TECHNICAL ARTICLES

Some recent court cases involving situations where Binding Death Benefit Nominations were not valid, or not accepted when they should have been, provides vital guidance to SMSF trustees and their advisers. In this article, the significance of effective planning and documentation for the distribution of superannuation benefits, particularly with blended…

The Powers of Attorney Amendment Act 2013 (“Amending Act”), assented to on 7 May 2013 introduced changes to the NSW Powers of Attorney Act 2003 (“Act”) with effect from 13 September 2013. The changes introduced as a result of the amendments to the Act are described in this article. Appointment…

This article considers the stages leading to the current position regarding the refund of excess concessional contributions. In the 2011 Federal Budget, the Government announced it would legislate to allow the refund of excess concessional contributions in specific instances. Legislation following the announcement received assent in June 2012. Subsequent legislation…

It’s important to understand the range of individuals who may be entitled to receive a superannuation death benefit. This paper considers those who would be classified as dependents under superannuation law and under taxation law When attending to the estate planning requirements of members of a SMSF, or paying superannuation…

Generally, all members of a self managed superannuation fund (SMSF) must be trustees, or directors of the corporate trustee, of the fund. However, other persons may be trustees or directors in specific circumstances. On 21 April 2010, the Australian Taxation Office published Self Managed Superannuation Funds Ruling 2010/2 (SMSFR 2010/2),…

The Bamford decision relates to the treatment of income of a trust estate. This article reviews the background and consequences of this ruling. Background to the Bamford Case The ATO previously considered that the “income of the trust estate” referred to ordinary income derived in the hands of the trustee,…

We recommend that lenders who provide finance under a limited recourse borrowing arrangement (SMSF borrowing) consider the option of registering their charge under the Personal Property Securities Register. The Personal Property Securities Register was introduced following the passing of the Personal Property Securities Act 2009 in December 2009. The Personal…

Under the Evidence Act 1958, certain people can witness the signing of a statutory declaration in Victoria. These are outlined below. a justice of the peace or a bail justice a public notary an Australian lawyer (within the meaning of the Legal Profession Act 2004) a clerk to an Australian…

This article examines the concept of managing lumpy assets in a self-managed superfund. When the trustee of a SMSF considers borrowing to acquire real estate, consideration is often given to: the potential investment gains to be made; the benefits of borrowing; and managing the loan payments. What is often overlooked…

Your Will is a legal document that sets out directions for the administration and disposal of your assets after death. It must comply with strict formalities to be valid. However, even a valid Will can sometimes be totally ineffective if it does not achieve what you intend because of assets…