BDBN

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Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown

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Sladen Snippet – Corbisieri – BDBN invalid due to relationship breakdown

The case of Corbisieri v NM Superannuation Proprietary Limited [2023] FCA 1319  involved an appeal by the mother of a deceased against the decision of the Australian Financial Complaints Authority (AFCA) to uphold a BDBN to benefit the de facto spouse of her late son, which was to be funded out of life insurance proceeds in AMP Superannuation.

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Sladen Snippet – Williams Part 1 - another BDBN bites the dust

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Sladen Snippet – Williams Part 1 - another BDBN bites the dust

In the case of Williams v Williams, the Supreme Court of Queensland has determined that a binding death benefit nomination (BDBN) was not binding on the basis that it was not provided to the trustees of the applicable self managed superannuation fund (SMSF).

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Sladen Snippet – SMSF BDBNs not bound by SIS Regs – Hill v Zuda

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Sladen Snippet – SMSF BDBNs not bound by SIS Regs – Hill v Zuda

In the much anticipated decision of Hill v Zuda Pty Ltd, the High Court has determined that regulation 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regs) does not apply to binding death benefit nominations (BDBNs) prepared for self managed superannuation funds (SMSFs).

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Sladen Snippet - NSW Supreme Court holds manager of protected estate cannot make BDBN on behalf of protected person

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Sladen Snippet - NSW Supreme Court holds manager of protected estate cannot make BDBN on behalf of protected person

As discussed here and here, the decisions in Re Narumon [2019] 2 Qd R 247 and Re SB; Ex Parte AC [2020] QSC 139 made it clear (at least in Queensland) that:

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Court confirms administrator can make BDBN on behalf of member

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Court confirms administrator can make BDBN on behalf of member

In the recent decision of Re SB; Ex Parte AC [2020] QSC 139, the Supreme Court of Queensland confirmed that the decision to make a binding death benefit nomination (‘BDBN’) is a financial matter and can therefore be made for a person by their administrator.

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Sladen Snippet – Marsella – is this the end for SMSF trustee death benefit discretionary determinations?

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Sladen Snippet – Marsella – is this the end for SMSF trustee death benefit discretionary determinations?

What is “better” for paying out death benefits in a self managed superannuation fund (SMSF) - a binding death benefit nomination (BDBN) or trustee discretion? As a result of a number of cases, where BDBNs were found to be defective, trustee discretion was becoming a favoured method for some advisors.