The above judgement was handed down by Logan J at the Federal Court on 15 July 2016. The matter related to the MSBS Scheme and in particular whether an invalidity pension under that scheme was superannuation. The Appellant had sought information regarding his MSBS interest in accordance with s.90MZB(2) of the Family Law Act 1975. […]
Prior to 1 July 2011 SMSFs were able to invest in collectables and personal use assets. This meant that some super funds were investing in some pretty exotic items. These sorts of investments can cause some amusement when valuing a super fund during a family law split. There have been instances where the investments included […]
Superannuation is not an estate asset. It is a trust and like all trusts, the trust property is not dealt with in your Will. Superannuation is instead dealt with by making a death benefit nomination within the rules of superannuation fund. Depending on the type of nomination you make, the trustee of your superannuation may […]
In Wooster v Morris [2013] VSC 594 (1 November 2013), the trustees tried to say that a binding death benefit nomination or BDBN did not bind them. They had to pay the death benefits and the cost of the court proceedings which came out of the remaining member’s account. The family in this case was […]
What are the budget changes that will affect Superannuation and family law? Military Super The two big changes in the Budget for us at SuperSplitting are the changes to the MSBS and DFRDB superannuation schemes. All family lawyers should be aware of these changes because they are going to raise their heads as issues […]
Let’s be honest, superannuation is definitely not the most attention-grabbing topic we can discuss. But here’s the thing. Unless you like eating baked beans in your retirement, superannuation is really important. For women trying to accumulate superannuation, it can be a really difficult thing. The way that the Australian superannuation plan is designed assumes that […]
Don’t miss Stephen Bourke’s latest video on the Tips and Traps of Defined Benefit Super
Breaking up is hard to do. It is doubly hard if you are both members of an SMSF! In an SMSF, the individuals that “own” the fund have the dual role of trustee and member. This gives rise to problems that are unique to SMSFs. The individuals must separate their roles as trustee from their […]
As some of our subscribers are aware there has been a lot of publicity recently about Judges pensions. Judges pensions, unlike most other public sector defined benefit pensions, can only be split in the payment phase. That is, you cannot split the underlying interest. This has the consequence that the former spouse of a judge […]
Those who have self-managed superannuation must remember that all the members are trustees. The trustees have the responsibility to ensure that the fund meets all the regulatory obligations and remains what is termed a “complying fund”. This means complying with all of the standards imposed by the ATO through superannuation law. One rule which is […]
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