November 2023 Newsletter

Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.

This month we look at:

  • Who can I nominate as my super beneficiary? Unlike other assets such as shares and property, your superannuation and any insurance benefits you have in superannuation do not form part of your estate. This article explains how to go about specifying who you want your superannuation money to be distributed to, and the importance of that person being a “dependant” for super purposes.
  • Who is a resident for tax purposes? It’s not just a case of whether you are a “citizen” of Australia. Tax residency is a difficult issue to determine in Australian tax law, and while a recent AAT case sheds some light, there are other factors to consider, for example, any relevant double tax agreements.
  • Introducing the energy incentive: The new Energy Incentive provides a bonus tax deduction of 20% of expenditure on improving the energy efficiency of your business. The incentive is not yet law, but it may be useful to put in some time now preparing the ground to take advantage of this bonus. And remember that you can still take advantage of the Skills and Training Boost (generally for expenditure on training employees incurred before 30 June 2024).
  • Qualifying as an interdependent or financial dependant: Qualification for these categories is vital in order for potential beneficiaries to receive a death benefit. This article explains the conditions which must be met for interdependency relationship and financial dependency status. These terms are not expressly defined in superannuation law and can be complex to determine. 
  • How to nominate a superannuation beneficiary: Many different types of nominations exist; for example, Binding death benefit nominations, Non-binding death benefit nominations, and Reversionary pension nominations. Getting the type of nomination right is vital to ensure your super ends up in the right hands.  And a reminder that if your nominated beneficiary does not meet the definition of a superannuation law dependant at the time of your death, the nomination will be invalid.

Click here to read the Rose Partners November 2023 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team

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