Keep as much of the combined benefits in super for as long as possible because you will pay less tax.
Q: My wife and I are in our late 60s with a self-managed superannuation fund in pension phase. We have maximised our transfer balance caps by making non-concessional bring forward contributions with nil balances in accumulation and both have reversionary pension nominations to each other.
With a BDBN, your partner’s pension must cease and you must decide whether to start a new pension with her super for yourself as the nominated beneficiary or pay out her death benefit as a lump sum. You need to be aware of your own transfer balance cap position and also be familiar with your partner’s cap.
With your pension money converted back to an accumulation account, investment income will be taxed at 15 per cent. For instance, if both accounts have $1.9 million each at the time of her death when your partner dies her pension will be added to your super and together they will represent your total super balance.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Superannuation on paid leave kicks off broader equality push7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Government promises to include superannuation in paid parental leave schemesTrusted and independent source of local, national and world news. In-depth analysis, business, sport, weather and more.
Read more »
Practical ways for older women to fill their superannuation gapThere’s no beating around the bush – the disadvantage imposed on women by the last three decades of the super system is just plain unfair.
Read more »
Parents to have super paid on parental leave in move set to benefit 180,000 families a yearParental leave payments will have superannuation added after the government moved to implement an election promise.
Read more »
Lyn is a full-time carer for her husband. She says being paid super would offer some reliefA new report has found the superannuation gap is failing to narrow, and women who take up carer duties are among those who lose out on superannuation.
Read more »
Newington old boys escalate fight to keep girls outA breakaway faction of former students will force a special general meeting of the Old Boys Union to present no confidence motions against the Sydney private school’s council and headmaster.
Read more »