Death benefits

On the death of a member, a death benefit is a payment from a super fund in the form of a lump sum payment (a superannuation lump sum death benefit) or income stream (a superannuation income stream death benefit).

Set out below are all SuperGuide articles explaining Death benefits.

SMSF: If I die young, will my wife pay super tax on the life insurance payout?

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Q: I have a life insurance policy owned by my self-managed super fund (SMSF) of approx $2 million. Currently there is only about $80,000 accumulated in the fund. I am 40 years old. If I die tomorrow is my wife able access an income stream from the fund tax-free? For instance, upon my death if this … [Read more...]

Death benefits: Is a binding DBN different from a reversionary pension?

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Q: What is the difference between a binding death benefit nomination and a reversionary pension? Should a retail fund offer a reversionary pension option? The forms for my fund only mention binding death nominations. The terminology surrounding superannuation death benefits can be confusing and … [Read more...]

SMSFs: More money for Superannuation Complaints Tribunal

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In the latest preliminary report from the Super System Review (SSR) (see article SMSFs: Nothing exotic or personal says Cooper Review), the SSR recommends that the Superannuation Complains Tribunal (SCT) have a greater role to play in the resolution of complaints over death benefit payments. The … [Read more...]

SMSFs: Nothing exotic or personal says Cooper review

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Update: Good news for SMSF art collectors and SMSF trustees investing in other collectibles. On 30 July 2010, the ALP Government announced that it would not be adopting the Cooper recommendation to ban art and other collectibles from SMSFs.┬áThe Government has imposed stricter storage requirements … [Read more...]