Bowling logo
P. 02 4983 1611 | F. 02 4983 1730 | E.

Tax certainty after death for super funds

Recent government amendments have provided tax certainty for superannuation funds upon the death of members in receipt of a superannuation income stream.

This amendment effectively allows a superannuation fund trustee to dispose of pension assets on a tax-free basis to fund the payment of death benefits.

Also, the meaning of ‘superannuation income stream benefit’ now allows the superannuation fund to continue to be entitled to the earnings tax exemption in the period of the member’s death until their benefits have been paid out by:

-paying them out as a lump sum

-and/or commencing a new income stream

This is subject to the benefits being cashed as soon as possible following the member’s death.

This amendment also allows the tax-free proportion of that superannuation income stream to be used in calculating the tax components of those benefits.

Bowling and associates services

accounting services

Bowling and associates services

taxation services

Bowling and associates services

self managed super funds

Bowling and associates services

bookkeeping

Bowling and associates services

company secretarial

Bowling and associates services

business support

Bowling and associates services

audit
services

Bowling and associates services

business
plans

Bowling and associates services

cloud accounting