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Alarm at tax office ruling on super pensions overstated

Alarm at tax office ruling on super pensions overstated

10 August 2011

The Australian Taxation Office (ATO) has recently issued a draft ruling that has implications for Capital Gains Tax (CGT) paid by super funds on the death of a person receiving a pension from the fund. 

The draft ruling states that when a member of a super fund dies, the pension ceases immediately and the super fund reverts back from pension to accumulation phase and capital gains tax is payable (usually at the rate of 10%). 

Boyce Financial Services (BFS) Superannuation Strategist, Elizabeth Timmins says that the media commentary on this draft ruling has been somewhat over-blown. 

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Super clearing house for small business

1 July 2011

The Australian Government’s free Superannuation Clearing House which became operational in July last year, appears to be a winner with small business. 

The Superannuation Clearing House service is available to small businesses with fewer than 20 employees. The service is designed to reduce red tape and compliance costs for small businesses in meeting their superannuation guarantee obligations. 

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National award for Boyce super strategist

9 March 2011

It came as a delightful surprise to Elizabeth Timmins, Boyce superannuation strategist, to receive the “Best Practice Award 2011” at the recent SMSF Professionals’ Association of Australia (SPAA) annual conference in Brisbane. Ms Timmins was not even aware that she had been nominated.
 
SPAA’s best practice award acknowledges members who demonstrate ‘best practice’ self-
managed superannuation fund (SMSF) advice whilst also promoting the professionalism of the association and industry generally. 

Boyce Director, Julie Schofield, nominated Ms Timmins (pictured far right of photo with Julie) because of her consummate technical and strategic knowledge as a SMSF advisor. 

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