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: I recently learned that when a person dies with a binding beneficiary nomination, their superannuation balance can be paid out to the beneficiary either as a lump sum or as a pension.
In the hypothetical situation of a couple in their early 60’s with binding nominations in each other’s favour and superannuation still in accumulation phase, if one dies and the surviving spouse opts for a pension rather than a lump sum payout, is this counted under the surviving spouse’s Transfer Balance Cap?
A: Yes, a death benefit pension is counted under the receiving spouse’s transfer balance cap.
In the case when a pension is commenced from the accumulation phase, or from a pension that did not have a reversionary nomination, the inherited amount is immediately counted in the transfer balance account of the receiving spouse when the pension is commenced.
In contrast, if the amount is inherited from a pension account that did have a reversionary nomination, the amount is not added to the transfer balance account of the receiving spouse until 12 months after the death.
You can learn more in the articles below.
Q&A: Can I receive my deceased spouse’s accumulation death benefit in a pension income stream?
Super strategies after losing your spouse: What are the rules?
It’s certainly a nice problem to have, but a high total super balance can reduce your ability to make additional contributions and means you may not be able to move your whole balance into the tax-free retirement phase when you stop working. Learn 5 strategies to help.
Introducing a new benefit of your SuperGuide membership, where we arrange discounts to complementary services provided by carefully selected partners.
The Nutrition Coach 8-week Healthy Ageing Program is a personalised educational program designed for people in their 60s and 70s.
SuperGuide members receive a 20% discount
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