News : Death benefits

Death benefits, SMSF, Strategy, Tax

Consider deduction instead of wind-up

SMSF Death benefit Future services deduction Death Disability Wind-up

Trustees should consider a lesser-known tax deduction as a viable alternative to closing down their SMSF when a member is approaching a death or incapacity event.

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BDBNs, Death benefits, SMSF, Superannuation

BDBN reforms supported

SMSF BDBN Superannuation death benefits Deed Enduring power of attorney

Proposed BDBN reforms put forward by the Law Council of Australia have gained a tick of approval from SMSF professionals.

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Death benefits, Pensions, SMSF, Tax

Div 296 reversionary pension trap

Division 296 Tax SMSF Reversionary pension Non-reversionary pension Death benefit pension

Superannuants with reversionary pensions may be unwittingly captured by the proposed Division 296 tax a year earlier than necessary.

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Compliance, Death benefits, Regulation

ATO view clear on benefit payments

ATO SMSF Member benefit Death benefit Superannuation benefit Death

The ATO is taking a less discretionary approach to situations where a superannuation benefit is paid after the death of a member, but was requested before the event.

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BDBNs, Death benefits, Estate Planning

Review fund deed when circumstances change

BDBN Seperation De facto Trust deed SMSF

It is crucial to review the trust deed of a fund in the breakdown of a spousal relationship to ensure estate planning strategies can continue to operate as intended.

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Contributions, Death benefits, Strategy, Tax

Division 296 exemptions narrow

Division 296 tax Personal injury Contributions Death benefit pension Exemption

Superannuation members subject to a specific set of circumstances will not be caught by the proposed tax on total super balances over $3 million.

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Administration, BDBNs, Death benefits, Documentation

Case shows need for BDBN paper trail

SMSF BDBN Capacity Death benefit NSW Supreme court

The NSW Supreme Court has deemed a BDBN made on the day of an SMSF member’s death valid, despite a challenge in relation to the deceased’s capacity to execute the document.

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Death benefits

Remove lump sum restrictions

Death benefit lump sum limits IFPA Institute of Financial Professionals Australia Pre-budget submission

Limits on the number of death benefit lump sums from superannuation are restrictive and should be removed to prevent breaches of the super regulations.

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Death benefits, SMSF, Succession Planning

Equity rule key to benefit payments

Equity SMSF Death benefit BDBN Reversionary pension

Understanding the rules of equity is essential in determining how superannuation death benefits will be paid out in a legal case.

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