The Federal Government has recently made changes to the law governing Self-Managed Super Funds.
From 1 July 2017, the maximum account balance that can be used to generate the income to pay a pension is $1.6 million per fund Member. This is a new limit, and many SMSF Pension recipients will have a pension account balance that exceeds the $1.6 million limit. Where a pension account balance exceeds $1.6 million, the ATO may issue a directive to execute a commutation of the amount exceeding this limit either back to the accumulation account, or out of the Fund altogether.
We are pleased to offer a suite of documents that facilitate the transfer of funds or assets back to the accumulation phase, and provide a record to substantiate the status of the accumulation and pension account balances both before and after the Commutation.
Costing just $143 the documents can be ordered from the SMSF Commuation Order Form