Death benefits may be taxing on your beneficiaries

In circumstances where beneficiaries are no longer financial dependents of the deceased, any taxable component of the death benefit payment could be subject to a 30% tax.  This results in a substantial decrease in the payment amount your beneficiaries receive.

There are strategies that allow you to convert the taxable component of your super into a 'tax-free' component. 

It's important that you discuss these strategies early on, particularly if large sums of money are involved.

For more information about the potential tax position of your fund or to discuss putting a strategy in place to maximise beneficiary payments, contact our office on 03 9869 5900 or email us.