Superannuation Taxation Issues

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Do I have to concern myself about taxation issues?

Because superannuation is a low tax environment some people – particularly those who take their own advice – overlook the need for tax planning in their superannuation succession arrangements.

Whilst superannuation can be a low tax environment, it is important to remember that tax may be applied when assets exit the superannuation environment – even after the death of the superannuation member.

Even though you may have achieved the entitlement of tax free withdrawal from your Superannuation Fund during your lifetime, this will not necessarily apply to withdrawal of your superannuation assets after your death.

It is critical that you obtain advice from your taxation adviser before you put your post death superannuation planning in place.

We recommend to our clients that, having determined a succession strategy for their superannuation death benefit, they obtain advice from their Accountant before implementing their superannuation succession plan.  On occasions this may even involve withdrawing all superannuation from the Fund during the member’s lifetime.

You need to be careful not to unnecessarily include the Australian Taxation Office as one of your heirs in succession and superannuation planning!

Contact MMLaw for further advice in relation to your Estate Planning needs.

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The content published in this Blog is in the form of academic papers and the opinions expressed herein are generalised. The information provided is for educational purposes, not specific legal advice.

The application of any principles referred to can alter from case to case and accordingly you should seek independent legal advice in respect of your individual circumstances.

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