The ATO has updated its guidance for when a dependent beneficiary rolls over a death benefit to another superannuation fund. Clarification has been provided that there is no requirement to include an element untaxed on the Death Benefit Rollover Benefit Statement (RBS).
Following the enactment of new laws to ensure untaxed elements of a death benefit rollover weren’t taxed when received by the new fund, questions remained around the reporting requirements. The ATO has now provided welcome certainty on this issue allowing smooth portability of death benefits between super funds.
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