Abstracted from Intax
In most situations, Australians aged over 60 are not taxed on their superannuation. However, tax advisers need to explain to their clients that a tax will probably apply upon their death. Death taxes vary according to whether or not the beneficiary is a dependent. If the beneficiary is not a dependent, a 16.5 per cent income tax rate will apply to the taxable amount of the super death benefit and a 31.5 per cent rate to the untaxed element. A recycle strategy can allow a non-dependent beneficiary to lower their income tax
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Abstracted from IntaxIn most situations, Australians aged over...
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