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 Benefits

Who gets approved for Death Benefits?

And one of these is while your former partner is a tax dependent; they're not classified as superannuation dependent unless they were economically dependent upon you at the time of your death.

So what Does this Mean?

If you nominate that your super benefits are to go to your estate, and are to be dispersed by your will, you might choose your former partner as a recipient in your will, implying that the benefits would go to them without your tax.

Another difference that anyone with children would have to think about is that in superannuation law, your children of any age are dependents whereas tax law consists of only your children that are under 18 unless again your kid is financially dependent upon you at the time of your death. We are resolving these concerns broadly, not specifically, however, it's important to think about the method by which your super death benefit can be paid to your kids.

So while the child under 18 might have the ability to get your chosen death benefit as an earnings stream and not as a lump sum. Children over 18 do not have this alternative, and should receive such benefit as a lump sum. Further to that, your adult children are not considered dependents under tax law and so a robust tax liability can hit them.

When thinking of whom you want to leave your superannuation death benefit to, you can do this by picking one of four different types of nomination:

• No nomination
• Non-binding nomination
• Reversionary nomination
• Binding nomination

Without a nomination, your super death benefit will be paid by the fund guidelines, possibly resulting in a result that is different from what you want.

If you make a non-binding nomination, your desires will be considered, but ultimately, the super fund trustee has discretion over the matter.

Even if your benefit ends up with your preferred beneficiary, it can be a time-consuming procedure. It likewise opens up for possible eligible beneficiaries to challenge the trustees' choice.

A valid, binding nomination, on the other hand, must normally be evaluated every three years, but provides the best level of certainty regarding how your superannuation death benefit is distributed. On the other hand, the super fund trustee has no discretion to change the payment if your conditions have changed although you had not made the pertinent change to your nomination. For instance, if you are separated but not divorced, and had a defacto relationship, or had more children, but did not update your nomination to reflect your new relationship, the trustee has to adhere still to the initial election.

A reversionary election is made just on income streams. It implies that in the event of your death, your earnings payments instantly continue to your recipient. Your recipient would have the option to continue with the income payments, or to commute to a lump sum.

Continue your search for more information on death benefits at www.australiansuperfinder.com.au

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