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DFP Module 3 Assessment Activity 3- Case Study Superannuation –Death benefits

Assessment Activity 3
Case Study
Superannuation –Death benefits

Activity instructions to candidates

  • This is an open book assessment activity.
  • You are required to read this assessment and answer both questions.
  • Please type your answers in the spaces provided.
  • Please ensure you have read “Important assessment information” at the front of this assessment
  • Estimated time for completion of this assessment activity: 1-2 hours

Question 3.1

Matthew is currently married to Susan and they have one child together, Annie, who is just 5 years old. Matthew also has 2 children, Zac and Toby, from his previous marriage with Penelope. Zac is 20 years old, attends university and is financially dependent on Matthew. Toby is 26 years old, works full-time as an electrician and lives with Amy. Matthew has a superannuation balance of $300,000 which is 100% taxable component (from a taxed source).
Complete the following table in respect of Matthew’s superannuationif it were to be paid out as a death benefit to each of these individuals.

SIS dependant TAX DEPENDANT TAX TREATMENT OF LUMP SUM DEATH BENEFIT
YES or No YES or NO
Susan
Annie
Zac
Toby
Penelope
Amy

Question 3.2
What is the difference between a binding death benefit nomination (BDBN) and a non-binding death benefit nomination?

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