News : Death benefits

Death benefits, Trusts

Clarify tax law on death benefits in trusts

Plans to exempt testamentary trusts from changes to capital gains tax should explicitly state the law will also extend to super death benefits. 

Plans to exempt testamentary trusts from changes to capital gains tax should explicitly state the law will also extend to super death benefits. 

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Death benefits

Benefit delay needs evidence

SMSF trustees have some flexibility as to when they make a death benefit payment, but long delays will require some justification.

SMSF trustees have some flexibility as to when they make a death benefit payment, but long delays will require some justification.

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Death benefits, Estate Planning, Strategy

Funeral expenses have benefit impact

Executors should be careful in drawing on SMSF monies to pay funeral expenses as they could impact death benefit payment processes.

Executors should be careful in drawing on SMSF monies to pay funeral expenses as they could impact death benefit payment processes.

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Death benefits, Division 296, Pensions

Div 296 can’t defend death pension delay

SMSF members should not use Division 296 tax mitigation as a singular reason for delaying the commencement of a reversionary pension.

SMSF members should not use Division 296 tax mitigation as a singular reason for delaying the commencement of a death benefit pension.

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Death benefits

Dependency being tightly applied

ATO private rulings have shown the regulator is tightly applying the criteria to claim someone is a death benefits dependant.

ATO private rulings have shown the regulator is tightly applying the criteria to claim someone is a death benefits dependant.

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ATO, Death benefits

ATO tightens view on death benefit dependency

A series of ATO private rulings has shown the regulator taking a limited view on who is regarded as a dependant when claiming super death benefits.

A series of ATO private rulings has shown the regulator taking a limited view on who is regarded as a dependant when claiming super death benefits.

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Death benefits, Legislation, Superannuation

Family abuse super reforms released

Consultation is being sought on reforms to prevent the perpetrators of domestic and family violence from accessing the superannuation of victims.

Consultation is being sought on reforms to prevent the perpetrators of domestic and family violence from accessing the superannuation of victims.

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Death benefits, Division 296, Legislation, Regulation, Superannuation, Tax

Div 296 death rules a critical change

The application of Division 296 to deceased superannuants is a critical change to the revised bill and may have a significant tax impact.

The application of Division 296 to deceased superannuants is a critical change to the revised bill and may have a significant tax impact.

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Death benefits, Superannuation

Death benefit regime out of date

The payment of death benefits needs to be realigned with modern definitions of who may be considered a family member or dependant.

The payment of death benefits needs to be realigned with modern definitions of who may be considered a family member or dependant.

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