SMSFs trustees must act quickly on death benefits

The Australian Taxation Office has issued a reminder to trustees of self-managed super funds about the need to deal with death benefits expediently. It says errors are common. When an SMSF member dies, the SMSF generally plays a death benefit…

Father’s claim to super death benefit rejected

Joseph Williams died in November 2011, aged 31, after suffering from malignant neurofibromatosis. At the time of his death he was a member of Intrust Super Fund. The fund trustee decided that the whole of the death benefit should go…

Shedding light on the scope of a power of attorney

A court was asked to rule on an attorney could extend a binding death benefit nomination for an SMSF member. In doing so, it looked at the scope of a power attorney. John Giles died in June last year, aged…

Q&A 30 April 2018

Q: I am reviewing my will and my superannuation death benefit nomination. What are the tax consequences of passing on super benefits? A: While there are no specific estate or inheritance taxes in Australia, some gifts from deceased estates may…

Death benefits the greatest area of complaint in super

One in five of the complaints that super fund members make to the Superannuation Complaints Tribunal are about death benefits. The SCT reports in its latest update that 21.2 per cent of the complaints it resolved in the December quarter…

The hidden trap in the new super rules: death benefits

One of the most significant impacts of the superannuation transfer balance cap rules is the effect on the payment of death benefits, and many retirees are being caught unaware. Since July 1, there has been a cap of $1.6 million…

Q&A – 19 June 2018

Q: How do I know if I have done everything I need to do ahead of the introduction of the new superannuation rules on July 1? A: Here is your checklist for June 30: Where a member is at risk…

Graeme Colley Blog

The treatment of death benefits rollovers under the new transfer balance cap has been a sleeper, with most people thinking about the $1.6 million transfer balance cap. The issue is that if their partner dies the death benefit will be…