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Learn more about SMSF Death Benefit

  • There are several factors that affect death benefits, including the SIS Act, Tax Act, trust deed of the fund itself and nomination of beneficiaries.
  • The SMSF can pay the death benefit either to those classified as the member’s dependants under the SIS Act (bypasses member’s deceased estate) or to the member’s legal personal representative (i.e. benefit becomes part of member’s deceased estate) upon their death.
  • Under the SIS Act, dependants may include the member’s spouse, children, financial dependant, or interdependent relation.
  • Some dependants may receive the benefit as an income stream (pension or annuity) or lump sum, whilst some dependants may only receive a lump sum.
  • Some dependants receive the death benefit as tax-exempt, whilst for others it will be taxed, therefore tax planning regarding the benefit is highly beneficial.
  • The introduction of transfer balance cap (TBC) from 1 July 2017 creates further complexity, thus it is important to plan the benefit payout to minimise the risk of breaching this regulation and to maximise the tax effectiveness of the payout.

 

Special Offer

We would like to offer you a complimentary 20-minute meeting.

Meetings can be held on either Zoom or over the telephone.


SMSF Death Benefits

 Helping SMSF Trustees to make the “Death Benefits” process simple

The advantage of receiving advice

Without having expert advice on the subject of “Death Benefits” the payment may be paid in a manner that will create an additional tax liability.  Additionally, without expertise, non-compliance of the superannuation regulations can incur a penalty.

Why receive advice from us?

You can choose how to use our services to provide you with high quality comprehensive advice and services including tax, accounting and financial planning.  We will explain to you the options, provide recommendations and help you with the paperwork.

The Action Plan

Take advantage of our special offer of an initial free meeting.  Book now following the link below.

Why Forman Accounting Services can help you

Forman Accounting Services Pty Ltd is a SMSF specialist.  Our main adviser Solomon Forman has over 30 years’ experience.  He has been accredited by the SMSF association as SMSF Specialist Adviser  and also as SMSF Specialist Auditor.  Our sister company Forman Financial Services Pty Ltd holds an AFSL and provides investment and financial advice.  As a group we able to provide you with comprehensive services including tax, accounting, financial planning and investment advice.

How we provide the services

You can choose between online services using Zoom for meetings and Adobe Signature for online paperwork .  Alternatively you can visit our office for face to face services.

An In-Depth Look At The Latest on LRBAs

Please click here to view the PDF.

Important Court Decision On Binding Death Benefit Nomination

Please click here to view the PDF.

Deductible Personal Contributions – A Critical Trap

Please click here to view the PDF.

What Should A SMSF Trustee Do If The ATO Call

Please click here to view the PDF.

Offset for Spouse Super Contributions

Please click here to view the PDF.

Government Co-Contribution for Super Contributions

Please click here to view the PDF.

Low Income Super Contribution

Please click here to view the PDF.

What’s the status of the transition to retirement income stream?

Please click here to view the PDF.

Bankruptcy and death benefit

Please click here to view the PDF.

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