News : Death benefits

Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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Death benefits, Superannuation, Tax

$3m cap issue with death pensions

Total super balance $3 million soft cap tax Calculation methodology Death benefit

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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ATO, Death benefits

ATO confirms member benefit stance

ATO private binding ruling death benefit

The ATO has demonstrated it will view a trustee’s awareness of the death of a super fund member as important when deciding how to define benefit payments around the time of their passing.

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Death benefits, SMSF, Tax

$3m soft cap contains death glitch

$3 million soft cap tax Deceased member Death benefit

A distinct abnormality is contained within the draft legislation pertaining to the $3 million soft cap with regard to deceased super fund members.

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Death benefits, Retirement, Superannuation, Tax

Super reform can unlock billions for charity

Superannuation death benefits Philanthropy Australia Tax reform Charities Charity

Eliminating taxes on superannuation death benefit bequests to charities could generate billions of dollars in additional income for Australia’s charitable organisations.

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BDBNs, Death benefits, Platforms, Trusts

NowInfinity shares deed death benefit priorities

NowInfinity trust deed

NowInfinity has provided more detail as to the significance of the changes made to its trust deed, including the priority of death benefits.

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BDBNs, Death benefits, Estate Planning, Trusts

NowInfinity enhances trust deed

NowInfinity trust deed death benefit

NowInfinity has collaborated with clients and industry experts to enhance the estate planning features contained in its trust deed.

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ATO, Death benefits, Pensions

Commutation delays may alter benefit

ATO private ruling commutation member benefit

SMSF trustees who fail to promptly action a request for a pension commutation may cause it to be treated differently by the ATO if the member’s circumstances change.

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Death benefits, Pensions

Reversionary pension boosts TBC planning

Reversionary pension and death benefit management

Converting a death benefit into a reversionary pension can reduce its impact on the TBA of a widowed spouse and create more time to manage how it will be used.

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