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Assessment Activity 3
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
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|
What is the difference between a binding death benefit nomination (BDBN) and a non-binding death benefit nomination?