2020 Death… and Taxes Part 3: Payment and taxation of death benefits

Published on 11 Jun 2020 | Took place at Online, QLD

Superannuation is often a significant part of an individual’s asset pool and practitioners should be aware of how superannuation should be addressed on death including the different payment options and the tax implications. Case studies were drawn upon to unpack the following issues:

• death benefit payment decisions and how to manage the transfer balance cap on the death of one spouse
• hidden taxes on paying death benefits – who should the benefits be paid to?
• the appropriate use of superannuation proceeds trusts post-death to minimise death benefits tax – when should they be used?
• in specie transfers of assets post death
• withdrawals by members and attorneys pre-death to minimise death benefits tax: cash and other non-cash assets.