You can't take it with you paper

Published on 08 Nov 12 by NATIONAL DIVISION, THE TAX INSTITUTE

So, the business is sold and it is time for your client to change gear and enjoy the wealth they have accumulated in their superannuation fund. However, it is not all plain sailing in the virtual world of tax-free superannuation and your client will need to consider how their superannuation assets will be dealt with following their death.

This paper covers the issues facing clients in retirement with significant superannuation wealth, including: 

• tax-effective distributions to beneficiaries
• dealing with superannuation assets still linked to a family business operation and issues for in specie distributions following death
• the state of play with reversionary pensions and tax issues on ceasing a pension
• dealing with control of the self-managed superannuation fund following the death of the principal member
• the traps for binding death benefit nominations.

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