Tax Exemption for SMSFs for Earnings on Assets Supporting Pensions Continues After Death


Tax Exemption for SMSFs for Earnings on Assets Supporting Pensions Continues After Death

Tax Exemption for SMSFs for Earnings on Assets Supporting Pensions Continues After Death

The Federal Government’s midyear Economic and Fiscal Outlook’s inclusion of a tax exemption for Self-Managed Superannuation Funds (SMSFs) will provide a great boost of confidence to the sector, according to DBA Lawyers. The Government will amend the law to allow the tax exemption for earnings on assets supporting superannuation pensions to continue, following the death of a fund member in the pension phase until the deceased member’s benefits have been paid out of the fund. It will have effect from 1 July 2012 and is estimated to have a small but unquantifiable cost to revenue over the forward estimates period. The change will benefit the beneficiaries of the dependents of deceased member’s estates by allowing superannuation fund trustees to dispose of pension assets on a tax-free basis to fund the payment of death benefits. Further discussion about the need for nominations is included, as writes Krystine Lumanta, in Morningstar on 1 November 2012 READ MORE


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Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Pensions / Income Streams, Retirement Planning, SMSF Investing, Super Law & Compliance, Superannuation General and tagged , , , , , , , , . Bookmark the permalink.

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