by smsf | 21 Dec 2016 | Calculators & Tools
An untaxed element may be generated, resulting in an additional 15% tax being applied to taxable death benefits, where non-tax dependants receive a lump sum payment if a deduction for life insurance premiums or future service (future liability) has been taken. A... by smsf | 21 Dec 2016 | Calculators & Tools
Section 295-470 of the ITAA (Future Service Benefit) allows a Fund to claim an income tax deduction on the payment of: a superannuation death benefit; or a terminal illness benefit; or a disability superannuation benefit or a temporary incapacity income stream. The... by smsf | 21 Dec 2016 | Calculators & Tools
An increased lump sum death benefit, otherwise known as an anti detriment payment, may be made to a spouse, ex spouse (via the estate) or child of any age. The purpose of the payment is to compensate for the effect of contributions tax (the detriment) on the lump sum... by smsf | 21 Dec 2016 | Calculators & Tools
It is a legal requirement for every SMSF to maintain a written investment strategy. The fund auditor must view this document each year and determine that the investments of the fund have been made in accordance with it. A separate strategy is required if the fund is...