The Australian --- Page: 7 : 11 April 2007 Original article by Gillian Bullock
ABIX Summary
Australians should consider the tax implications of superannuation benefits that are paid to their beneficiaries. The tax treatment of payments to non-dependant beneficiaries will change on 1 July 2007, so it may be advisable for many fund members to make a gift of some of their super benefits to their beneficiaries prior to their death. This gift will not attract tax if the beneficiary is over the age of 60. In contrast, the Australian Taxation Office will tax any lump sum payments to beneficiaries at the rate of 16.5 per cent from 1 July.
