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Categories | Succession planning

Puzzled businessman and a split blackboard with arrows going in two different ways red and blue side. Correct choice between left and right, failure or success. Difficult decision and doubt concept.

Reconciling inconsistencies between reversionary pension nominations and BDBNs

By on 02/05/2019 in ATO, Pensions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning

By William Fettes ([email protected]), Senior Associate and Daniel Butler ([email protected]), Director, DBA Lawyers Under the ATO view set out in TR 2013/5, a member’s pension ceases for tax law purposes on their death unless an eligible dependant is automatically entitled to receive the pension as a reversionary beneficiary. A nomination will broadly fail to satisfy [read more]

Grotesquely unreasonable and SMSF trustees paying death benefits: Re Marsella

Grotesquely unreasonable and SMSF trustees paying death benefits: Re Marsella

By on 28/02/2019 in Announcements, SMSF cases & decisions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

The decision in Re Marsella [2019] VSC 65 highlights the importance of trustees of SMSFs exercising their discretion to pay death benefits in good faith, with real and genuine consideration and in accordance with the purpose for which their power was conferred. [read more]

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Is an alternate director for an SMSF better than a successor director? Part 2

By on 13/02/2019 in SMSF compliance, SMSF strategy, Statistics, Succession planning, Trustee education

Daniel Butler ([email protected]), Director, DBA Lawyers We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is better. In Part 1 of our series, we considered how alternate directors are problematic in an SMSF context. In [read more]

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The trustee–member rules explained: Part 1

By on 11/02/2019 in SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

By William Fettes ([email protected]), Senior Associate, DBA Lawyers The trustee–member rules are one of the most fundamental concepts underlying the operation of self managed superannuation funds (‘SMSF’). These rules are found in s 17A of the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and form part of the key conditions that must be satisfied for a [read more]

danger-minefield

The legal minefield of BDBNs (updated)

By on 23/01/2019 in SMSF deeds, SMSF strategy, Succession planning, Trustee education

Binding death benefit nominations have numerous points of failure as evidenced by recent litigation. To implement BDBNs properly there must be a strong deed foundation, precise and careful wording, and ideally no service or notification requirements. Additionally, the nomination should also be integrated as part of the member’s succession and estate planning. [read more]

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Is an alternate director for an SMSF better than a successor director? Part 1

By on 14/12/2018 in SMSF compliance, SMSF strategy, Statistics, Succession planning, Trustee education

Daniel Butler ([email protected]), Director, DBA Lawyers We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is better. We also provide a brief comparison table below to support our view that alternate directors are not of [read more]

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Superannuation proceeds trusts: can you establish one after a client’s death?

By on 30/11/2018 in SMSF strategy, Succession planning, Taxation, Trustee education

By Bryce Figot ([email protected]), Special Counsel, DBA Lawyers (Note: this article is only a very brief discussion of one aspect of superannuation proceeds trusts — for a complete guide to superannuation proceeds trusts, see https://www.dbalawyers.com.au/dba-news/the-complete-guide-to-super-proceeds-trusts/) In this article I discuss whether a superannuation proceeds trust can be set up after death. However, first I pause [read more]

SMSF succession strategies

SMSF succession strategies

By on 12/10/2018 in SMSF deeds, SMSF strategy, Succession planning, Trustee education

Daniel Butler, Director There are many strategies put forward on how to provide smooth and effective succession for self managed superannuation funds (‘SMSFs’). Fortunately, while there is no ‘one size fits all’ solution, there are a number of strategies that are simple and cost effective that can substantially bolster your position and set the ‘foundations’ [read more]

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Important Supreme Court decision provides further guidance on binding death benefit nominations

By on 29/08/2018 in Announcements, SMSF cases & decisions, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Trustee education

By: Daniel Butler, Director ([email protected]) and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers The recent decision by the Supreme Court of Queensland in the case of Re Narumon Pty Ltd [2018] QSC 185 (‘Narumon’) again confirms the importance of having a quality SMSF document supplier. More specifically, it shows how poorly drafted binding death benefit nomination [read more]