loader image

Home > Blog > SMSF succession planning

SMSF succession planning

Date: 18 December 2018

There are many strategies that can be implemented during a self-managed superannuation fund (SMSF) member’s lifetime to increase certainty about what will happen to their super balance following their death.

A commonly used strategy is for the member to have a valid binding death benefit nomination (BDBN) in place, that directs their super balance to particular beneficiaries (provided they are dependants) or to their estate to be dealt with under the terms of their will. However, BDBNs may only be a partial solution.

Another commonly used strategy is for the SMSF to have a sole purpose corporate trustee rather than individual trustees. Following the death of an individual trustee, the SMSF deed determines who should be appointed as trustee in the deceased’s place. The deceased’s executors do not automatically become a trustee.

Further this corporate trustee strategy provides for enhanced long-term SMSF succession. What really matters is who controls the SMSF. The shareholders of the corporate trustee could gift their shares (and hence control of the corporate trustee) to their surviving spouse or children.

Roberts & Morrow can review your SMSF succession needs and ensure that when the time comes, your SMSF succession runs smoothly, effectively and as intended.

Know More

The power of tax planning

The power of tax planning

No one wants a surprise when it comes to their tax obligations! With the March BAS soon to be prepared it is an appropriate time to talk to your accountant about year-to-date results and look at long term opportunities. Reduce tax liability: One of the primary reasons...

read more
x2 Grant Opportunities Available!

x2 Grant Opportunities Available!

The NSW Government has recently introduced two grant opportunities: Farms of the Future Agtech Grant Program Energy Efficiency Grants for Small and Medium Sized Enterprises (Round 1) Farms of the Future Agtech Grant Program The Farms of the Future (FoTF) Program will...

read more
Estate Planning Case Study

Estate Planning Case Study

Tax + Legal Estate Planning Case Study The following case-study is an adaptation of a real-world solution provided by the Roberts + Morrow Tax + Legal team. Background Jeremy and Lisa have recently considered their succession and estate plans, approaching Roberts +...

read more