A retirement savings specialist has confirmed the payment of an SMSF death benefit is not dependent upon any of the procedures associated with the deceased member’s estate.
The increase in the transfer balance cap from $1.9 million to $2 million is not as simple as it seems, particularly for members already in pension phase, a leading adviser has said.
The Division 296 impost has prompted SMSF members looking at retaining assets in super to consider the tax impact of their death on their beneficiaries.