Estate and Tax Planning -Snapshot Guide
Tax Considerations – Donations
Tax Considerations – Superannuation
A “tax dependant”, such as a spouse or minor child can receive the benefits tax free, but an adult child cannot. In such circumstances, it may be worthwhile seeing if you can receive your superannuation tax free before your death. Generally, a terminal illness will qualify as a condition for release, although you will need to provide certain documentation to your super fund.
If you do not have any “tax dependants”, it is much more tax-effective to seek release of your superannuation before your death.
Good tax and estate planning can make life much better and easier for you and your loved ones. Taking the time to plan can be a very worthwhile exercise.