Is it possible to make a last minute withdrawal before you die and the payment, if made after you have died, still be treated as being tax free? Well Yes – according to a recent private binding ruling from the Commissioner.
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Downsizer contributions: beneficiary eligibility age to be reduced to 55
From 1 July 2022, the eligibility age for the beneficiary of the downsizer contribution was reduced from age 65 to 60. Now the Government has proposed that the eligibility age for the beneficiary of the downsizer contribution be further reduced from the current age 60 to age 55.
Incentivising pensioners to downsize
The Government is continuing its policy to remove financial barriers which currently inhibit age pensioners (and service pensioners) from downsizing due to the application of the means tests to the sale proceeds of a pensioner’s principal place of residence.
Superannuation and testamentary trusts
You may be aware that toward the end of 2021, in a private ruling, the ATO confirmed the tax payable in respect of a gift of superannuation to a member’s estate where that super is to be held in a testamentary discretionary trust.
SUPERCentral releases new compliance technology platform
SUPERCentral has released a new digital compliance platform for advisers and accountants incorporating a large range of digitised wealth management documents.
ATO takes aggressive stance on trust distributions
The Tax Office recently released its long-awaited guidance on how it will treat distributions from a family trust in situations where it believes that someone other than the recipient of the trust distribution will actually obtain the benefit of it, and the reason for distributing to the initial recipient was to save tax.
Co-ownership: Help children with house deposit
With soaring house prices in all Australian capital cities and many popular regional areas, the “bank of mum and dad” has never been more popular as a way to help your kids get their first step onto the property market ladder, whether to buy their first home to live in or their first real estate investment.
What are COVID-19 re-contributions?
COVID-19 re-contributions are superannuation contributions which are a return to the superannuation system of a COVID-19 release amount. They are new personal superannuation contributions which have been identified by you as being COVID-19 re-contributions.