Tag: Tax

As detailed in part 1 of our Superannuation Estate Planning series, superannuation death benefits can only be paid to a member’s legal personal representative(s) -LPR- and/or their dependants as defined by the Superannuation legislation (SIS). Although these parties may qualify as a superannuation dependant the benefit may be subject to tax. The tax treatment of death benefit payments relies upon whether the beneficiary qualifies as a dependant for tax purposes. The below table summarises both Superannuation (SIS) dependants and tax dependants.

In this month’s Wealth Pipeline, we outline some of the proposals contained in the Federal Government’s 2015/16 Budget. Specifically, we detail changes to age pension entitlements, small business reforms, childcare support and car expense deductions.

Specifically, we cover the proposed changes to excess non-concessional contributions, Superannuation Guarantee (SG) rates, paid parental leave, and the temporary budget repair levy.  It’s worth noting that these policy changes are proposals only and require the passage of legislation to become effective

This month’s wealth pipeline was intended to continue our discussion on mitigating sequencing risk.  However, due to the recent mid-year budget announcement by the Government, our discussion on mitigating sequencing risk will resume next month.  This wealth pipeline focuses on the superannuation aspects of the mid-year budget.

As a result of negotiations with Clive Palmer’s Palmer United Party (PUP), the government has delivered on its promise to repeal the Minerals Resource Rent Tax (the mining tax).