Super strategies for your SMSF
Wednesday 24 January 2024 at 11:00 am AEDT
Are you making the most of having an SMSF? In this webinar we will cover strategies only available to SMSFs, including access to certain investments, effective tax and estate planning, as well as the benefits of investing as a couple or family.
Q. What happens if a person passes away and one or more of their nominated beneficiaries is not eligible to receive the death benefit under super laws?
A. When a named beneficiary is not eligible to receive the benefit under the Superannuation Industry Supervision (SIS) Act, the entire beneficiary nomination is invalid and the trustee must make their own determination about the appropriate distribution of the benefit.
To do this, they will collect information about the personal circumstances of the deceased, including statutory declarations from relatives and friends if required, marriage certificates, the will, and birth certificates of any children.
This information is used to determine the most appropriate distribution.
If SIS dependants are available, the benefit will often be paid to them in proportions the trustee deems appropriate based on their needs and any wishes expressed by the deceased person such as in their will or through previous beneficiary nominations with the fund.
In some cases, the benefit is paid into the estate – as the Legal Personal Representative (executor) is eligible under SIS to receive the monies. This often occurs only if no SIS dependants are available, although it depends on the trust deed of the fund and the attitude of the trustee board.
You can read more about beneficiary nomination in the article below.
The year’s end can be a great time to take stock and get your affairs in order. A visit to MyGov will lift the lid on all your super details. You could even find some super you’ve forgotten about.
Introducing a new benefit of your SuperGuide membership, where we arrange discounts to complementary services provided by carefully selected partners.
Jubilacion uses expert financial modelling to answer the big questions on the minds of people thinking about their retirement, such as how much money you need to retire.
SuperGuide members receive a 20% discount
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.