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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Are there any tax implications to the recipients of a binding death nomination?
HI Julia, thanks for reaching out! There are no tax implications relating specifically to binding nominations.
Hi Julia
Thanks for asking, this is definitely an area that confuses a lot of people and it can be quite complicated.
While there are no immediate tax implications to making the nomination itself, depending on who the beneficiary is and also how the super fund is taxed there may tax payable when a beneficiary receives a super death benefit. If this is something you want to understand a little better you can book an advice consultation appointment, and myself or one of my colleagues could help you better understand what this means. You can make an appointment booking here. I have also found that reaching out to your super fund directly might help as well.
What also is not known are s how difficult it can be to confine super account exists. Despite having a super statement belonging to my late husband, the fund still tried to say no such client existed and demanded an account number. Same said super company only ever used client ID – different to the elusive account number! Made things even more difficult at a time of emotional, physical and financial distress!
Can a form be emailed so i can complete it and then scan and e-mail it back to you?
Hi Christine, thanks for seeking assistance! Our service works a little differently to what you have requested. You can either complete our claim online via our WEBSITE or if you prefer you can book a phone application HERE where we will call you and go through the claim together.
Hi, re the answer you supplied to Julie about tax implications to recipients of a binding death nomination. Please correct me if I am wrong but I believe that in most cases there is a tax of 17% on the money prayed to your beneficiaries.