taken a lump sum and elected for it to be taken as a lump sum that would also appear to be impacted by what they’re saying.”

The ATO will have to take this into consideration when it formalises its view, he added.

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