News : Death benefits

Death benefits

Court can give death benefit guidance

SMSF trustees who are unsure as to their death benefit payment responsibilites can approach the court to guide them through the process.

SMSF trustees who are unsure as to their death benefit payment responsibilites can approach the court to guide them through the process.

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Death benefits

Death benefit pension payments faster

Death benefit pension payments faster

SMSF trustees are making choices around death benefit payments that ensures beneficiaries are receiving their funds in a more timely manner.

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Death benefits, Estate Planning, Succession Planning

Solid nominee should accelerate EPOA

SMSF trustees who are confident in those appointed under an enduring power of attorney should name them now rather than waiting.

SMSF trustees who are confident in those appointed under an enduring power of attorney should name them now rather than waiting.

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Death benefits, financial advice, Financial Planning, SMSF

Cheap benefit strategies likely to fail

SMSF practitioners who cut corners to save clients time or money may find that strategy fails when disputes arise around benefits.

SMSF practitioners who cut corners to save clients time or money may find that strategy fails when disputes arise around benefits.

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Death benefits

Death should not alter benefit payment

A legitimate request from a member for a benefit payment should be the key driver behind its payment and death should not alter its treatment.

A legitimate request from a member for a benefit payment should be the key driver behind its payment and death should not alter its treatment.

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Auditing, Death benefits

Auditors can question slow benefit payments

SMSF auditors can still judge whether a trustee is lagging in the payment of death benefits even if official guidance does not mention timeframes.

SMSF auditors can still judge whether a trustee is lagging in the payment of death benefits even if official guidance does not mention timeframes.

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Death benefits, Estate Planning, Tax

Insurance can be untaxed death benefit

A rare set of circumstances involving insurance in an SMSF can cause a death benefit to be untaxed when passed on to a beneficiary.

A rare set of circumstances involving insurance in an SMSF can cause a death benefit to be untaxed when passed on to a beneficiary.

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Compliance, Death benefits, Strategy

Proper trustee discretion key in death

Trustee discretion must meet certain thresholds set by the courts for decisions made under this power with regard to death benefit distributions.

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Death benefits, Documentation

Death benefits not reliant on probate

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, death benefit, deceased member, Accurium, Jason Hurst, trustees, probate

In the majority of circumstances, SMSF trustees do not need to wait for probate before they can pay death benefits from a super fund.

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Death benefits, Legislation

Time limits still apply to fund payments

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, death benefit, reasonable timeframe, Heffron, Lyn Formica, six-month rule, guidance, Sean Johnston, payment, sale of asset

The absence of a specific timeframe in ATO guidance to pay a death benefit does not mean trustees have unlimited time to do so.

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