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Welcome

Raymond Kemsley & Co is an Accounting firm located in Dee Why, on Sydney’s northern beaches. Our firm has built an enviable reputation for providing personalised accounting, taxation, financial planning and estate planning services.

Raymond Kemsley & Co is committed to forming a close relationship with clients seeking to implement investment strategies, in order to provide the assistance they require. We take pride in providing a whole range of accounting and wealth creating services to enable our clients to achieve their goals.

We understand that the entrepreneur is instinctively driven and to succeed must be surrounded by the right professionals who share the same vision. Our people, systems and resources are designed to achieve success.

Our Services

accountingAccounting Services

Whether your concerns are taxation, accounting, business planning, cashflow and budgeting, or business valuation, rest assured that our staff are available to advise you.

wealthWealth Management

Our experienced team can help ensure that your personal wealth is managed as tax-efficiently as possible.

taxTaxation Services

Whether you need advice on company tax, personal tax effectiveness or indirect taxation including payroll tax and GST, our team will identify the best solutions for you.

specialistSpecialist Services

In addition to our normal services, we have a developed specialist knowledge and expertise in financial planning and self-managed superannuation funds.

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Firm News

Tax on super death benefits for dependants vs non-dependants

A super death benefit is the super paid after a person's death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant or non-dependant.

Superannuation death benefits will generally be received tax-free by tax dependants, who are considered to be:

  • A child of the deceased who is under 18 years of age,
  • A spouse or former spouse of the deceased,
  • A person who has an interdependency relationship with the deceased (e.g. if they live together or have a close personal relationship),
  • A financial dependant of the deceased.

Dependants will not have to pay tax on the tax-free component of their super in the event that they:

  • Withdraw it as a lump sum, or
  • Receive an account based income stream.

However, they will be taxed at their marginal rate if they receive a capped benefit income stream and:

  • The deceased was at least 60 years of age at the time of death
  • The dependent is over 60 years of age and the total of their tax-free component and taxed element exceeds their defined benefit income cap.

Not all super death benefits are subject to tax; for non-dependants, there is a taxable portion. This component is largely made up of after-tax super contributions that the deceased member has made.

Super death benefit payments are subject to tax when:

  • The payment is made as a result of the SMSF member passing away,
  • The payment is provided to a non-dependent for tax purposes,
  • The payment has a taxable component.

Non-dependants must calculate how much money in the super account is a:

  • Tax-free component,
  • Taxable component the super provider has paid tax on (taxed element),
  • Taxable component the super provider has not paid tax on (untaxed element).

The amount of tax non-dependants pay will be based on their marginal tax rate, however, this amount may be reduced by tax offsets. For the taxed element of the taxable component, the effective tax rate is your marginal tax rate of 17% (whichever is lower). For the untaxed element of the taxable component, the effective tax rate is 32% or your marginal tax rate (whichever is lower).

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