Super Snapshot – October 2013

Clear Vision • November 3, 2013

This will be our last Super Snapshot for 2013; our next edition will be in 2014.

Our SMSF Seminars have been very popular with great feedback – Thank You!
Our next seminars will begin again in February 2014; if you are interested in attending please let me know.

This month covers Binding Death Nominations of SMSF’s. I hope you find it informative.

Wishing you a fabulous Christmas and New Year!
Su-Mei
SMSF Specialist

Binding Death Nominations

Most self managed superannuation funds allow for binding death nominations.

A Binding Death Nomination allows you to govern where your superannuation benefits will be paid upon your passing and must be adhered to when the trustee pays out a death benefit. The difference between this type of nomination and a normal Death Benefit Nomination is that beneficiaries nominated on the Death Benefit Nomination serves as a guide only when the trustee pays out benefits as opposed to the Binding Death Nomination which ‘binds’ the trustee to comply with your wishes.

Who can be nominated on a Binding Death Nomination?

A binding death nomination must nominate a dependant beneficiary or legal personal representative.
Your dependant beneficiaries include:
· Your spouse
· Your children
· Persons financial dependent upon you
· Persons with whom you have an interdependency relationship

Please note that payments to adult children can be subject to tax. In addition, for the nomination to be valid any dependant beneficiaries nominated must still be dependant as at date of death.

Should I have a Binding Death Nomination?

A binding death nomination allows members to have absolute control over to whom their superannuation death benefits are paid. In contrast, if a member were to have a non-binding death nomination or simply not nominated a beneficiary the trustee of the superannuation fund would have discretion over where the benefit is paid. While many members may have a revisionary pensioner in place (meaning that the pension will automatically be passed to the nominated dependant beneficiary upon the passing of the member) self managed superannuation funds which have just one member or have either some or all accumulation monies may wish to consider a binding death nomination.

While superannuation legislation has been updated and no longer requires a new binding nomination to be completed every three years we feel this is a good interval at which to reconfirm your estate plans and ensure that your superannuation balance will be paid in keeping with your wishes; however, we can also prepare non lapsing nominations if you require.

While binding death nominations can provide you with control over where you superannuation benefits are paid after your passing, there are other tools which may be more suitable and used to achieve your goals; for example the use of a corporate trustee.

If you wish to prepare a binding death nomination or would like to discuss your estate planning options with us please call our office on 07 4632 9077.

Capital Gains Tax Implications of Subdividing Land in Australia

By Caroline Gillies • June 1, 2025
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Autumn Tax Tips: Make the Most of the Final Weeks Before Year-End

By Caroline Gillies • May 25, 2025
As we step into the final week of autumn and feel winter’s chill approaching, it’s a natural time for reflection—and that includes taking stock of your financial and tax situation. The end of the year is closer than it seems, and a bit of preparation now can make a significant difference come tax season. Here are a few things to consider as the leaves fall: 1. Review Your Income and Deductions This is a good moment to check your income year-to-date and consider whether there are any deductions you can still take advantage of. Charitable donations or investment losses might help reduce your taxable income before year-end. 2. Maximise Super Concessional Contributions If you haven’t yet maxed out your superannuation concessional contributions, there’s still time. Remember unused cap amounts carry forward for 5 years and the 2019-20 unused cap amount will expire 30 June 2025. These contributions not only help secure your future but can also offer tax benefits now. 3. Organise Your Records Autumn’s slower pace is perfect for pulling together receipts, invoices, and financial documents. Getting organised now means less stress later when tax season begins in earnest. 4. Consider Tax-Loss Harvesting If you’ve had investments that underperformed, selling them before the end of the year to offset gains can be a strategic move. Consult with us today to see if this makes sense for you. 5. Plan Ahead Winter may bring holidays and downtime, but it's also a good window to consult with a tax professional. A quick meeting before year-end can reveal savings opportunities or help avoid surprises when you file. So, as the days grow shorter and frost begins to settle in, use this time to bring clarity and warmth to your finances.

Have you Thought About Where Your Business Will Be in 5 Years?

By Caroline Gillies • May 11, 2025
At Clear Vision Accountancy Group, we offer tailored services to support your long-term success—from strategic business planning to high-end tax administration. Whether you're aiming for growth, improved profitability, or a clearer direction, we're here to help you build a plan that gets results. If you're ready to map out the next five years with clarity and confidence, contact us today on (07) 4688 2500. Our 1-Page Business Plan will help you with: 1. Vision & Purpose Where are you headed, and why does it matter? What is the core purpose of your business? In five years, what positive impact will you have made on your customers, team, or community? What do you want your business to be recognised for within your industry? 2. Growth & Scale What does success look like, and how will you achieve it? What revenue, profit, or market position are you targeting? How many clients or customers do you want to serve—and in which markets? Are you planning to expand your offerings or enter new territories? 3. Team & Culture Who is helping you build it—and how? What does your ideal team look like in terms of structure, culture, and capabilities? How will you attract, retain, and develop top talent? What kind of leadership values and workplace environment will you foster? 4. Operations & Systems How will you deliver at scale—efficiently and reliably? What systems and workflows need to be in place to support sustainable growth? Which technologies or platforms will you implement to improve efficiency? How automated or streamlined do you want your business operations to become? 5. Brand & Customer Experience What do customers say about you—and why do they keep coming back? How will clients describe their experience with your business? What kind of reputation or brand presence will you be known for? What sets your business apart from the competition ?  Our Dream it. Plan it. Get it! will help you with: 1. Lifestyle & Personal Goals How does your business support the life you want to live? What level of involvement do you want in the day-to-day operations? What does ideal work-life balance look like for you? What personal or financial goals will your business help you achieve?