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Issues related to powers of attorney and SMSFs

Published on 01 Oct 18 by "THE TAX SPECIALIST" JOURNAL ARTICLE

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.

Author profile

Caroline Harley
Caroline is a Strategic Advice Specialist at the Commonwealth Private Office. - Current at 08 November 2018

 

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