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Estate planning and winding up and SMSF paper

Published on 09 Nov 12 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

As the population ages SMSF trustees & their advisers will be faced with the prospect of winding up an SMSF. This paper considers the last ‘stage’ in the lifecycle of an SMSF, including:

  • ageing trustees – options if trustees become incapable of running their SMSF
  • death in a single member fund – who takes on control, and what options do beneficiaries have?
  • death of the ‘final’ pension or accumulation member in an SMSF
  • practical issues on winding up an SMSF, tricks and traps to look out for.

Author profile:

Author Photo - Cindy McDonald
Cindy McDonald
Cindy chose to specialise in Self Managed Superannuation Funds (SMSFs) early in her accounting career, and has watched the SMSF arena undergo many legislative & regulatory changes in the 20 plus years of working with SMSF Trustees. Her practice Superexpertise provides a range of services to both SMSF trustees and their advisors, including, establishment of Self Managed Superannuation Funds, superannuation consulting on SIS Act & Tax Act, consulting work with Family lawyers on SMSFs, limited recourse borrowing arrangements, pension structuring & commencement, traditional accounting & tax work for SMSFs. A SPAA SMSF Specialist and former WA State Chair, Cindy enjoys working with trustees to understand the opportunities their SMSF presents, and how they best use the structure to maximise their retirement & estate planning goals. Cindy holds a Bachelor of Commerce, and is a member of SPAA, CPA Australia & the Taxation Institut Current at 09 November 2012 Click here to expand/collapse more articles by Cindy MCDONALD.
 

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