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Family Law SuperSplitting Kit for SMSFs
By: Daniel Butler, Director ([email protected]), DBA Lawyers
DBA Lawyers is thrilled to announce that we are putting the finishing touches on our Family Law SuperSplitting Kit for SMSFs. Working in consultation with Australia’s leading SuperSplitting legal expert Stephen Bourke, we have designed this kit 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.
The kit is designed to be used where one of the following has been served on the trustee of the SMSF:
- a 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).
Please note that the kit cannot be used for de facto couples in WA as the WA government has not yet passed a law for the Family Law Act 1975 (Cth) to apply to de facto couples in WA.
What’s included
- Relevant family law notices
- Trustee resolutions
- Payment split notice
- Other relevant forms including trustee forms as well as member and non-member spouse forms
- Memo and checklist
The kit provides 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.
Please email [email protected] for pre-orders.
Important Notes
Please note that the documents contained in the kit are standard documents with relevant commentary to provide general guidance on how they can be tailored to a particular matter. We recommend that, due to the complex nature of the superannuation, legal, tax and related issues typically involved super splitting arrangements, the documents should always be reviewed and approved by an experienced lawyer.
If you are not a qualified lawyer you should be aware that, broadly, the 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 duly qualified legal practitioner.
If you require DBA Lawyers assistance with any aspect, we would be pleased to assist. Please let us know.
Other documents
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:
* * *
Note: DBA Lawyers hold SMSF CPD training at venues all around. For more details or to register, visit www.dbanetwork.com.au or call 03 9092 9400.
For more information regarding how DBA Lawyers can assist in your SMSF practice, visit www.dbalawyers.com.au.
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