There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands. Types of nominations Individuals can direct or influence their superannuation fund trustee as to how they want their death benefits distributed by completing a death benefit nomination...

A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them to receive a death benefit. Interdependency relationship...

If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance! Whilst the small business Technology Investment Boost has now ceased1, not only can you still take advantage of the Skills and Training...

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a “citizen” of Australia. Moreover, it is highly relevant from a tax point of view, as a person who is a resident of...

Your superannuation death benefits must be paid to someone when you die. That somebody will usually be your estate or your nominated beneficiary (also known as your dependants). Paying death benefits to your estate Unlike other assets such as shares and property, your superannuation and any insurance benefits you have in superannuation do not form...

Access our Wallace Partners Client Information Newsletter November 2023 below: Wallace Partners CIN November 2023  

Young people who immigrated to Australia many decades ago are now, like other Australians, experiencing the death of their elderly parents and the inheritance of their assets – including the family home. But in this case the difference is that their parents may be foreign residents and the home located overseas. In addition, the estate...

Did you receive a letter from your superannuation fund stating your investments have underperformed and did not meet the superannuation performance test benchmarks? If so, this letter comes as the Australian Prudential Regulatory Authority (APRA) has released its third annual performance test results for superannuation products. The results show that only one ‘MySuper’ fund failed...

Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will be eligible to claim a deduction for your personal superannuation contributions if: You meet the aged...

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund. But it is often forgotten that the gain can also...