Do You Have to Pay Tax on Super after Death?!
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- Опубликовано: 20 июл 2024
- Did you know the non-tax dependants have to pay tax on super when inheriting? In this video, we will discuss this often overlooked tax - Superannuation Death Benefit Tax and any strategies that you can consider to ease this burden.
#superdeathbenefit #taxonsuper #superdeathbenefittax
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Chapters
00:00 Intro
00:40 What is Super Death Benefit?
01:19 Legal vs. Tax Dependants
02:10 Tax Implications for Non-dependants
03:21 SDB - Lump Sum
04:25 SDB - Income Stream
05:25 Strategies to reduce the SDBT 
Развлечения
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Great help! I’m going thru this atm as I’m 58 . Regards.
Your video confirms one important fact. Australian Superannuation laws are meant to confuse and confound and even an expert like yourself will find it very hard to offer a simplified understanding. These laws are made by politicians with vested interest in supporting financial advisors and lawyers, not helping contributors in general.
Your video is still the best I have seen.
Thanks, Joseph. When the proposed $3 million Super Tax becomes law, Superannuation will become less attractive.
This video is an excellent introduction to something I was previously not aware of. You’re normally extremely good at explaining things, Irene. I found this video confusing so I think this area must be complex.
I guess for me I got lost when you can’t get a periodic payment if you aren’t a dependent for tax purposes eg less than 18. Then as a lump sum beneficiary still pay tax. Then the after tax component makes it even more interesting
The general rule to decide if the SDB can be received as a lump sum or income stream is based on the Superannuation Law, not Tax law. For example, adult children can receive can receive either of the two forms, they would just have to pay tax. For children under 18 would be qualified as dependant on both Super and Tax law, therefore either income or lump sum without having to pay tax on the SDB.
I should've explained it more simpler. The calculation on Tax-free coomponent + Taxable component (taxed element+untaxed element) is very complex.
Thank you and keep the content coming. A must view for all!
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊
Labor always runs out of other people's money to spend so get use to more taxes because more taxes are coming
The Libs took the debt from 220 billion to a trillion in 9 years. So much for them being good money managers. Labor have actually reined the debt in a little in two years.
An annoying things that I have found is that Super companies dont show the percentage of taxed/untaxed in a members login, you have to call them to get that information which I think is pretty pathetic as it should be information that is easily accessible.
ok so if tax isn’t paid on the non concessional contributions component, does that mean at preservation age say 65 you can withdraw say $300k then put it back in as non concessional contributions to avoid your beneficiaries paying tax on that component?
Recontribution strategy can help in this regard but be careful of non-concessional contribution caps and also your TBC. If you have reached or are approaching your TBC and try a recontribution strategy then you might not be able to move it into the tax free pension mode and it will have to stay in the taxed accumulation mode. So there are a few things to consider.
You can’t move out til your retired …. After you’re retired, you can’t move back in. That’s the standard. Not sure whether ttr allowed for laundering your own money back in but I am sure they cover off this somehow. Think about the whole country doing this. It’s a nonsense