News : Death benefits

Death benefits, Trusts

Lapsed BDBN a matter of discretion

A trustee can consider the directions of a lapsed BDBN when paying benefits, but should no longer view it as obligatory and should use discretion instead.

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Death benefits, Documentation

Limit attorneys to prevent BDBN changes

Attorney, BDBN, EPOA, binding death benefit nomination, Cooper Grace Ward, Scott Hay-Bartlem, enduring power of attorney, authorisations, SMSF trust deed, conflict

An attorney with unchecked authority is able to alter BDBNs, but SMSF documentation can force them to act within limits chosen by the trustees.

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Death benefits, financial advice, SMSF

Ambiguous BDBNs need legal specialists

Binding Death Benefit Nomination, BDBN, Cooper Grace Ward Lawyers, Hayley Mitchell, SMSF Association National Conference 2025,

Advisers must self-evaluate their capability to negotiate problems with BDBNs they create and if unsure delegate that work to legal specialists.

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ATO, Business News, Death benefits, SMSF, Superannuation

Death pension doubt from TR 2013/5

Tax Ruling 2013/5, TR 2013/5, superannuation, income stream, death benefit pensions, minimum payment, Colonial First State, Craig Day, SMSF Association National Conference 2025, ATO

The update to TR 2013/5 has created uncertainty as to the treatment of a death benefit pension if the required minimum payment has not been met.

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Death benefits, Insurance, Legislation, SMSF, Superannuation

Caution needed with terminal illness benefits

SMSF practitioners should not adopt common rollover or pension strategies with terminal illness benefits as they should probably exit the super system.

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Death benefits, Superannuation

Remove death benefit lump sum limits

Removing the limit on the number of death benefit lump sums that can be made from super is an easy change that could be made and would reduce breaches of payment regulations.

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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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