I'm seeking some assistance as I cannot pin point what will happen for my friend in the following situation.
His son was on a working holiday and unfortunately passed away. He had superannuation ($30,000) with built in default life insurance ($200,000). My friend has been approved by the trustee’s and they will release funds to him as a non dependant as a taxed benefit.
I’m trying to figure out the tax treatment of these funds as he is a non resident residing in the Republic of Ireland – he’s applied for a TFN for a non resident.
I can see that there is a potential for no tax payed but it's dependent upon the tax treaty with Ireland but there is no mention as to how they treat these funds – please help!!