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Another binding nomination bites the dust

Publication date: 28 Jul 15 | Source: CCH TAX WEEK

Issue: Issue 28, 17 Jul 2015

Pages: pp 1-3

Abstract:

The Supreme Court of Queensland recently considered in Munro v Munro, whether a binding death benefit nomination (BDBN) was valid in accordance with the governing rules of a self managed superannuation fund (SMSF).

The case serves as yet another example of the care that must be taken in drafting BDBN's and an SMSF's governing rules, and highlights the potential risks in drafting BDBNs.

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Author profiles

Andrew O'Bryan CTA
Andrew O’Bryan, CTA, is a senior Tax Partner at Hall & Wilcox Lawyers. He has more than 35 years’ experience giving expert tax advice to private business and wealthy family groups. He has particular expertise in the tax aspects of succession planning and in managing complex disputes with the ATO. - Current at 24 September 2018
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Heather Gray CTA
Heather Gray, CTA, is a superannuation law partner at Hall & Wilcox Lawyers. She has been involved in the development and implementation of superannuation policy through her roles as a member (and former Chair) of the Superannuation Committee of the Law Council of Australia and as a member of regulatory consultative committees and of the Board of Taxation Advisory Panel. A frequent speaker at superannuation conferences, she is a Chartered Tax Adviser, a member of the Australian Institute of Superannuation Trustees and the Australian Institute of Company Directors, and holds Honours degrees in Law and in Arts from the University of Melbourne. - updated by Kathy Xu for Super Day 3180522 - Current at 30 April 2018
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