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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Nominating a beneficiary

Posted on Oct 21, 2015 by CFL Financial

Superannuation can often form a significant part of an individual’s wealth. Therefore, the transfer of such an asset upon their death can potentially cause dispute among the deceased’s family and potentially others.

Unlike assets owned in an individual’s personal name, superannuation does not form a part of their estate when they pass away. Instead, it can pass directly to a beneficiary rather than via a Will. However, this depends on who the beneficiary is and how the nomination was made.

Under superannuation laws, a nominated beneficiary must fall within at least one of the following categories of dependants:

Broadly speaking, beneficiary nominations can be binding or non-binding.

Binding nominations compel the trustee to act on the deceased member’s instructions (provided the nomination is valid). While the trustee must pay the beneficiaries nominated in such a manner, the form of the payment is still left to the discretion of the trustee.

If a deceased individual’s family is blended or has a history of conflict, a binding nomination may be the most appropriate option, as it ensures that the designated beneficiary is provided for according to the deceased member’s specific wishes.

A non-binding nomination is not compulsory for the trustee to follow, and the trustee would use this nomination as a guide in paying out the member’s balance upon their death. Non-binding nominations can provide more flexibility for planning to achieve the most tax effective outcome, especially when the beneficiaries receive different tax treatment.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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