Transferring a death benefit pension can be complicated but new legislation from 1 July 2017 simplifies the process.
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A point by point final reminder of actions needed before 30 June on large pension balances, plus good news about the timing to claim CGT relief to reset the cost base to market values.
The ATO has announced a relaxed approach to the treatment of death benefit income streams by a spouse provided action is taken before 1 July 2017.
The transfer balance cap affects the amount of a deceased member’s benefits that can be paid to the surviving spouse as a pension or income stream, but there’s a way to retain it in the super system.
When changes to regulations are as extensive and complex as the coming 1 July rules, many misconceptions about how they work arise for both advisers and their clients. Here are a few common mistakes.
Despite the confusing and technical nature of the CGT relief rules, it’s important for SMSF trustees and advisers to consider their implications as decisions need to be made prior to 1 July 2017.
The ATO’s annual statistics on superannuation assets shows that SMSFs continue to grow but not as quickly as institutional funds, as the older age demographics of SMSF retirees made less net contributions.
A positive development from recent super changes is the lifting of current restrictions on claiming tax deductions for personal super contributions and a flexible carry-forward rule.
Superannuation death benefits paid to adult children can incur a heavy tax impost, but there are strategies available to avoid paying more tax than necessary. It’s not always possible to know when you’ll die.
A recent analysis of SMSF asset allocation shows a movement away from direct equities as trustees struggle to find value in the large caps, and the continuing popularity of cash despite low rates.