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Articles

Christmas Parties - FBT & Income Tax
FBT - Christmas Parties and Taxi Fares
Superannuation Funds Allowed to Give Guidance
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Super Fund Binding Nominations - Maybe Not

Property Trusts Redemption Suspension

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Record Keeping in the Electronic Environment
Always lodge your Activity Statement - even if nil
Activity Statement Variations?  Act Now
Super Fund Binding Nominations - Maybe Not
Instructions given to a SMSF trustee may not always be followed.

In a recent draft determination (2008/D1) the Australian Taxation Office gave its view on whether a SMSF trustee was obliged to follow a binding nomination in all circumstances.  The draft answer is no, because there is an over-riding principle that a fund cannot breach the operational standards of Superannuation Industry (Supervision) Regulations.

As an example, if a member nominates a spouse, then divorces, remarries and dies, must the payment go to the first spouse because no change of nomination occurred?

To do so would breach SIS regulations, which requires a dependency.  So the trustee is not required to follow the binding nomination.

It also seems that a binding nomination may not lapse after three years (the current perception by most commentators) when a deed provides a longer period e.g. five years.

 

 

 

 

 

 

 



19th-November-2008