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Tips to speed up tax refunds

Many problems can occur when processing activity statements and tax returns which can lead to a delay in issuing refunds. However often these problems are often caused by small issues and can be easily avoided.

Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund:

-Keep personal details, such as postal address, bank details and authorised contacts, updated

-Lodge all outstanding activity statements, the ATO are unable to process the refund until they know the extent of the credit

-Keep the statement clean. This involves not writing notes outside the space provided, do not use symbols and do not double up by lodging both online and in person

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Tax on super death benefits for dependants vs non-dependants

July 9, 2020

A super death benefit is the super paid after a person’s death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant or non-dependant.

Superannuation death benefits will generally be received tax-free by tax dependants, who are considered to be:

Dependants will not have to pay tax on the tax-free component of their super in the event that they:

However, they will be taxed at their marginal rate if they receive a capped benefit income stream and:

Not all super death benefits are subject to tax; for non-dependants, there is a taxable portion. This component is largely made up of after-tax super contributions that the deceased member has made.

Super death benefit payments are subject to tax when:

Non-dependants must calculate how much money in the super account is a:

The amount of tax non-dependants pay will be based on their marginal tax rate, however, this amount may be reduced by tax offsets. For the taxed element of the taxable component, the effective tax rate is your marginal tax rate of 17% (whichever is lower). For the untaxed element of the taxable component, the effective tax rate is 32% or your marginal tax rate (whichever is lower).