SUPERANNUATION PROCEEDS TRUSTS
Get comprehensive advice for your trust
A superannuation proceeds trusts is a trust established in your will to receive the death benefit proceeds from a superannuation fund.
There are many restrictions relating to the payment of such death benefit proceeds mostly with respect to financial dependents and tax implications.
To avoid the superannuation fund trustee having to pay tax on the taxable component of your fund, it is vital that only financial dependents receive the proceeds. As the Australian Taxation Office (“ATO”) operates a ‘look through’ approach to such payments, the beneficiaries of such superannuation proceeds trusts must be financial dependents.
Duffy Lawyers can provide you with comprehensive advice on such superannuation proceeds trusts and the appropriate documentation to ensure that it complies with the ATO requirements.