SPEAK WITH AN SMSF ESTATE PLANNING LAWYER

Member control is a critical requirement for any SMSF, so it is important that funds adequately prepare for circumstances where a member is not in a position to act. For example, a member may be travelling overseas for an extended period or they may have suffered a loss of capacity.

We can prepare the power of attorney documents tailored to individual circumstances to help funds to continue to maintain compliance with the Superannuation Industry (Supervision) Act 1993 if the unexpected arises.

Superannuation balances can often exceed the value of all a person’s other assets combined and it is often mistakenly thought that superannuation simply forms part of the deceased’s estate and distributed under the Will. This however is not the case.

Under superannuation legislation, superannuation death benefits can only be paid to certain individuals or the deceased member’s estate. In order for a member to control how death benefits are paid out, they must complete a death benefit nomination form. If a member dies without a valid death benefit nomination, it is up to the rules of the SMSF and the trustee to determine how any death benefits are paid.

Failing to correctly prepare a death benefit nomination for your SMSF can easily result in your superannuation benefits being paid out differently to what you had planned, either in the wrong percentages or even to people other than those you intended.

It is therefore vital that SMSF members ensure that their death benefit nomination form is up to date and checked regularly. Additionally, the need for and effect of binding death benefit nominations for superannuation death benefits must be considered as part of the estate planning process. We undertake a comprehensive review to ensure a tailored and holistic estate planning solution just right for your circumstances.

Having a corporate trustee of a SMSF can offer a wide range of benefits and is becoming increasingly common. We can document the retirement and appointment of trustees in accordance with the fund’s trust deed to effect the change from individual to corporate trustees. If the fund holds any real property, we can also assist you in transferring the property from the retiring trustees to the new trustee.

In NSW, members of a SMSF can transfer business real property held in their individual names into their SMSF for a nominal stamp duty fee, provided that certain strict criteria are met. We assist SMSFs obtain this concession, saving thousands in potential stamp duty by:

• Liaising with your accountant and/or financial advisor
• Reviewing relevant documentation of your SMSF
• Preparing and lodging the concessional stamp duty application on behalf of the SMSF
• Once the concessional duty is approved, preparing all necessary transfer documentation and attending to registration of the transfer of the property into the SMSF.