Unlike estates where anyone can inherit, not everyone can be considered a death benefit dependant in superannuation. Jonathan See, Solicitor, Townsends Lawyers, discusses.
death benefit
How to give your superannuation death benefit to a non-SIS dependant
So, you want to give your super death benefit to someone who is not your spouse, child or financial dependent? Perhaps it’s your neighbour’s son? Peter Townsend from Townsends Law knows how.
Court sheds light on an enduring attorney’s right to extend a BDBN
Some key points to understand if you want your attorney to be able to make, vary or revoke a binding death benefit nomination on your behalf.
Reversionary TRISs – Government acts to resolve issue
The Government has now moved to resolve the issue of reversionary TRISs, which has been dragging on since 1 July 2017 when the “Fair and Sustainable Superannuation” changes commenced.
Interesting change of SMSF trustee case
A court has upheld an informal removal and appointment of SMSF trustees. The background is about the control of a death benefit of a father. The legal issue was whether the daughter had been validly removed as a trustee and whether his de facto had been validly appointed as trustee. The Court held that the […]
Who the heck is a tax dependant?
It seems such a simple question, and yet the answer continues to perplex clients, advisers, lawyers and the tribunals alike! Why is it such an important issue? Well, most obviously it’s because a “tax dependant” doesn’t need to pay tax on ANY component of a superannuation death benefit if they receive it as a lump […]
Two recent cases on parent-child interdependency
While a child is necessarily a dependant (for the purposes of the SIS Act) of their parent, a parent is not necessarily a SIS Act dependant of their child. A parent could be a dependant of their child if the parent is either financially dependent on the child or if they have an interdependency relationship […]
Battle of the giants: binding death benefit nomination vs reversionary pension
Binding death benefit nominations and reversionary pensions are two means available to members of an SMSF to select who is to receive their death benefit. But what happens if a member uses both and they clash?