If I only make a single payment every year, do I have a “series of payments” as required to satisfy the definition of an income stream in TR 2013/5?

A pension is generally defined as a liability of the fund to pay a member a series of periodic payments that relate to each other. Where a fund has a liability to make a single payment for a number of years, this would meet the definition; however, if the liability is only for a single payment for one year, this may put at risk the definition of an income stream.

TR 2013/5 has further information.

A single payment per annum over multiple years WILL meet the definition of a series of payments, whereas a single pension payment in a single year will not if that pension is commuted before a second pension payment is made.

Advisers who use Intello SMSF administration services can request pension commencements, commutations and TRIS re-boots for their clients at no addition cost via our Adviser Portal.