Policy

Last amended: 9 October 2006

Last amended: 10 March 2011

Self managed superannuation funds

The Superannuation Industry (Supervision) Act 1993 defines a self managed superannuation fund (SMSF) as a [glossary:superannuation fund:257] meeting the following criteria:

Last amended: 10 August 2012

Assessing the principal home

Last amended: 13 May 2008

How to use life expectancy tables

The following table shows how to select and use the appropriate [glossary:life expectancy:348] table in the assessment of an [glossary:income stream:406].

This section contains the [glossary:life expectancy:348] tables, used to determine the [glossary:relevant number:128] for [glossary:income streams:406]. Life expectancy tables for income streams commencing prior to 1 July 1983 are displayed in PIPS. It also contains a table of [glossary:pension valuation factors:587] for [glossary:defined benefit income streams:96] as well as general provisions for pension valuation factors.

Last amended: 29 April 2009

Assessment of deceased estates

Generally, the beneficiary of a will does not automatically obtain an interest in any [glossary:asset:296] forming part of the deceased estate. In the majority of cases, the beneficiary will only obtain an interest in assets in a deceased estate as a result of the administration of the estate, usually by the executor.

If a person notifies [glossary:DVA:306] that they may have an interest in a deceased estate the decision maker should obtain the following information from the person:

This topic provides a summary of assessable [glossary:assets:296] for pensions that relate to [glossary:partnerships:513] only.

Last amended: 25 October 2006

Public company shares

Summary table of assessable income for pensions

The following table summarises the assessment of income from [glossary:discretionary:139] and [glossary:non-discretionary trusts:512]. Assessable income from only one or the other kind of trust is covered elsewhere in this section.