News : Death benefits

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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BDBNs, Death benefits, Pensions

Child pension can trump BDBN

Binding death benefit nomination

The creation of a child pension may create better tax outcomes for the beneficiaries of an SMSF member compared to a BDBN after the death of that member.

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Death benefits

Early death raises benefits questions

Death benefits

The ATO’s revised view regarding member benefits paid as death benefits raises questions about the early death of a member who had planned to make a member benefit payment.

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Auditing, Death benefits

Track death benefit payment delays

Death benefit delays

SMSF trustees should record any reasons that may prevent a death benefit being paid out to avoid auditor or ATO scrutiny around the delay.

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Death benefits

Fund account not tied to death benefit

Death Benefits accounts

The account that a deceased member held their superannuation balance in has no bearing on how the death benefits of that person can be paid.

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Death benefits

Member benefit payment argument over

Member benefit payment

SMSFs will find it hard to debate the status of member benefits paid after a member dies given they will be aware of the timing of that event.

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Death benefits

EPOA can’t sidestep member benefit issue

EPOA member benefit

The use of an enduring power of attorney will not allow a member benefit to be paid after death and may not be in the best interests of the member.

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Death benefits, Documentation

Gaming benefits may be tax exploitation

death benefits tax

Using undated documents to prevent a member benefit being paid as a death benefit may breach rules about promoting a tax exploitation scheme.

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Death benefits

Benefit guidance creates more questions

death benefit guidance

Recent ATO guidance has added confusion to situations where a member dies before their super benefit payment request has been made.

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