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Life benefits from super changes
Leading financial services firm, Tower Australia, has pointed to the Federal Government’s proposed changes to superannuation taxation arrangements as having the capacity to significantly increase the level of life insurance offered by superannuation funds.
Tower superannuation specialist Carly O’Keefe has told Super Review that, in the past, life insurance has often been overlooked due to taxation complexities, with super life insurance being measured against a deceased’s pension Reasonable Benefits Limit (RBL) if paid as a lump sum in the unfortunate case of death.
She said that now, if RBLs were to go, super lump sums would be tax free regardless of the amount of the death benefit paid to a dependant because without RBLs, there would be no payment of any excessive tax on the combined super/insurance payout.
AUTHOR
Mike Taylor
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