What happens when both members of a SMSF die at the same time?

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It’s the call that every adviser dreads – the death of a client activates the estate planning toolkit of Will, Binding Death Benefit Nomination (“BDBN”) and reversionary nomination for SMSF pensions. But what if a husband and wife with their own SMSF both die in a car crash? At the same time? What is already […]

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Who gets my super when I die?

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For many people it might come as a surprise to learn that the most important estate planning tool for dealing with the payment of their interest in a superannuation fund is not a will. Rather, the most important tool for this purpose is a Binding Death Benefit Nomination (BDBN). This situation arises because a superannuation […]

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7 Reasons Why ASIC’s $200,000 minimum for an SMSF is not in the client’s best interest

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While there are a number of useful features of ASIC’s new guidance papers on SMSF advice (Information Sheets 205 and 206) , comments relating to the preferred minimum for an SMSF of $200,000 are not among them. We quickly came up with seven reasons why ASIC’s view that an SMSF with a starting balance of […]

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‘Super Family Feud’ case where three children were in a dispute over father’s super death benefit

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Brian Hor from Townsends law discusses a classic ‘Super Family Feud’ case where three children were in a dispute over their father’s super death benefit, which could all have been avoided with a valid binding death benefit nomination. In Stock (as Executor of the Will of Mandie, Deceased) v N.M. Superannuation Proprietary Limited [2015] FCA 612, the […]

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Treating all children equally – SMSFs, estates, avoiding claims 

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Changes in composition + value of estate and/or super account balance over time can result in the children being treated unequally. At times, even the best intentions of a deceased can be overturned by unexpected developments. But there are solutions which should be considered when a will is being drawn up. Take the case of […]

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Avoiding family feuds in SMSFs

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Self-managed super funds (SMSFs) revolve around family members which can make them extremely vulnerable to disputes that arise when SMSF members clash over money. In the worst case scenarios, the cost of a dispute can leave the fund and its members with nothing because trustees have vested interests, established duties and legal responsibilities to the […]

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Directors are liable if their company fails to pay employee super

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The director penalty regime was extended to make directors personally liable for their company’s unpaid superannuation guarantee charge (SGC) and pay as you go (PAYG) withholding amounts. They also limit the circumstances in which directors can discharge a director penalty by placing their company into voluntary administration or liquidation. These changes came into effect from […]

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