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ARTICLE · 23 OCTOBER 2008

ATO Releases Its Views On Binding Nominations In SMSFs

Cooper Grace Ward
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Binding death benefit nominations are an integral part of many estate plans.

AustraliaTax
Scott Hay-Bartlem
Scott Hay-Bartlem
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Binding death benefit nominations are an integral part of many estate plans.

The ATO has released draft Self Managed Superannuation Funds Determination 2008/D1, which sets out its views on the ability of members of SMSFs to make a binding nomination.

The ATO confirms that the rules in the SIS Act and Regulations in relation to binding nominations do not apply to SMSFs.

This means SMSF members have much more flexibility to use binding nominations. For example, the ATO accepts that a binding nomination by a member of a SMSF does not necessarily lapse after three years.

It also follows that a binding nomination can cascade through different beneficiaries depending on who is alive, and can regulate the form the benefit is to take, as well as the recipient.

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