Siri, 48, (a dependant under super rules, but a non-dependant under tax rules) has just received a
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Question:
Siri, 48, (a dependant under super rules, but a non-dependant under tax rules) has just received a superannuation inheritance on behalf of his recently deceased 82 year old father. His father had an allocated pension with a balance of $96,000 ($36,000 tax free, $60,000 from a taxed source), receiving $7,000pa in pension payments.
- What options does Siri have for payment of the funds?
- Explain the tax consequences on payment.
- Explain the estate planning options that need to be considered when purchasing an income stream product.
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