Compliance with the law is the price we pay for the tax concessions enjoyed by superannuation. But it’s not enough to comply – you have to be able to prove you have. Elizabeth Wang elaborates.
trustees
Always exercise caution when changing family trusts
Trustees should be cautious when making any significant change to their family trust deed.
Bankruptcy and SMSF trusteeship
Bankruptcy is a serious issue for anyone but additional caution needs to be taken by members of SMSFs. The superannuation laws expressly disqualify any undischarged bankrupt person from acting as a trustee or director of corporate trustee of a SMSF and this disqualification extends to persons who are bankrupt under the laws foreign countries.
Keeping your SMSF compliant when overseas
SMSF trustees need to be careful when going away overseas for extended periods as they face many risks including losing residency.
SMSFs as ‘wholesale clients’ or ‘sophisticated investors’
It can be beneficial sometimes for an SMSF to be considered a ‘wholesale client’ or a ‘sophisticated investor’ in order to get access to investments that might not be open to ‘retail clients’. This may be because the promoter doesn’t want to go to all the expense and trouble of fully complying with the securities law requirements for ‘retail clients’.
An SMSF name change in 4 steps
Townsends Lawyers often receives enquiries from clients who wish to change the name of their SMSF, due to a number of reasons, and are now wondering how to make sure their SMSF documentation reflects this change.
SMSF trustees travelling overseas may need a Company Power of Attorney
John and Mary have an SMSF and they are both directors of the corporate trustee of their fund. As they have worked hard over many years, they now plan to go on more overseas holidays. What happens if they, in their capacity as directors of the corporate trustee, need to sign off on decisions concerning […]
How to get out of running an SMSF when health is poor or just too old?
Begin as you intend to end. When it comes to SMSFs, exiting at the right time and in an orderly fashion can often be a difficult decision to make for Trustees and members. However, making a plan, understanding the options before entering into an SMSF and being flexible to changing circumstances is prudent. “I often […]