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State and Federal COVID-19 support --- January - 2022
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Superannuation changes - Superannuation guarantee (SG)
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Unused Super Contributions
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Main residence exemption myths and misconceptions
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Quarter 1 of, 2018 archive
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Our website is really our digital office.
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‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
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Super changes: $1.6 million transfer balance cap and death benefit pensions
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Payroll, compliance issues top dodgy practices in Aussie business
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Employee travel expense deductions
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The Goldilocks effect - Economic and market update 4Q 17
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Tax assessments confirmed for undisclosed business income
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Australia. All you need to know to be the expert.
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Caution advised on best interests duty with cryptocurrencies
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$20,000 asset write-off renewed for another financial year.
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SMSF compliance traps with bitcoin
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Where Australia is at. Our leading indicators.
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Foreign resident CGT withholding: early recognition of tax credit
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ATO set to doorknock as 60% of cash-heavy businesses caught
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New downsizing cap available
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Capital Gains and Renounceable Rights
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Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
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Australia's vital statistics
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Our Advent calendar for 2017
Super changes: $1.6 million transfer balance cap and death benefit pensions

Where a taxpayer has amounts remaining in superannuation when they die, their death creates a compulsory cashing requirement for the superannuation provider.

       

 

This means the superannuation provider must cash the superannuation interests to the deceased person’s beneficiaries as soon as practicable. 

It is expected that the new rules provide that where a deceased member’s superannuation interest is paid to a dependent beneficiary in the form of a death benefit income stream, a credit will arise in the dependant beneficiary’s transfer balance account (the superannuation pension ceiling after 1st July 2017).  The amount and timing of the transfer balance credit will depend on whether the recipient is a reversionary or non-reversionary beneficiary.

To reduce an excess transfer balance, you may be able to fully or partially convert a death benefit or super income stream into a super lump sum.  Or the dependent (assuming already in the SMSF) may be able to convert their own existing entitlements.  

Guidance is going to be important, as these issues become increasingly complicated, and advisers become more familiar with the problems and the solutions.

 

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