|Family Law SuperSplitting Documents for SMSFs||from $3,300|
|Pricing includes GST|
SuperSplitting documents are required under the Superannuation Industry (Supervision) Act 1993 (Cth) and Superannuation Industry (Supervision) Regulations 1994 (Cth) to implement a legally effective split of superannuation entitlements in an SMSF pursuant to splitting orders or a financial agreement.
We prepare a suite of draft documents based on typical instructions for an SMSF member undertaking a superannuation split. The documents are tailored to the member’s circumstances and can cover a ‘base amount’ or a percentage’ split in relation to an SMSF’s member’s interest in the same SMSF. Naturally, other documents and services may also be required in conjunction with an SMSF super split and we can also assist with related documents (see under heading ‘Other documents’ below) and as well as providing advice and other assistance that might be needed for an additional separate fee which we can provide a fee estimate or quote for before proceeding.
These documents are designed to assist and provide advisers and SMSF trustees with practical guidance on the steps required to ‘split’ superannuation in an SMSF context following a marriage or relationship breakdown. It covers both married couples and couples terminating a de facto relationship whether that relationship was same sex or different sex. These documents are designed to be used where one of the following has been served on the trustee of the SMSF:
- a payment splitting order (a court order under the Family Law Act 1975 (Cth)); or
- a superannuation agreement (made by the parties each with independent legal advice, but having been separated for 12 months).
- Detailed covering letter
- Trustee resolutions
- Payment split notice
- Relevant family law notices
- Other relevant forms including trustee forms as well as member and non-member spouse forms
- SMSF Family Law Super Splitting Memo
These documents provide a sound basis for understanding what is involved with documenting the most common superannuation splits involving SMSFs. While the documents do not propose to cover every option, we can provide expert advice and assistance in complex and other SMSF related assignments.
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SuperSplitting in an SMSF context will also typically result in a restructuring of the SMSF, eg, one member may roll their interest over to another SMSF. Death Benefit Nominations should also be changed after separation and/or divorce. DBA Lawyers can assist in documenting this restructure through our range of SMSF documents, including:
- Change of trustee
- SMSF deed update
- Binding death benefit nomination
- New corporate trustee
- Cessation of member
- Resignation of director
- SMSF to SMSF Roll-Over Kit
- Admit a conditional member
- Much more –– review the rest of our webpage
Please note that the SuperSplitting documents are prepared in draft for execution with relevant commentary on completion.
We recommend that, due to the complex nature of the superannuation, legal, tax and related issues typically involved in super splitting arrangements, the SuperSplitting documents should always be reviewed and executed with the input of the member’s family lawyer.
As you may be aware, legislation regulating legal practice in each State and Territory in Australia prohibits non-qualified persons from preparing documents affecting the legal rights of an individual for a fee unless they are a qualified legal practitioner in the relevant jurisdiction.
If you require DBA Lawyers’ assistance with any aspect, we would be pleased to assist. Please let us know. However, other assistance is charged at our usual hourly fee rates plus GST.
SMSF Family Law Super Splitting Memo
The Memo provides an overview of key points to consider when undertaking a super split in an SMSF, with general guidance on splitting orders, tax considerations (including the proportioning rule), the transfer balance cap, and much more.
This Memo provides a general guide only and is no replacement for expert advice given the complexity of the superannuation, taxation, family law and other factors that relate to an effective super split.