Consultation on the draft Law Companion Guidelines: Superannuation Reform: Transfer Balance Cap – Superannuation death benefits
The submission to the Australian Taxation Office in regards to the Consultation on the draft Law Companion Guidelines: Superannuation Reform: Transfer Balance Cap – Superannuation death benefits was prepared by the Superannuation Committee of the Legal Practice Section.
In addition to the tracked comments made throughout the draft Guideline, the Committee makes the following general comments:
- the Law Companion Guideline should expressly mention different valuations may apply to capped death benefit pensions;
- more examples would be useful in regard to the auto-reversionary issue;
- more comments on child pensions are required; and
- there should be comments on the situation where there is a dispute about a death benefit and more than 12 months elapses before it becomes clear who is entitled to the benefit - such cases are increasingly common.
You can read the full submission below.