Death benefit nominations
Thursday 22 February 2024 at 11:00 am AEDT
This webinar will guide you through the importance of death benefit nominations as they apply to large and small superannuation funds. We will cover what you should consider when making a nomination as well as some of the twists and turns that can unexpectedly occur. This webinar is a must for all super fund members and not just for those who are retired or nearing retirement
Q: My wife and I run an SMSF. The fund owns 2 properties. My wife is 56 and I am 61. My wife owns 30% and I own 70% of the SMSF value. I have reached pension phase while my wife is in accumulation phase. How can we structure/split the fund between pension and accumulation phase so I can draw rent as pension for me? (This is only an issue now. In 4 years’, time when my wife also comes in pension phase, we will be draw out complete rent as pension for both of us). I am also mindful of the minimum 4% pension withdrawal rule for myself. What if the rent is less than 4%?
A: We got similar queries from multiple readers so we chose this one because I think it encompasses most of the issues that other questions were looking at as well. Read more.
February 28
You need to lodge your SMSF annual return by this date if you are lodging it yourself. Also, if you are a newly registered SMSF and using a tax agent you need to lodge by this date, unless you were advised of a 31 October 2023 date at registration.
If your fund is registered for GST, which is becoming more common but not required for most SMSFs, and your GST turnover is more than $75,000, you will need to lodge your quarterly BAS by this day.
This would be most common for SMSFs that own commercial property and collect rent from that property. Rent received on residential property would not usually be subject to GST.
Due date for each quarter
| Quarter | Due date |
|---|---|
| 1. July, August and September | 28 October |
| 2. October, November and December | 28 February |
| 3. January, February and March | 28 April |
| 4. April, May and June | 28 July |
Where you employ a tax agent to help with these SMSF lodgements, check with them first as your SMSF may have adjusted lodgement deadlines.
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