NEWS

A parent is not automatically deemed a death benefit dependant of an adult child despite long-term residency conditions being met, according to a recent private binding ruling. The PBR (052427549159) concerns a beneficiary who was the parent of the deceased adult. The beneficiary received a death benefit payment from the deceased's superannuation fund, which withheld a portion in tax from the death benefit payment. The beneficiary applied for a private ruling on whether they

The ATO is reminding SMSF trustees they can only accept allowable contributions. The regulator said for a contribution to be allowable it must be an accepted type of contribution, such as mandated and non-mandated employer contributions, in-specie contributions, and contributions where the member has met age restrictions. These contributions can only be accepted if the SMSF also has the member's tax file number. When accepting contributions, trustees must properly document th

Investment scams remained the leading source of financial loss, nearing $196 million, a 2.5 per cent increase from 2024, according to a report from a global accounting firm. BDO’s 2025 Scam Report revealed that those most at risk are 65 years and over, the demographic who has the most accumulated wealth. The report found that investment scams continue to dominate, underscoring persistent weaknesses and the need for stronger consumer protections. The data reinforces the import