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Superannuation, bankruptcy and staying out of court

Publication date: 11 Sep 17 | Source: WEEKLY TAX BULLETIN

Issue: Issue 38, 8 Sep 2017

Pages: pp. 5-6

Abstract:

As reported at 2017 WTB 37 [1302], the decision in Cunningham (Trustee) v Gapes (Bankrupt) [2017] FCA 787 is vital guidance for all advisers in relation to the interplay between superannuation death benefits and the Bankruptcy Act 1966. This case highlights the fact that a superannuation death benefit paid via a deceased estate to a bankrupt beneficiary is divisible amongst the creditors of the bankrupt.

This article looks at key issues of the situation, a case study example, and acknowledges that recent case law in this area is a timely reminder of the need to ensure comprehensive asset protection strategies are implemented as part of an integrated tax and estate planning exercise.

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Author profile

Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew co-founded specialist firm View Legal in 2014, having been a lawyer and partner of one of Australia’s leading independent law firms for over 17 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, and estate and succession planning, providing strategic advice to business owners and high net worth individuals. He has been recognised in the Best Lawyers list since 2014 in relation to trusts and estates and either personally or as part of View Legal in Doyles since 2015 in relation to taxation, and since 2017 in relation to wills, estates and succession planning. In part leveraging off the skills he has developed working in the SME market space, Matthew has been the catalyst for a number of innovative legal solutions for advisers and their clients, including establishing Australia’s first virtual law firm. - Current at 13 August 2018
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