The death of an SMSF member can often catch a fund off guard even when the member’s health is such that their death is expected.  There has been a lot of SMSF media coverage about the requirements for making a binding death benefit nomination, whether a payment is a member benefit or a death benefit, the pros and cons of reversionary pensions and of course highlighting the numerous cases where death benefit disputes become the topic for the next SMSF presentation.

In this webinar we will focus on the administrative issues in contemplation of a member passing away.  What does the Trust Deed say about the appointment and removal of both a member and a trustee, what does that same set of governing rules say about binding nominations and reversionary pensions.  What are the legislative or otherwise timing issues of paying a death benefit, adding/removing members and trustees, reporting for transfer balance account purposes and notifying the ATO and in some instances ASIC of the changes.  How does all of this impact the fund?

Learning Outcomes:

At the end of this webinar, participants will have an appreciation for:

• The superannuation legislative considerations when a member dies
• The key considerations of a Trust Deed for dealing with death
• The reporting obligations for a fund
• Best practice SMSF death benefit processes

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