/ 'Death benefits & Estate planning'

14 Feb 2023
Around this time last year, the ATO provided their view on the scenario where a member had requested a benefit payment but died prior to it being paid. The issue was whether the benefit payment would be treated as a member benefit or as a superannuation death benefit. Almost twelve months on and the ATO has updated their website on this issue which appears to be a reversal of their view from last year. 
17 Oct 2022
Non-lapsing BDBNs ... there is no debate. Our Head of Education Mark Ellem was joined by Matthew Burgess who presented a technical webinar to help attendees assess how their SMSF death benefit nomination stacks up.
21 Sep 2022
From an SMSF perspective, the new SIS regulations will allow a member to commute their market linked income stream (MLIS) (also known as a ‘term allocated pension’) to the extent of an excess transfer balance account amount included in a commutation authority. However, this new measure will only apply to an MLIS commenced on or after 1 July 2017.
13 Jul 2021
A welcomed announcement out of this year’s budget was the proposed measure to allow those with certain legacy pensions to effectively cease them during a two-year period, which is expected to commence on 1 July 2022. Whilst the measure provides an escape route for those with these pensions which are generally non-commutable, there may be some traps along the way, as well as some being left behind. Let’s consider how this measure may be implemented and what traps could be encountered along the way.
12 Oct 2020
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).

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