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DEATH BENEFITS
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Upon death, the treatment of your superannuation benefits in the hands of beneficiaries depends on whether the beneficiary is a Dependant or a Non-Dependant. Below is a brief summary:
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Pensions |
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Paid to a Dependant - depends on the age of the Primary Beneficiary and the Dependant. If the Primary Beneficiary was over the age of 60 at death, then the Dependant is not liable to pay tax if they receive a pension. If the Primary Beneficiary was under the age of 60 at death then it depends on the age of the Dependant. If over 60, then no tax is liable, if under 60 then tax will be liable at the Dependant's marginal tax rate.
Paid to a Non-Dependant - the pension must be paid out as a lump sum and a 15% tax applies to the receiving Non-Dependant.
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Lump Sum |
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Paid to a Dependant - tax free.
Paid to a Non-Dependant - the taxable component of the deceased's superannuation fund are taxed at 15%, the non-taxable component is tax free. |
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