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Noel Whittaker: Devastating story a lesson in taxes after death

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Noel Whittaker: Devastating story a lesson in taxes after death

Noel Whittaker: Devastating story a lesson in taxes after death

We’ve previously discussed the death tax on superannuation. To put it simply, when someone passes away, the taxable component of their superannuation faces a 15 per cent tax, plus the 2 per cent Medicare levy, if it is left to a non-dependent for superannuation purposes, such as an adult child.

That means there is $85,000 tax payable on a $500,000 balance if the entire balance is taxable, which is probable.

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