Question:

Super - binding nominations

Answer:

Recent changes are outlined below:

July 1, 2022

Loss carry back for eligible companies extended to cover 2023 income year.
Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
Corporate collective investment vehicle legislative regime introduced.
Temporary full expensing of depreciating assets extended to include 2023 income year.
Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.

December 9, 2021

Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.

August 5, 2021

COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.

July 1, 2021

New Investment Engagement Service launched for businesses planning significant new investments in Australia.
Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
Self-managed superannuation funds can now have six members, increased from four members previously.

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July 1, 2021

Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.

March 31, 2021

JobKeeper payments scheme ended.

October 5, 2020

Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.

June 4, 2020

Homebuilder grant for new home or substantial renovation construction is not subject to income tax.

April 1, 2020

COVID-19 cash flow boost payments are not subject to income tax

Question from Steve: If your Will covers all your assets, does that still mean you need to make beneficiary nominations in your superannuation fund?

Answer from Brett: Your Will actually does not cover all of what you might consider your assets. Like a family trust or a company with superannuation you don’t actually own the asset. While your Will may consider the receipt of superannuation it cannot actually control that receipt.

Therefore you must make a death benefit nomination in your superannuation fund. Should your estate planning be best suited by nominating your Estate then you would nominate your legal personal representative to receive 100%. I recommend you seek advice as each person’s circumstances are different.

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