Superannuation
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
In APRA’s recently released December 2011 Quarterly Superannuation Performance publication it reported that the total estimated superannuation assets of Australians increased by $15.8 billion (1.2%) to $1.31 trillion over the 12 months to 31 December 2011. These are big numbers and difficult to comprehend, but they clearly underline the importance of superannuation in our society today. Read the rest of this entry »
Payslip Reporting of Superannuation Benefits
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
Changes to the Superannuation laws and practice affects all of our clients, but usually in the areas of employment law, business management, Elder law, wills and estates and of course Family law where superannuation entitlements represent a major asset and financial resource that might need to be adjusted on a relationship breakdown. Read the rest of this entry »
Superannuation Guarantee (Administration) Amendment Bill 2011
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
On 2 November 2011, the Superannuation Guarantee (Administration) Amendment Bill 2011 was introduced to Parliament. The Bill will increase the Superannuation Guarantee (SG) from 9% to 12%. Read the rest of this entry »
Treasury – New Online Form to Find Lost Super
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
On 23 September 2011, Treasury announced that a new electronic form will be introduced to make it easier to connect account holders with 5.8 million lost super accounts worth more than $18.8 billion. The new form will help streamline the process which currently requires fund members to post certified copies of their ID to their fund once they have located the lost super. Read the rest of this entry »
Self Managed Superannuation Funds & Family Law Matters
By Vivien Carty
Vivien Carty is a Solicitor at Mullane & Lindsay in Newcastle and specialises in our Family, Relationship & Matrimonial Law team.
Superannuation splitting laws enable separated couples to split their superannuation in a family law property settlement. The laws apply to married or divorced couples and defacto couples (including same sex couples) whose relationships broke down on or after 1 march 2009. Read the rest of this entry »
SUPERANNUATION – Binding Death Nomination
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
It is prudent for a member of a Superannuation Fund to file a binding death benefit nomination if at all possible. This ensures that his or her Superannuation benefits are paid in accordance with the wishes of the member after death. Before doing so, a member should check with his or her fund to ensure that there is provision in the rules of the Superannuation Fund for the filing of a nomination. The nomination removes the discretion of the trustees, as the trustee must pay the Superannuation in accordance with the nomination. To be effective, the binding death benefit must: Read the rest of this entry »
SUPERANNUATION – Who Gets It?
By Robert Lindsay
Robert Lindsay is a Director at Mullane & Lindsay in Newcastle and leads our Commercial & Property Law team.
A person’s Superannuation is often substantial and sometimes even a person’s largest asset. However, many people are under the misunderstanding that when they die, their Superannuation will pass under the terms of their Will. This is not correct.
Each Superannuation Fund has a trustee and the trustee of the Fund determines who receives the Superannuation after the owner of the Superannuation dies. The trustee is bound to take into consideration, the terms of the Superannuation Trust Deed and the relevant legislation. However, the trustee is not bound to take notice of the deceased’s Will. You may well ask the question “How do I ensure my Superannuation goes to the person (or persons) of my choosing?”. Read the rest of this entry »
Self Managed Super Funds & Enduring Powers of Attorney
By Mark Sullivan, Director/Accredited Specialist, Mullane & Lindsay, Newcastle Office
Enduring Powers of Attorney are an important part of any succession plan, especially if you are a member of a self-managed superannuation fund (SMSF).
An Enduring Power of Attorney appoints someone to make decisions on your behalf, particularly if you are incapacitated from trauma, stroke, dementia or if you are unable to communicate for any reason.
If you are a member of a SMSF, you must generally also be a trustee or a director of its trustee company. If you lose capacity, you can no longer be a trustee or a director of the company which may mean you cannot continue as a member of the SMSF and your member balance may have to be rolled to a retail super fund. This can have significant transaction costs (such as CGT and duty), and can also lead to many practical issues. For example, the trustee may need to sell assets to make the fund liquid so it can transfer benefits to a retail fund. Read the rest of this entry »