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Challenge to BDBN fails due to valid service on corporate trustee

Publication date: 30 Oct 17 | Source: AUSTRALIAN TAX WEEK

Issue: Issue 42, 20 Oct 2017

Pages: pp. 1-3

Abstract:

The recent decision of Cantor Management Services Pty Ltd v Booth [2017] SASCFC 122 provides important guidance on making an effective binding death benefit nomination (BDBN), including that a corporate trustee may be more effective in proving that a BDBN has been given to the trustee. This article notes that the case provides further support for the proposition that the BDBN requirements in the SISA and SISR (eg the three-year sunset rule) do not apply to self managed superannuation funds unless the governing rules of the fund import such requirements.

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Author profiles

William Fettes
William is a lawyer at leading SMSF law firm DBA Lawyers where his work focuses on superannuation law compliance, succession planning and taxation in an SMSF context. Before joining DBA Lawyers, William worked in a variety of roles involving wills and estates law and philanthropy. William holds a Bachelor of Laws and Bachelor of Arts from Monash University. - Current at 01 August 2018
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Bryce Figot CTA
Bryce is a Director at leading SMSF law firm DBA Lawyers. He practices predominantly in taxation and superannuation law, particularly the law of SMSFs. He is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. He presents extensively to accountants, financial planners and lawyers Australia-wide. Bryce has worked with DBA Lawyers since 2003. He holds both a bachelor degree and a masters degree in law and is an accredited Specialist SMSF Advisor. - Current at 10 December 2015
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