Recorded Interactive Webinar: Binding Death Benefit Nominations: Tax Traps and Planning Strategies

With superannuation balances contributing to so much of the population's wealth, who a person's superannuation is to go to on their death isn't a decision to take lightly. And whilst a binding death benefit nomination (BDBN) is a relatively simple form to complete to plan for that process, it does have significant implications that may not have always been given due consideration at the time of completing. This session explores why, as well as delving into the resulting tax consequences that can arise, including:

• Who can be included as beneficiaries on a BDBN?
• Difference between a SIS dependent and a tax dependant and supporting an interdependent relationship under the tax dependent category
• Common reasons why some BDBNs are being disputed and being declared invalid in practice
• Is it always a tax effective option to complete a BDBN?
• The issues with leaving the family home to the spouse and superannuation to the adult children by way of a BDBN, including: o the tax issues to consider o alternative estate planning strategies that may achieve desired result with a more tax effective outcome
• What provides the best tax outcome - a BDBN as a lump sum or a reversionary pension to the beneficiary?
• Can a BDBN include the instruction for a reversionary pension to commence for the nominated beneficiary?
• Can a power of attorney complete a valid BDBN?