Part 1: Understanding the Gainer Associates Decision: A Critical Examination of SMSF Governance
The recent NSW Supreme Court decision in Gainer Associates Pty Limited [2024] NSWSC 1138 sheds light on critical issues surrounding self-managed superannuation funds. This case intricately examines issues of trustee responsibilities, compliance with the Superannuation Industry (Supervision) Act 1993, and the necessary judicial oversight in potentially contentious situations.
The court emphasised the need for trustees to maintain clear documentation and adhere to the Superannuation Industry (Supervision) Act 1993. This case serves as a vital reminder for trustees regarding the complexities of compliance and the significance of transparency in governance..
ATO declares payment of a death benefit to a spouse’s estate not to be tax-free
In a Private Binding Ruling, the ATO determined that payment of a death benefit to a spouse’s estate is not tax-free under section 302-10(2) of the Income Tax Assessment Act 1997.
Neal v Brown – Difficulties with Superannuation Deathbed Withdrawals
The recent NSW Supreme Court case of Neal v Brown [2024] NSWSC 841 highlights the adverse and unforeseen consequences of withdrawing superannuation death benefits before one’s death.
This case emphasis the necessity of not only considering tax implications when withdrawing superannuation benefits before death but also how such withdrawals interact with the terms of a will. Proper estate planning is essential to ensure that the distribution of assets aligns with the deceased’s wishes.
Exemption from SMSF Stamp Duty - Property Transfer to Superannuation Fund Beneficiaries
A transfer of real property from a superannuation fund to a beneficiary of the fund
Superannuation nominations and death
There has recently been publicity in the media; about the long delays by superannuation funds in processing applications made by bereaved family members for payment of deceased person’s superannuation entitlements.
Some reports have referenced people waiting 15 months for the fund to make the payment, causing emotional and financial distress for the claimants.
Superannuation for contractors – come one, come all
Determining whether an individual is an employee or contractor can leave you scratching your head. There is unfortunately little clarification in the context of superannuation entitlements and determining whether payments to a contractor are covered by the superannuation guarantee (SGC) regime further blurs the line between contractor and employee.