The procrastination that sliced $75,000 off an inheritance
A delay in passing on a reversionary pension to a woman after the death of her husband had big tax implications for her two adult children when she died.
There’s an old saying that “procrastination is the thief of time”. What if it is the thief of money as well?
In a recent private binding ruling, the Australian Taxation Office was asked to consider the tax treatment of a superannuation death benefit that the trustee delayed (procrastinated) in paying for more than 2½ years. The result was costly.
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Peter Townsend is principal of Townsend Business & Corporate Lawyers.
