How to avoid a hefty super tax bill when you die

How to avoid a hefty super tax bill when you die

How to avoid a hefty super tax bill when you die If you have no financial dependants when you die there could be considerable tax owed on your remaining super, but appointing a power of attorney can help. Q: I am 60 with no spouse or dependants. I have $1.6 million in super in a retail fund and remember years ago you answered a question regarding timing your death to avoid 15 per cent tax on the whole capital amount. In my case this will represent at least $240,000. Should I be close to death and unable to do it myself, I have told my brother and sister, who are my financial powers of attorney to act fast and not hesitate in withdrawing my whole super balance. Is there anything I should be doing now to make the withdrawal process legal, effective and easier? For instance should I pre-warn my fund that my attorneys have my full consent to withdraw all my super? Should I have accessible paperwork pre-filled out nominating my estate or bank account in their hands? Does …
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