- 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
ATO Transition to retirement income streams (TRIS) webinar. The recording, presentation slides and transcript for this webinar are now available on the ATO website.
- Federal Register of Legislation