The Superannuation Consulting and Estate Planning divisions of PKF are able to provide a broad range of specialised advice.
In addition to general areas of superannuation and estate planning, such as accounting, taxation, allocated pensions and in-house asset rules, the division is able to provide specialised advice and services including:
- Strategies to deal with excessive benefits on retirement
- Structuring a person’s estate plan to ensure maximum wealth is transferred from one generation to the next
- The provision of advice on how superannuation will be treated in the event of a fund member getting divorced
- Reviewing trust deeds to ensure members and trustee’s are able to implement strategies to maximise the member’s retirement benefits
- Corporate fund administration and advice.
The following examples illustrate some of the issues with which our advisers can help you and your clients:
Maximising Contributions
A client was having Superannuation Guarantee contributions made on their behalf by an employer. The client was also self employed.
By structuring their affairs, the client was able to have the maximum contributions under the aged based deduction limits made for them by both their employer and as self employed contributions.
This enabled them to significantly increase their superannuation benefits towards the lump sum RBL, and also saved significant amounts of tax.
Protecting Superannuation Assets
An elderly client had a significant amount of money in superannuation. The client was concerned that following his death, his children would not benefit fully from this money.
One child was in an unstable marriage, while the other had a gambling problem.
We were able to structure his estate plan so that both children would receive regular income streams but the capital would be protected.
Minors as Beneficiaries
A client had benefits in excess of the pension RBL, and had significant assets outside of superannuation.
The client wished to minimise tax payable by his estate in the event of his death. The client had a wife and two school age children.
Through a combination of reviewing his will, reviewing the trust deed of his SMSF, and ensuring he had made a valid binding death benefit nomination we were able to ensure that all his superannuation monies would be received by his family tax free.
Previously, through restrictions in the trust deed and also due to the instructions in his will, his excessive superannuation benefits would have been subject to tax at 48.5%.
RBL Issues
A couple approached us, faced with excessive benefit issues in their SMSF. Her benefits were slightly above the pension RBL, while his benefits were below the lump sum RBL by over $100,000.
They were both looking to retire in 5 years. They appreciated that superannuation was a highly tax effective vehicle for the money and wished to continue receiving superannuation contributions over the next 5 years.
They were seeking to ensure that her benefits were below the pension RBL.
We were able to structure the fund so that her benefits were within her pension RBL when she retired, thus allowing them to access all benefits concessionally.
Services
We provide advice and services in the following areas:
- Divorce - how the Family Law Act applies to superannuation
- Structuring Superannuation and Estate plans for executives
- Reasonable Benefit Limits in Estate Planning
- Formulation of Risk Management Policy and Practices
- Binding Death Benefit Nominations
- Trust Deed Reviews
- Superannuation Fund Audits
- Taxation Provisions applying to Superannuation Contributions, Earnings and Eligible Termination Payments
- Superannuation Industry (Supervision) Act 1993, and Related Legislation
- Superannuation Contributions Tax Legislation (Superannuation surcharge)
- Superannuation Guarantee Charge Act 1992
- Training and Seminars
- Investment Restrictions for Super Funds
- Technical Analysis of Audit Programs
- Taxation of Super Funds, Approved Deposit Funds, and Pooled Superannuation Trusts
- Corporate Super Fund administration.
Please view our Super Summaries.