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Categories | Succession planning

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SMSF Succession Diagnostic Service

Many SMSF members do not plan ahead in relation to what is to happen with their superannuation upon loss of capacity, death or other relevant life events. Indeed, in DBA Lawyers’ experience, a considerable proportion of SMSFs have outdated, inappropriate or no succession plans in place. Unfortunately, such lack of planning can give rise to [read more]

Changing SMSF trustees — why advisers should be more alert to the tips and traps

Change of SMSF trustees can easily be messed up

This article examines some of the key issues that can arise when change of trustee documents are not properly completed, and by the right people using quality document suppliers. What happens if a change of trustee is not properly completed? A change of trustee requires compliance with the provisions in the fund’s governing rules and [read more]

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Re Rentis Pty Ltd [2023] QSC 252 — Court considers attorney power to ‘renew’ a BDBN

The case of Re Rentis Pty Ltd [2023] QSC 252 (Re Rentis) provides a helpful interpretation of an attorney’s powers to make a binding death benefit nomination (BDBN). This case examines the meaning of a term often found in enduring powers of attorney (EPA) and provides an expansive view of an attorney’s powers to make [read more]

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Advantages of the DBA Lawyers SMSF deed (2023-24)

DBA Lawyers latest SMSF governing rules and related documents include many value-added features. This article briefly explains why our SMSF documents are the best available. Recent changes to DBA Lawyers’ SMSF governing rules Our latest DBA Lawyers’ SMSF governing rules (version 2023-24) comes with the following upgrades: express power for the proposed $3m+ tax on [read more]

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A new case on SMSF BDBNs has key lessons for all SMSF advisers

Introduction Consider this important question: an SMSF member is married to a second spouse. The member and his second spouse are the two trustees of the SMSF. The member wishes to make a valid binding death benefit nomination (BDBN). The member however does not want to tell his second spouse about the BDBN. Does the [read more]

SMSF succession strategies

Preserve the intended control of a company using successor directors

Small private companies are widely used to manage and control financial affairs. They can be used as companies in their own right, but they are also commonly used as trustees for SMSFs and other trusts. Whether a company acts as trustee or not, the directors have day-to-day control over the company. Despite the importance of [read more]