I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Superannuation Death Benefits

Superannuation death benefits are an essential aspect of superannuation, and many people are shocked to find out that their will is sometimes inefficient when it pertains to their super benefits being passed on to their beneficiaries. It's essential that you work with your financial advisor to make sure your super death benefit sufficiently accessible.

Consider this for a minute. Roughly 30% of cases that are described in the superannuation problems tribunal issue disputes over death benefits. The figure does not include self-managed superannuation funds because they have come under a difference of legislation which should be settled in court. The main point when it pertains to understanding beneficiary nomination is to understand who can be a depending on the superannuation law, and who is dependent on the tax laws, and after that have those two laws communicate.

This is because the definition varies under each of the laws. The laws also govern various things. The super legislation informs us of who can see the death benefit from a superannuation fund, and by what method it can be paid. And the tax law tells us just how much tax has to be paid when the advantage is in fact paid to your beneficiary.

So Who Can Be A Based On These Laws?

Under superannuation law, qualified dependents can be your partner, which includes your de facto spouse, however not your previous partner. It can be:

• Children of any age
• Any person that is economically dependent upon you just before your death
• Anyone with whom you have an interdependency relationship with just before your death.

The critical point to remember here is whether or not your recipients are also dependent under tax law. This will figure out how much tax your beneficiary will pay on the benefit they receive. A tax dependent can be your spouse, including your de facto spouse and your previous spouse. I can also be:

• Any child as long as they are under 18; not an adult child.
• Any person that's economically based on you before your death or with whom you've had an inter-dependency relationship with right before your death.
• Any other recipient that you choose where you might be a police officer or a member of the Australian defense force, and you passed away while on duty.

You can view more details about the topic on our website at: www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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