Challenging a discretionary decision of A Self Managed Superannuation Fund trustee in respect of the payment of a deceased member’s death benefits
The case of Re Marsella; Marsella v Wareham [2018] VSC 312 (13 June 2018) concerned a claim by the widower of the willmaker for further provision from the estate of the deceased pursuant to Part IV of the Administration and Probate Act 1958.
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.
Sladen Snippet - Tribunal determines that transfer of land between SMSFs does not trigger duty
In a recent case of Nifuno Pty Ltd atf Stephen Forbes Pension Fund v Chief Commissioner of State Revenue [2019] NSWCATOD 3, the NSW Civil and Administrative Tribunal (NCAT) considered the application of an available duty concession for the transfer of property in connection with persons changing superannuation funds, including self-managed superannuation funds (SMSFs).
Sladen snippet – reversionary TRIS retirement phase measure passes
A technical defect in the operation of reversionary transition to retirement income streams (TRIS) has been fixed by the passing of the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018.
Sladen snippet – tougher super guarantee laws have passed
Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 has now passed both houses of parliament. The Bill includes the following measures to increase the ability of the ATO to enforce the super guarantee laws.
Sladen Snippet – ATO releases decision impact statement on Aussiegolfa case
The ATO has released a decision impact statement in relation to the Aussiegolfa Full Federal Court decision.
Sladen snippet – Burgess v Burgess – another super death benefit conflict case
The decision of Burgess v Burgess is another case which considers conflicts of interest in the context of paying super death benefits. It follows a number of recent similar cases, including Re Narumon Pty Ltd, Brine v Carter and McIntosh v McIntosh. The strong consistent theme across all of these cases is that the Courts will strictly uphold fiduciary duties (even if they have “unfair” outcomes).
MD Commercial: transfers to “bare” trustees failed to qualify for an exemption from Victorian stamp duty
The Victorian Supreme Court in the decision of MD Commercial Pty Ltd & AJ Commercial Pty Ltd v Commissioner of State Revenue [2018] VSC 560 confirmed that certain transfers of land to trustees were not exempt from duty under section 35 of the Duties Act 2000.
SMSFs Engaging in Property Developments
SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.
Sladen snippet – ATO’s focus – top 100 SMSFs to be reviewed
In a recent speech James O’Halloran, Deputy Commissioner, Superannuation, outlined the ATO’s current areas of focus in the SMSF sector. They include:
Sladen snippet - Narumon part 3 – can a BDBN be renewed or made by an attorney?
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
Sladen snippet - Narumon part 2 – proving whether a pension and a reversionary nomination exists without original pension documents
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds,
Sladen snippet - Narumon part 1 – defects in an SMSF chain of deeds
The case of Re Narumon Pty Ltd examines a number of important SMSF issues including defects in a chain of SMSF trust deeds
Death Benefit Planning in the New Superannuation Environment
Sladen Snippet - Aussiegolfa the Appeal Part 2 – Sole purpose trust not breached
We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the latter, another snippet looks at the former.
Sladen Snippet - Aussiegolfa the Appeal Part 1 - In-house asset rules and interests in trusts
We previously reported on the Federal Court decision of Aussiegolfa v FTC here and here. The Full Federal Court has now handed down its appeal decision. This case is an important because it considers two key planks of the superannuation prudential standards, the in-house asset rules and the sole purpose test. This snippet looks at the former, another snippet looks at the latter.
Sladen Snippet – super guarantee amnesty in limbo
The legislation to pass the government’s proposed amnesty for super guarantee has failed to pass the senate in the June 2018 sittings.
Sladen Snippet – ATO acknowledges transfer balance problem with market linked pensions
The ATO has released SMSF News Alert 2018/3 under which it acknowledges a defect in the transfer balance cap regime which can cause the debit on the commutation of a market linked pension (or life expectancy pension) to equal nil.
Sladen snippet – Government announces a 12 month amnesty for outstanding super guarantee obligations
The Government has released a bill that provides a “one off” 12 month amnesty to encourage employers to self-correct historical super guarantee non-compliance.