In this case a binding death benefit nomination was held to be invalid because it had not been given to the trustee, that is, not given to all the trustees of the fund. The court found that only one trustee had been given the nomination.
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Work Bank Bonus temporarily increased by $4,000
The Work Bank Bonus cap has been temporarily increased by $4,000. This increase applies from and including 1 December 2022 and will end on and including 31 December 2023.
Higher income limits for Seniors Health Care
The legislation to significantly increase the cut-off limit for entitlement to the Seniors Health Care has been enacted. Now the relevant cut-off limits are $90,000 for a single (previously $61,284) and $144,000 for a couple (previously $98,054). These new limits will be subject to the normal annual indexation cycle which applies each September. The new limits apply from 4 November 2022 and so will be indexed on 20 September 2023.
Transfer balance cap set to increase to $1.9m
The transfer balance cap, which is currently $1.7m, will be increased to $1.9m with effect on 1 July 2023. The increase of $200,000 in the gap is due to indexation.
One modest change that affects less than 0.5% of all Australians
With these words the Treasurer (and also the Assistant Treasurer and Minister for Financial Services) advised that the Government will impose a special rate of earnings tax of 30% on earnings on super balances of $3m and above.
SUPERCentral announces 2023 estate planning course dates
Online document provider, SuperCentral, continues offering its specialist estate planning course to the advice community with the next online course starting on 16 March.
October Budget 2022 – dot point summary of super aspects
Previous Government’s unlegislated tax/super measures – to be dumped
• The proposal ((2016/17 Budget) to introduce Limited Partnership Collective Investment Vehicles – has been dumped
• Proposal (2018/19 Budget) to permit SMSFs to adopt 3 yearly audits – dumped
• Proposal (2018/19 Budget) to introduce a requirement for retirement income product providers to report standardised metrics in product disclosure statements – dumped
Back-door benefits from super not permitted
The rules relating to what a self-managed superannuation fund can and cannot invest in are complex and for the uninitiated appear confusing and alien. But there is a basic logic to them.