Dealing with death: Better the devil you know

National Conference 2020 – Technical Paper

Often the focus of death benefit planning in SMSFs is around:

  • Ensuring the death benefit end ups in the desired hands, whether that be by way of a BDBN or a reversionary pension or simply left to trustee discretionary powers;
  • Optimising the tax position of a surviving spouse (ie optimising their transfer balance cap position), and / or;
  • Minimising tax payable on any death benefit payments.

But there’s often many other things that should be considered before a member dies which could add significant value to the SMSF or the underlying beneficiaries, or prevent a massive headache for any surviving trustees, beneficiaries and even SMSF practitioners!

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association