POWERED BY MOMENTUM MEDIA
SMSF trustees need to understand options
Too many self-managed superannuation funds (SMSFs) have been set up in circumstances where only one member truly understands the fund and makes all the decisions, according to Partners Superannuation Services director Martin Murden.
Murden has warned that, in such circumstances, there is a danger that SMSFs will be left rudderless and without direction in the event that a SMSF trustee becomes physically incapacitated or dies prematurely.
He said trustees needed to ensure they did not leave their ageing spouse or partner in charge of a fund they had little understanding of, and that they did not leave their children unnecessarily exposed to tax problems in the event that both parents died suddenly.
Murden said SMSF trustees needed to understand the options open to them to avoid such problems, including rolling over into a public offer or industry fund, appointing professional corporate trustees, appointing a power of attorney and including children in the fund.
AUTHOR
Mike Taylor
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
