With an increasing number of elderly parents living with their adult children, is it possible that an adult child of a deceased parent could, on the death of the parent, receive their parent’s superannuation tax free?
estate planning
Lost deeds can destroy a trust
Trusts are most commonly established by a deed. Those deeds contain the terms or rules that control how the trust can be used, and the rights and duties the various parties to the trust have or owe. In our experience, trust deeds are regularly misplaced and lost.
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.
Last minute withdrawals before time is called
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.
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.
Work test changes for superannuation
The Federal Government would like us to work longer. The longer we work the less likely we are to claim our aged pension entitlements and the longer our superannuation will last.
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.
Paying your super to the grandchildren
Clients regularly ask whether when they die, they can give their superannuation to their grandchildren. The short answer is “no”. Superannuation death benefits can only be paid directly from your fund to your estate, your spouse, your children, people with whom you are in an interdependent relationship, or your financial dependents.