For taxation purposes there are four main types of financial dependents:
The SMSF benefits of a deceased member may consist of tax free, taxable and untaxed components:
Note: Untaxed components are taxed differently and generally arise where an SMSF has life insurance for a member. The untaxed component of a lump sum is taxed at 31.5%. If received as part of a pension, it is assessable income but where the deceased member was in receipt of a pension and over age 60 there is a 10% tax offset.
We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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