Issues related to powers of attorney and SMSFs
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2018
The ageing of SMSF trustees gives rise to numerous issues for the management of SMSFs over the next 10 years. The increasing longevity of the general population, coupled with the prospect that many trustees will suffer from legal incapacity in their later years, are going to challenge many family groups. This article considers the different aspects of how power of attorney documents can be used for SMSFs to address the risks and processes involved in dealing with loss of capacity. In particular, this article focuses on having a substituted decision-maker appointed by virtue of an enduring power of attorney document or an advance personal plan document in the Northern Territory. A person validly appointed in this manner is recognised under the Superannuation Industry (Supervision) Act 1993 (Cth) as a legal personal representative for a member.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Caroline Harley
- Published On:1 Oct 2018
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page