News : Death benefits

Death benefits, SMSF

SMSFs have greater financial abuse risk

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

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Death benefits

Financial dependency proof substantial

A significant amount of evidence is required to support a claim that a person can receive superannuation death benefits due to financial dependency.

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BDBNs, Death benefits, Documentation

In-specie benefits not a clean split

Death benefits that are paid out using in-specie assets need to be calculated carefully as they can strip money away from other beneficiaries.

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Death benefits

Parental bond not super interdependency

A conventional relationship between a parent and a child does not automatically satisfy the definition of super death benefit interdependency.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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Death benefits, Documentation

Claim staking essential for death benefits

SMSF trustees not bound by directions as to who should receive a death benefit should check all possible claims, even though this process is not required under law, to avoid possible disputes.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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Accounting, Death benefits, Pensions

Death benefit pensions account agnostic

Death benefit pension Preservation age Reversionary Non-reversionary

A death benefit pension does not need to be commenced from any particular type of account held by the primary member prior to their death.

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Death benefits

Six month payment timing a myth

Superannuation Death benefit Payment timing Business Depot Neal Dallas

Super funds are not required to make death benefit payments within 180 days and claims that is the case are an urban myth based on unrelated laws.

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Death benefits

Assets key in benefit payment timing

SMSF auditor SMSF assets Self-managed superannuation BDO Shirley Schaefer death benefit payments

The entire circumstances relating to SMSF assets need to be considered in determining the realistic timeline applied to death benefit payments.

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