THE AUDITORS INSTITUTE | FORUM

Archived Forums

When you become a member of The Auditors Institute, you immediately gain access to expertise, advocacy for your profession and peace of mind.

Ask a question in our members-only forum or use the search function to find prior technical discussions on your topic. You can expect a response within 24-48hrs.

Want to become a Member?

Join Now

Already a Member?

Disclaimer

The forum is made available by The Auditors Institute Ltd for the benefit of it’s members only, and its primary purpose is to facilitate education, training, and discussion between members. The information and answers provided within the forum are of a general nature and do not consider any specific circumstances, objectives, financial situation or needs related to the matter/s raised. The responses should not be construed as financial advice, and each Member should seek their own professional advice before making any decisions. The Auditors Institute Ltd and its representatives are not responsible for any actions taken based on the information provided in the forum.

To test this feature, visit your live site.

Faye Douglass

Apr 26, 2023

Converting TRIS to TRIS in Retirement

in SMSF Technical Forum

Good Afternoon,

A fund has just signed a contract to sell land for $20mil. The land was originally purchased for $1.6mil approx. six years ago. One member commenced a transition to retirement pension around eight years ago with a purchase price of $750,000. This member will be eligible to transfer the TRIS to a TRIS in retirement, prior to the land settling. Obviously the value of the fund will increase given the land value has increased significantly, which in turn will increase the value of the pension account to approximately $4mil.

Are there any issues that the pension account will have a balance of around $4mil? Is it ok to transfer the TRIS to a TRIS in retirement when the value will be this high, or does the pension account need to reflect the Transfer Balance Cap when transferring to the TRIS in retirement.

Your assistance would be greatly appreciated.

Thank you.

Faye

2 comments

Comments (2)

Faye Douglass

Apr 26, 2023

Thank you so much for your prompt response, greatly appreciated.