- Remove the tax exempt status of income from assets supporting a Transition to Retirement Income Stream (TRIS);
- Individuals will no longer be allowed to treat certain superannuation income stream payments as lump sums for tax purposes;
- Full or partial commutations of superannuation income streams will be treated as superannuation lump sums.
Comparison of key features of new law and current law
See also: TRIS vs TRIS in Retirement Phase
|Earnings tax exemption provisions||
|TRIS when a condition of release is met||
Opportunities/Planning in Simple Fund 360
- SMSFs which currently have a Transition To Retirement pension can be easily identified using the Analytical Insights screen.
- Members' ages can be obtained on-screen or by downloading a list of filtered funds to Excel.
What do I have to do in Simple Fund 360 from 30/06/2017?
I want to continue the TRIS, however, I understand it now is not in Retirement Phase. Do I have to move the TRIS from Pension to Accumulation?
If the Pension will continue in the 2018 FY there is nothing additional you need to do.
- For Unsegregated Funds, the Create Entries process will treat the TRIS account the same as an accumulation account.
- For Segregated Funds, assets allocated to a TRIS account will be treated as taxable
I will be partially or fully commuting the TRIS as at 30/06/2017 to comply with the Transfer Balance Cap. What do I need to do?
How do I convert a TRIS to an Account Based Pension?
What will happen for TRIS's and application for Actuarial Certificates in 2018?
If the fund only has non-retirement accounts (e.g Accumulation and Pension accounts) there will be no need to apply for an actuarial certificate.
For funds which have a mixture of Retirement and Accumulation accounts the following will occur for Actuarial Certificate application in SF360 for FY2018 onwards
- TTR/TRIS pensions will be recorded as accumulation interests
- A pension payment from a TRR/TRIS will be shown as an accumulation withdrawal
- A conversion from TTR/TRIS to a full ABP or a TRIS (retirement phase) will be shown as a pension commencement
- A commutation/rollback of a TTR/TRIS to accumulation will not be submitted
How do I monitor a member's Transfer Balance Cap?
Refer to Transfer Balance Dashboard