I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Two Ways of Maximizing Super Benefits

You can view the Australian super system as an opportunity, and the following ten super facts as the nuggets that will help you set yourself up for the lifestyle you want and deserve during retirement.

1. Tax can be minimized with death benefits and utilizing the terminal illness benefit
In some situations, triggering a terminal illness payment in super may reduce tax otherwise payable on a death benefit to non-tax dependents.
Terminal illness benefits paid from superannuation are obtained tax-free, regardless of the age of the member and the components inside the fund. To have a terminal illness benefit given into the super fund right before death (even when not withdrawn) will also significantly reduce tax for your children when compared to a death benefit.
2. It's also possible for a super death benefit to be paid to a former spouse tax-free. Generally, super fund trustees are prevented to only paying death benefits to dependents or the deceased member's estate by the Superannuation Industry (Supervision) Act (SIS) and it regulations.

Additional Tips

SIS dependents include a spouse, child, financial dependent or an individual who was in an interdependency relationship with the deceased before their death. A ‘spouse' includes a de facto or married wife, but not an ex-spouse.

This means if an ex-spouse was neither a financial dependant nor somebody who was in an interdependency relationship with the deceased, they are not able to receive the death benefit directly.

However, it may be possible for them to get a death benefit through the estate. Should they do, they'll receive the benefit tax-free. This is because a former spouse is a tax dependent even though they are not a SIS dependant.

There are other ways to maximize super benefits and you can read of them at www.australiansuperfinder.com.au

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