This article is part of a series on SMSF succession planning. In Part 2, we explored the important role of binding death benefit nominations (BDBNs). In Part 3, we examine tax considerations for superannuation death benefits, as well as planning options for arranging a timely payment of benefits to the member before their death. Income [read more]
This article considers some of the issues associated with whether a pension payable to a member can be converted to a ‘lifetime’ pension, such that the pension is automatically reversionary to the member’s spouse on their death, and then any remaining capital reverts, for example, to the deceased member’s children from a previous marriage. Case [read more]
There are numerous pitfalls that can upset a binding death benefit nomination (‘BDBN’) and render it invalid. To help navigate this difficult terrain, we examine the major risks to be identified, managed or avoided. Essentially, a BDBN is a direction made by a member to the superannuation fund trustee requiring the trustee to pay the [read more]
