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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 presentation 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




Workshop 1 questions and answers

Author(s):  Jo-anne HOTSTON

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Workshop 2 questions and answers

Author(s):  David MARSCHKE

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Workshop 3 questions and answers

Author(s):  Michelle HARTMAN,  Kevin J MUNRO

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Intellectual property, goodwill and taxation

Author(s):  Domenic CARBONE

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