Note: This paper was delivered at both the Victorian and Tasmanian Conventions in 2008 (9-11 October and 17-18 October respectively).
Having a detailed understanding of the contribution and cashing rules for superannuation can allow you to maximise strategies and avoid problems, including when a member dies. This paper addresses some of the more common questions raised by advisers and also highlights certain benefits and opportunities for clients. Topics covered include:
- know the ‘bring forward rule'
- utilising the transitional concessional contribution cap
- understanding the ‘Retirement' condition of release
- angel of death withdrawal strategy
- death benefit nominations
- trustee discretions when paying benefits.