Sep 9, 2023 | Accessing Superannuation, Blog, Death Benefits, Superannuation, Superannuation Tax
This superannuation death benefit calculator is designed to help you calculate the death benefit payable to each beneficiary and the tax payable by the recipients. A superannuation death benefit is a payment made to from a superannuation account to the beneficiary of...
Sep 9, 2023 | Blog, Death Benefits, SMSF, Superannuation
The difference between lapsing and non-lapsing superannuation nominations is that a lapsing nomination is generally valid for 3 years; whereas a non-lapsing nomination does not expire. Superannuation death benefit nominations are legal directives to a trustee of a...
Sep 9, 2023 | Blog, SMSF, Superannuation
A Binding Death Benefit Nomination within an SMSF is a document provided by a member to the Trustee of the Fund. This document details how the member would like their member benefits paid to beneficiaries in the event of their death. One important point to note is:...
Sep 4, 2023 | Blog, Death Benefits, Reversionary Pensions, SMSF, Superannuation, Superannuation Tax
A Non-Binding Death Benefit Nomination is a declaration made to the trustee of your super fund. A superannuation fund trustee is responsible for the management of your superannuation savings on your behalf. You are able to submit a nomination to the trustee detailing...
Sep 4, 2023 | Blog, Death Benefits, SMSF, Superannuation
Through the use of a superannuation nomination form, an individual has the ability to nominate which of their beneficiaries will receive their superannuation or pension balance in the event of their own death. A superannuation nomination can be Binding or Non-Binding....
Sep 2, 2023 | Accessing Superannuation, Blog, Death Benefits, Superannuation
What is a non-binding beneficiary in superannuation? A non-binding beneficiary is a the person that you would like to receive your superannuation balance (and any insurance benefits within super) upon your death. A person becomes a non-binding beneficiary of your...
Sep 1, 2023 | Blog, Death Benefits, Reversionary Pensions, SMSF, Superannuation
There are a number of advantages and disadvantages of superannuation binding death benefit nominations. A superannuation binding death benefit nomination is akin to a Will for your super. Your Will does not control who receives your super if you die. The distribution...
Sep 1, 2023 | Blog, Death Benefits, Insurance in Super, Reversionary Pensions, SMSF, Superannuation
A lapsing binding death benefit nomination is a super nomination that has an expiry date. There are various death benefit nominations you can make. Generally, a non-binding nomination will be non-lapsing. A binding nomination can be lapsing or non-lapsing. The type of...
Mar 14, 2023 | Blog, Death Benefits, Retirement Income Streams, Reversionary Pensions, Superannuation
A reversionary pension is an income stream pension that automatically passes to the reversionary beneficiary upon death of the original owner of the pension. A reversionary pension beneficiary is a person who will receive an income stream pension when the original...
Jan 18, 2022 | Blog, Death Benefits, Reversionary Pensions, SMSF, Superannuation
A Non Lapsing Binding Death Benefit Nomination is a death benefit nomination made to the trustee of your superannuation account that does not have an expiry date. Traditionally, Binding Death Benefit Nominations had an expiry of 3 years. This would mean that you would...