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Death Benefits & SMSFs – planning for the inevitable
The Sole Purpose Test makes provisions for the payment of death benefits to a member’s beneficiaries both as a core and an ancillary purpose of super. The core purpose provides for death benefits paid prior to a members retirement whereas the ancillary purpose is the payment of a benefit after a member has retired, where the fund has already fulfilled its core purpose of paying the member a retirement based income stream. No matter the purpose death is a compulsory cashing requirement, and when cashed must be done in one of two forms, an income stream and or a lump sum withdrawal. The decision confronting surviving trustees when paying out a death benefit can be complicated by the death of a dominant trustee, insufficient documentation, conflicting documentation, conflicted beneficiaries and in some instances the death of the only trustee!

This webinar will work through a death benefit checklist to tick off issues associated with paying the benefit, appointing and removing trustees as well as future proofing the death benefit process as much as possible by pre-planning and documenting trustee and member decisions accordingly, including pension commencements.

Leaning Outcomes:

At the end of this webinar, participants will have an appreciation for:
• Trustee powers when a member dies
• Pros and cons of reversionary pensions
• Taxation implications for both the fund and the beneficiaries
• The timeframes that need to be considered for the payment of death benefits

Feb 2, 2022 12:30 PM in Canberra, Melbourne, Sydney

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