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.

It's July - Time to Finalise Your Budget

By Caroline Gillies • July 9, 2026
July is already kicking along, and if your budget is still sitting on your to-do list, now is the perfect time to get it finalised. Remember, a budget that's 90% complete is far more valuable than a perfect budget that never gets finished. Once it's entered into your accounting system, you'll be able to compare your actual results against your budget and gain valuable insights into how your business is performing throughout the year. Don't forget to review and update your budget whenever your business undergoes significant or permanent changes to its cost structure. This could include implementing a new IT system, engaging a marketing agency, hiring additional staff, moving premises, or making other strategic investments. Keeping your budget current ensures it remains a useful tool for making informed business decisions rather than just another document on the shelf.

Vanity Metrics vs Real KPIs: Which One Are You Tracking?

By Caroline Gillies • March 26, 2026
More data doesn’t mean better decisions. Many business owners are drowning in numbers but starving for direction, tracking everything and understanding nothing. The result? Decisions based on gut feel, cash flow surprises, and growth that looks good on paper but doesn’t actually strengthen the business. Vanity metrics can be misleading. Total revenue, website traffic, or social media likes might feel positive, but they don’t always reflect real performance or profitability.  Real KPIs tell a different story. They give you clarity, control, and confidence in your decisions. While every business is different and the right KPIs will vary, here are some examples of powerful KPIs businesses often track: • Profit Margin – Are you actually making money? • Cash Flow – Do you have enough cash to operate and grow? • Customer Acquisition Cost (CAC) – What does it cost to win a new customer? • Debtor Days – How quickly are you getting paid? • Customer Lifetime Value (CLV) – How much is each customer worth over time? If you’re not tracking the right numbers for your business, you’re essentially flying blind. Because success isn’t about more data—it’s about the right data.

Payday Super is Coming - 1 July 2026

By Caroline Gillies • March 1, 2026
From 1 July 2026, the Federal Government will introduce one of the most significant changes to superannuation administration in recent years: “Payday Super.” These reforms fundamentally shift how and when employers meet their Superannuation Guarantee (SG) obligations. What’s Changing? Under the new rules, SG contributions must be paid at the same time as salary and wages and received by the employee’s super fund within seven business days of payday. This replaces the current quarterly payment system. The changes apply to all eligible employees, including those captured under the expanded definition of “employee,” and extend to salary sacrifice amounts and other qualifying earnings (QE). Employers will calculate SG at the legislated 12% rate on QE, which includes ordinary time earnings and relevant additional payments. Contributions remain subject to the Maximum Contribution Base, limiting employer liability to approximately $30,000 per employee per financial year. Employers will also be required to report QE and SG liabilities through Single Touch Payroll (STP), enabling the ATO to monitor compliance more closely and identify underpayments earlier. Operational Impact for Employers The shift to payday reporting and payment means payroll systems must be updated to calculate, process, and remit super contributions each pay cycle. Businesses will need to ensure their software can manage QE calculations and facilitate timely electronic payments to super funds. Cash flow management will also require attention, particularly for small businesses accustomed to quarterly payments. Super will become a real-time obligation rather than a periodic liability. Importantly, failure to meet the new deadlines will trigger the revised Superannuation Guarantee Charge (SGC), including penalties and interest. While late contributions and SGC amounts remain tax deductible, interest and penalties do not. Employers currently using the Small Business Superannuation Clearing House must transition to alternative payment solutions before its closure on 30 June 2026. Preparing Now Although implementation begins in 2026, early preparation is essential. Reviewing payroll systems, assessing cash flow impact, and updating internal processes will help ensure a smooth transition and minimise compliance risk. Payday Super represents a move toward greater transparency and timeliness, but it also demands proactive planning from employers. If you would like assistance preparing your business for Payday Super, our team at Clear Vision Accountancy Group is here to help. Please contact us on 4688 2500 to discuss how we can support your transition and ensure you remain compliant. We drew inspiration for this article from the ATO