December 2023 – Superannuation Cornerstone of Financial Planning, Tax records Lost or Destroyed, Tax Debts and more…..

Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes consolidating your super, reviewing your investment strategy, and checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact your long-term financial health and security and will be crucial for ensuring your retirement savings are working effectively for you. 

Tax challenges can arise in unexpected ways, such as dealing with lost or destroyed records. We provide guidance on how to navigate missing records to ensure compliance and accuracy in your tax affairs. 

In this issue, we also provide the latest values for goods taken for private use and note that lesser or greater values may be used if you provide evidence for your valuation. 

We provide insights into how you can actually have two “main residences” for Capital Gains Tax purposes – but this is a complex area and there are many conditions that must be met. Let us know if you need help with this issue. 

We alert you to the ATO’s more robust approach to tax debts, the particular areas on which they are focused, and ways in which you can in certain instances restructure your debt.  

Lastly, we look at the taxation of superannuation death benefits. There is much you can do to ensure that your beneficiaries will not pay tax on your death benefits. A vital task is to ensure that your beneficiary is a “tax dependant” and we explain what this means. 

We hope this edition provides you with valuable insights and practical advice.

Scroll to Top