By B Stead
Living at home on Youth Allowance when a parent dies – superannuation death benefits and income tax.
Many young adults live at home while they study, work and train in preparation for their future. For some, Youth Allowance payments (see below) may go some way in paying bills, but there is still heavy reliance on parental financial assistance.
Losing a parent in these circumstances is particularly devastating. If the young person receives superannuation death benefits from their parent’s superannuation fund, would they be assessed on this money for income tax?