News : Death benefits

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.

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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.

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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.

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ATO, Death benefits, Estate Planning

Benefit destination may change tax treatment

ATO Death benefit dependant Superannuation Private ruling

The ATO has ruled a death benefit unable to be paid to a defined dependant cannot be received by their estate in the same form and loses any tax special tax treatment.

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Death benefits, SMSF

EPOA actions for ill member stifled

EPOA Enduring power of attorney Anthony Cullen SMSF Self-managed superannuation Accurium

Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the assets of a dying SMSF member.

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Death benefits, Estate Planning

Death benefits to estate can help keep assets

IFPA super death benefit estate planning SMSF tax

Paying a super death benefit to a member’s estate can reduce the tax bill a beneficiary may receive and assist them in retaining specific assets from the fund.

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Administration, Death benefits, SMSF

Ready fix for benefit payment issue

Member benefit payment Death benefit In-specie transfer

A particular strategy can ensure a member benefit payment will be treated as such even when the relevant person dies before the transaction is completed.

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Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

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Death benefits, Pensions, SMSF

Death options not mutually exclusive

BDBN Reversionary pension Death benefit pension SMSF Professionals Day 2024

Trustees do not have to choose between implementing a BDBN or reversionary pension to achieve their desired estate planning outcomes.

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Death benefits, Estate Planning

BDBNs can mitigate partiality risk

Conflict of interest Will Estate BDBN Death benefits

Trustees have two options to minimise the risk of legal challenges regarding conflicts of interest while managing an estate and determining the distribution of death benefits to beneficiaries.

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