SUPERCentral News
While the facts of a recent NSW Supreme Court case, G v G (No.2) [2020] NSWSC 818, relate to a financial manager appointed under the NSW Trustee and Guardian Act 2009 (NSW) and retail super funds, the decision that the fiduciary office has no authority to make a binding death benefit nomination seems to raise an interesting question quite relevant for SMSFs; namely, can an attorney under an Enduring Power of Attorney ('EPOA') validly make, change or revoke a binding death benefit nomination on behalf of their principal?
A withdrawal and recontribution strategy could over time permit a member to transfer a material part of their superannuation to a non-dependant who would not ordinarily be entitled to receive the member's super following the death of that member.
We often want certainty. In a world where there is increasing conflict between family members after a parent dies, and a greater propensity for children to challenge a deceased person's estate, anything that promotes greater certainty with regard to estate planning is usually seen as a good thing.
How can you meet the signing and witnessing requirements of special documents during the COVID-19 restrictions?
Expanding your client service offering to include estate planning provides a strong adviser fee for service opportunity. Our EPAdvantage Estate Planning online course may provide the information and tools you need.
SMSF deeds, governance, LRBA set up, remediation and tailoring .... asset structuring and advice .... adviser fee for service estate planning and probate .... strategic business services, agreements, leasing, buy/sell .... technical resources, PD training & free member services .... electronic signing and electronic witnessing.
An important reminder that discretionary trusts that have already sold all residential properties before the deadline of 31 December 2020 could still be assessed for foreign surcharge purposes under the new NSW laws even if the trusts have already been wound up.
Jonathan See of Townsends Business & Corporate Lawyers recently published an article on 'Preparing for the Inevitable: Getting your estate documents together'. Below is an excerpt, the suggested list of documents clients can provide to Executor/s as part of their estate planning activities.
We want to remind you that the deadline for Exclusion of foreign persons in a discretionary trust is midnight, 31 December 2020 - that's only 5 weeks away!
The ATO has recently published "Evidence to support real property valuations" which outlines the ATO's evidence approach and requirements for real property valuations. The approach elaborates but generally accords with the ATO's previously published valuation principles. This article explains the ATO valuation requirements for real property and other asset classes and situations.
What happens where, at the time of death of the pensioner, a reversionary pension fails to revert because the nominated reversionary pensioner (a SIS Act dependant) is not eligible to receive income stream death benefits, for example where the nominated reversionary pensioner is an adult child of the deceased member.
The course is a 10-week online program, just 2 hrs per week, focused on delivering practical scenario based training on estate planning. Online modules are presented by Townsends Lawyers estate planning specialists Brian Hor and Peter Townsend.
If you are looking to develop your expertise in Estate Planning to broaden your service offering to clients then you may be interested in our EPAdvantage Estate Planning Program, which will commence soon, and we are taking registrations now.
As we approach a time of rapid product innovation both in Australia and in many other countries, six member SMSFs allow a greater chance for the fund to amass capital, achieve better economy of scale and move into comparatively innovative products as well as maintaining blue chip investments, subject to the investment strategy.
The Government's focus for the 2020-21 Budget is to regrow the economy, create job opportunities and encourage spending. The spending will result in a cash deficit of $213.7 billion for 2020-21 with unprecedented net debt to peak at close to $1 trillion in June 2024.
If you have funds that are still in catch-up mode or are on different deeds, talk to us about our bulk SMSF conversion program. With all your SMSFs on the one set of Governing Rules, your firm gains major risk, time and opportunity cost savings.
The Government's 2019-20 budget measure to increase the cut-off age (from 65 to 67 years) that super funds can accept voluntary contributions in respect of a member regardless of the work test has been implemented.
The ATO PCG 2016/5 sets out the "safe harbour" terms on which SMSF trustees may structure their LRBAs consistent with an arm's length dealing. Further to this, the ATO publishes annually the safe harbour LRBA rate for SMSFs. This article provides the applicable rates for 2020-21 (both safe harbour and Divison 7A benchmark interest rates), the related proposed Division 7A changes and implication for LRBAs that do not meet the safe harbour rates or other terms.