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Is income stream taxable income for reversionary beneficiary?

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Replies 1

Hello,

I am 43 and my partner is 72 who receives income stream from CSCRI which is NOT taxable income. I am 100% Reversionary beneficiary. My question is, will the income stream be a taxable income for me in his absense down the track? I am aware that I need to pay tax if take it as lumpsum when below 60. But I want to know if keeping income stream will increase my personal taxable income.

Regards

 

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Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

I am 43 and my partner is 72 who receives income stream from CSCRI which is NOT taxable income. I am 100% Reversionary beneficiary. My question is, will the income stream be a taxable income for me in his absense down the track? I am aware that I need to pay tax if take it as lumpsum when below 60. But I want to know if keeping income stream will increase my personal taxable income.

 

Depends on the kind of pension being paid  -  best to ask the fund about this.

 

1 REPLY 1

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

I am 43 and my partner is 72 who receives income stream from CSCRI which is NOT taxable income. I am 100% Reversionary beneficiary. My question is, will the income stream be a taxable income for me in his absense down the track? I am aware that I need to pay tax if take it as lumpsum when below 60. But I want to know if keeping income stream will increase my personal taxable income.

 

Depends on the kind of pension being paid  -  best to ask the fund about this.