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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.
Author profile
Suzanne McKENZIE
Suzanne is a Partner and Practice Leader of DMAW Lawyers. Suzanne has particular expertise in the financial services and superannuation industry having specialised in all aspects of superannuation law since she began practising over 20 years ago. She is the Principal Adviser to most of South Australia’s large superannuation funds. Her practice also involves working with accountants, advisers and high net worth individuals involved in the self-managed superannuation industry – particularly in complex areas.
This was presented at 20th National Tax Intensive Retreat: Expanding the Family Business .
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Individual sessions
Structuring and restructuring the expanding business
Author(s): Gil LEVYMaterials from this session:
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Issues regarding SMEs and group structures
Author(s): Paul LYONMaterials from this session:
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Profit accumulation tax traps
Author(s): Chris WOOKEYMaterials from this session:
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You can't take it with you
Author(s): Suzanne McKENZIEMaterials from this session:
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Workshop 1 questions and answers
Author(s): Jo-anne HOTSTONMaterials from this session:
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Rewarding and retaining key personnel of the growing businesss
Author(s): Meagan O'CONNOR, Rob JERAMIAHMaterials from this session:
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Workshop 2 questions and answers
Author(s): David MARSCHKEMaterials from this session:
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Workshop 3 questions and answers
Author(s): Michelle HARTMAN, Kevin J MUNROMaterials from this session:
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Intellectual property, goodwill and taxation
Author(s): Domenic CARBONEMaterials from this session:
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