| Section |
Changes made |
| Superannuation life cycle |
- NEW SECTION - inserted new section ‘Our SMSF families’
- Section is now included in each module to introduce our SMSF families, this enables us to provide modules on a stand alone basis.
|
| 3.1 - Attaining preservation age |
- Updated EXAMPLE to reflect preservation age change for Athena to 60
- Example date changed
|
| 4.1.1 - Preservation age or more but under age 65 |
- Deleted previous 4.1.1 section ‘Preservation age but under age 60’ as this is no longer relevant from 1 July 2024
- Delete example retirement under age 60
- Renumbered section ‘Aged 60 or more but under age 65 from 4.1.2 to 4.1.1
- Renamed section ‘Preservation age or more but under age 65’
- Updated the dates in the example about Athena retiring after age 60
|
| Activity 1 |
- Updated scenario 3 to change Athena’s age to 60
|
| 5.2 - Proportioning Member Benefits |
- Updated example ‘Lump sum proportioning’ for clarity
- Change context to suggest what William’s components would be if he took a lump sum v previously stating he did take second lump sum
- Outcome of example is the same
- Updated example ‘Income Stream (Pension) proportioning’ for consistency
- Changed dates to current year
- Changed date of partial commutation to be consistent with other modules - no contextual change
- Changed amounts of partial commutation to be consistent with other modules - no contextual change
|
| Activity 2 |
- Updated all scenarios to commence on or after 1 July 2023
|
| 5.4 - Taxation of superannuation lump sums |
- Updated table to remove reference to preservation age but under age 60 as this no longer applies from 1 July 2024
|
| 5.4.2 - Pre-30 June 2024 - Member over preservation age but under age 60 |
- Renamed section previously titled ‘Member over preservation age but under age 60’
- Kept section in for context, will remove in future years
|
| 5.4.3 - Pre-30 June 2024 - Low rate cap |
- Renamed section previously titled ‘Low rate cap’
- Low rate cap no longer relevant from 1 July 2024
- Reworded section to reflect this change
- Deleted low rate cap example
|
| 5.5 - Taxation of income streams |
- Updated table to delete reference to preservation age up to age 60 as no longer relevant
|
| 7.1 - Payment Percentage factors |
- Deleted NOTE above the 50% Government reduction between 2019-20 to 2022-23
- Update example - minimum pension calculation
- Changed account balance for consistency
- Changed the date for currency
|
| 8 - Transition to Retirement Income Stream (TRIS) |
- Updated example to indicate Athena turned 60
- Changed dates for currency
- Changed the account balance for consistency
|
| 9.1 - Transfer Balance Cap |
- Removed the reference to the current cap from the introduction (and Video)
- Inserted a table of the Transfer Balance Cap
|
| 9.1.2 - Personal Transfer Balance Cap |
- Updated example for Karl to reflect current dates and current cap
|
| 9.2.1 - commencement date other than 1 July |
- Update example ‘calculating the pro-rata minimum pension’:
- Change dates to 2025/26 year
- Changed calculation to reflect that there are 242 payment days and 365 days in 2025/26 - previous example was 243 and 366 days
- Changed pro-rata minimum to reflect change in days in calculation
|
| 9.2.2 - commutation of pension and pro rata minimum payment |
- Update example ‘Full commutation pro-rata minimum:
- Change dates to 2025/26 year
- Changed account balance to $1,350,000 for consistency
- Changed the minimum pension to $67,500 for consistency
- Changed the quarterly pension payment for consistency
- Changed calculation to reflect that there are still 123 payment days but only 365 days in 2025/26 - previous example was 123 and 366 days
- Changed pro-rata minimum to reflect change in days in calculation
- Changed shortfall amount
|
| Activity 3 |
- Changed all scenarios for account balance and date consistency
- Changed scenario four to reflect Athena’s age as 60
|
