General Medical issues thread

[prozac]

Yes but behind the scenes your accountant has quarantined the accumulation fund from the pension fund. They have to or they can’t account for the two different tax regimes in both.

That sounds like they expect good results from the drug itself. Short term versus long term memories are differently processed.

It only exists in the accumulation fund a short time, long enough to be taxed, as the fund is already in pension tax-free mode.

Now I just need to stay alive long enough to care for her. I am getting a bit tired of the almost daily, early morning crushing angina episodes. This is a symptom of cardio vasospasm which is simply a heart artery spasm and not likely to take me out, but when it is happening you do wonder.

 

[Mwenenzi]

This is the "General Medical issues thread"
In my view some moderator severe editing ~ deletions are needed to keep this thread on topic.

For the finer points of superannuation schemes please post in Superannuation Discussion + market volatility

There is a cross over between aged care medical issues (hospitals & nursing~rest homes) and govt health benefits/funding and govt pensions (Services Australia). But not SMSF - public offer super schemes (Aust Super etc)

 

[tgh]

your accountant has quarantined the accumulation fund from the pension fund

I agree that the converation is in the wrong place..meranwhile,,,

I believe that Pushka misunderstands the working on most smsf… aka rooflyers post..
Our fund admin is day to day holistic with no recognition or separation into different phases.
Any taxation liabilities are annually calculated and amortised by the auditor and the accountant as a part of the annual return.
Pension draws or an occasional "raid" on the capital are all likewise minuted and accounted annually.

 

[mrsterryn]

We were back on Monday for a small cognitive test and bloods, return the tablet diary and receive a new one, etc.. Back again next Wednesday for a bigger battery of tests. She told me she was not able to answer what she had for breakfast. I asked her something from a few days ago and she answered immediately. Memory is not consistent.

Interesting she was able to remember that she was unable to answer the question

 

[Pushka]

your accountant has quarantined the accumulation fund from the pension fund

I agree that the converation is in the wrong place..meranwhile,,,

I believe that Pushka misunderstands the working on most smsf… aka rooflyers post..
Our fund admin is day to day holistic with no recognition or separation into different phases.
Any taxation liabilities are annually calculated and amortised by the auditor and the accountant as a part of the annual return.
Pension draws or an occasional "raid" on the capital are all likewise minuted and accounted annually.

Not at all. I had an SMSF in both pension (TRS) and accumulation phase. And it is ONLY this situation that I have ever referred to.
I am merely stating that a fund in both phases has to have specific accounting requirements met. The cleanest way is by separate accounts and which is what Industry super funds do.
Page 4 refers

https://www.superguardian.com.au/pdfs/Guide_to_Pensions_in_SMSFs.pdf

Another source

8 hints for any SMSF in both accumulation and pension modes

The transfer balance cap has required some large SMSFs to transfer pension money back to accumulation, and the two pools must be treated carefully to maintain the full benefits from superannuation.

www.firstlinks.com.au

"

1. Separate accounts for pension and accumulation​

Where a member has both pension and accumulation accounts in the SMSF, the trustee must allocate fund income and expenses on a fair and reasonable basis between the two accounts and members in the fund. They also need to keep track of an accumulation account and a pension account balances for the members. This does not mean the trustee needs to allocate specific assets to belong to each member or account, and indeed, from a tax perspective the trustee is not allowed to segregate assets.

Maybe you don't see it but it's there in your accounts if you have both pension and accumulation (super) operating in your SMSF that is operating legally.

 

[Pushka]

This is the "General Medical issues thread"
In my view some moderator severe editing ~ deletions are needed to keep this thread on topic.

For the finer points of superannuation schemes please post in Superannuation Discussion + market volatility

There is a cross over between aged care (hospitals & nursing~rest homes) and govt health benefits/funding and govt pensions (Services Australia). But not SMSF - public offer super schemes (Aust Super etc)

Agree but we can only reply to posts here so so the moment we are stuck here.

 

[tgh]

Maybe you don't see it but it's there in your accounts if you have both pension and accumulation (super) operating in your SMSF that is operating legally.

Lets agree that I am blind then and move on...

 

[Pushka]

Maybe you don't see it but it's there in your accounts if you have both pension and accumulation (super) operating in your SMSF that is operating legally.

Lets agree that I am blind then and move on...

Curious then as to how the correct taxes are apportioned to your accumulation part separate from your pension funds (no tax) if there is no record of those funds.

 

[lakeman]

Curious then as to how the correct taxes are apportioned to your accumulation part separate from your pension funds (no tax) if there is no record of those funds.

That’s where I believe you get an actuary to do their magic (for a fee)