News : Death benefits

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.

read more
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.

read more
Death benefits, Tax

Use Div 296 to open death tax discussion

Division 296 tax death benefits SMSF Self-managed superannuation Large balances Heffron Meg Heffron

The potential impact of the proposed Division 296 impost should be a trigger to open conversations around death benefit taxes and reducing large balances as both will carry a cost for fund members.

read more
Death benefits

Benefits can extend beyond dependants

Knowledge Shop Jason Hurst death benefits estate planning SIS dependants tax dependants superannuation

Individuals not classified as dependants under the SIS Act can still receive SMSF death benefits, but specific estate planning steps are required to make this possible.

read more
Death benefits, Estate Planning

Deed must allow executor appointments

Knowledge Shop Jason Hurst SMSF trust deed Executor Self-managed superannuation Death benefits SIS Act

SMSF trustees who want their executor to act for them inside their fund must ensure the deed allows that appointment as the law will not force that action.

read more
BDBNs, Death benefits, Documentation

BDBNs still contain basic error

binding death benefit nomination BDBN SMSF Self-managed superannuation View Legal Matthew Burgess SIS Act

Errors are still being made on SMSF binding death benefit nominations with regard to naming a legitimate recipient of the deceased member’s benefits.

read more
Death benefits

View death benefits as ancillary purpose

SMSF Self-managed superannuation Smarter SMSF SuperGuardian Tim Miller Death benefits Sole purpose test

SMSF trustees should view the payment of death benefits as an ancillary purpose rather than a core purpose of the fund to ensure it remains compliant with the sole purpose test.

read more
Death benefits, Estate Planning, Pensions

Death beneficiary must be confirmed

Death benefit Reversionary pension Pension Beneficiary

Confirmation as to whom death benefits should be assigned needs to be established before a reversionary pension is implemented.

read more
Death benefits, Legislation, Superannuation

Super bodies push for death benefit reform

Superannuation death benefit payments Violence Superannuation Industry (Supervision) Act Forfeiture rule ASFA Death benefits Forfeiture rule

A coalition of superannuation bodies has called for perpetrators of violence to be prevented from claiming their victim’s super benefits.

read more
Death benefits, Estate Planning

EPOA limits are prudent

Enduring power of attorney Mental Incapacity SMSF Self-managed superannuation Trust deed Binding death benefit nomination Scott Hay-Bartlem Cooper Grace Ward

It is prudent to place limits on any enduring power of attorney regarding an SMSF, particularly when estate planning strategies are involved.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.