The ATO has issued a new Interpretative Decision (ATO ID 2015/10 – 1 May 2015) which suggests a common form of business succession agreement between business co-owners involving SMSFs, may have regulatory compliance issues. The form of the agreement is that business co-owners (in the particular example cited in the ATO ID, there were two […]
death benefit
How to avoid a ‘Super Family Feud’ over death benefits
Brian Hor from Townsends law discusses a classic ‘Super Family Feud’ case where three children were in a dispute over their father’s super death benefit, which could all have been avoided with a valid binding death benefit nomination. In Stock (as Executor of the Will of Mandie, Deceased) v N.M. Superannuation Proprietary Limited [2015] FCA 612, the […]
New ATO decision important for SMSFs paying death benefits, says Townsend’s Michael Hallinan
The recent ATO ID 2015/17 – released 5 June 2015 – sets out the ATO view that a Super Trustee can choose to claim a deduction for the “future service portion” of the death benefit and this choice can be made after the member has died. The choice must be made in the tax return […]