100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

B2B column: Are you at your (super) limit …?

Sponsored Content

Do you have a news tip? Click here to send to our news team.

Keto comeback: Palmer promises another yellow avalanche

Australians can expect an influx of yellow junk mail as billionaire mining magnate Clive Palmer plans another tilt for parliament, saying dieting has reinvigorated More

Jane Stephens: passing the buck is an art form

How much do we really know about who is responsible for what when we need help with a service? Not much. What is the right More

Company shows $40m vote of confidence in Coast

A Sunshine Coast property fund manager will settle this month on the last of six properties it intends developing in one of the nation’s More

Work starts on new town centre, including major supermarkets

Construction has officially started on a new town centre that will feature two prominent grocery stores and a range of services. Stockland has commenced work More

Free water service on tap at community events

Thirsty locals and visitors have filled the equivalent of 70,000 reusable water bottles with fresh, healthy drinking water over the last 12 months thanks More

Panic buying pushing fuel prices higher, servo owner says

A Sunshine Coast fuel station owner says panic buying – not a national shortage – is largely behind recent price spikes and local supply More

The preparation of your estate plan involves a number of matters, especially the payment of your superannuation death benefit.

From July 1, 2017, a “transfer balance cap” was introduced.

In broad terms, the effect of the cap is to limit the total amount of superannuation a person can hold in pension phase without additional tax being payable by them.

The transfer balance cap was originally $1.6m and has been increased to $1.9m – but you need to meet certain criteria for the $1.9m figure to apply.

Your transfer balance cap is not just made up of your own funds.

It is important to be conscious of the issue that can arise if you pass away and pay your superannuation death benefit to your spouse.

If your spouse receives your superannuation death benefit, those funds will be taken into account in determining their transfer balance cap – which may mean your surviving spouse exceeds their cap and faces the payment of additional tax.

It is just another example of the need to obtain the right legal, financial and accounting advice when preparing your estate plan – particularly the most appropriate way to structure the payment of your superannuation death benefit.

Trent Wakerley, Director, Kruger Law, Level 3, Ocean Central, Ocean Street, Maroochydore, 5443 9600, krugerlaw.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

Subscribe to SCN’s free daily news email

This field is for validation purposes and should be left unchanged.
This field is hidden when viewing the form
[scn_go_back_button] Return Home
Share