Description
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. No matter the purpose, death is a compulsory cashing requirement, and when cashed must be done as 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.
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
$99 (members) | $132 (non- members)
TPB CPD Hours:1 hour
Presented by:Â Tim Miller
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
