Posted on 26 June '12 by , under General News.
When a death payout is made from a Self Managed Super Fund, all non- dependants who recieve a payment will be required to pay up to 16.5 per cent in tax.
Children or dependants of the deceased will not be required to pay tax on the payments they recieve.
A dependant is classified as those who have a financial dependency on the deceased, in most cases a child under the age of 18 or a spouse or de-facto. In some cases adult children are required to pay tax, if you need clarification on this please our firm.