Published on 26 May 08
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
Being a trustee of a self managed super fund brings with it responsibilities. There are many important factors to be considered to ensure that the ongoing administration of the fund is adequate. Advisers need to ensure they are proactive in helping clients create wealth in a tax effective manner in a fund that will be able to be managed efficiently. This paper covers some important factors that should be considered when using a superannuation fund to accumulate retirement wealth. Topics covered include:
- trustee deadlocks
- what happens when trustees die - interaction with wills
- powers of attorney/members suffering legal incapacity
- what do you do when members/trustees go overseas?
- non lapsing binding death benefit nominations
- death benefit disputes
- is a death benefit nomination a testamentary disposition capable of challenge under Inheritance (Family Provision) legislation?
- documenting pensions - what should you do?
Daniel Jenkinson is a principal at DMAW Lawyers, practising in corporate and commercial law, with a particular focus on superannuation and financial services. He has had a particular interest in superannuation for more than 10 years and regularly acts for the trustees of APRA regulated funds, public sector funds, SMSFs, employers, accountants and other advisers in connection with all aspects of superannuation law. Daniel is a member of The Tax Institute’s Technical Resource Committee (SA).
- Current at
22 March 2013