of what constitutes an interdependency relationship. The facts of TBCL and Commissioner of Taxation [2016] AATA 264 include a son who was born in 1991 – the only child of two parents, who he lived with until 2007 before relocating. He returned to live...
of the proceeds of the sale of a house, being the deceased estate’s only substantial asset, to each of the two children of a son that had predeceased his father.” He added that on appeal in Curtis v Curtis [2024] NSWCA 136, the court concluded the...
away, their superannuation death benefit is provided to their dependents who were receiving financial support and might reasonably have expected to continue to receive financial support from the member, had the member not died. In a recent update,...
SIS provisions Section 59 of the SIS Act permits discretion over death benefit payments to be exercised by another person, where: the nomination of death benefit recipients is in accordance with the SIS Act (s 59(1A)); or the trustee consents to the...
of attorney is involved. Mr Ellem responded to a question involving an SMSF with two individual trustees who are father and son. The father is now mentally incapacitated, and the son was appointed as an enduring power of attorney before that occurred....
a lawyer is involved. Factual matrix Relevantly in relation to the witnessing aspect, the factual matrix in Lewis involved a son who was a qualified lawyer and prepared a will on behalf of his mother. Likely realising that if he was one of the witnesses...
members of the fund around this time; Mr Giles died in June 2017 aged 80; He was survived by his wife Mrs Narumon Giles, his son Nicholas aged 16 and four adult children from a previous marriage; At the time of his death the super fund had an...
can lead to unintended results as the following examples (which are based on actual court cases) show. Applying the lesson to be learned in each example will assist your clients to ensure that SMSF death benefits go where they are intended to go. Case...
dependents, emphasising financial interdependence.” Those who can receive death benefits tax-free include a deceased person’s spouse or former spouse; a deceased person’s child, aged less than 18; any other person with whom the deceased person had an...
a lawyer is involved, as explained in the case of Lewis v Lewis [2020] NSWSC 1306. Relevantly, the factual matrix involved a son who prepared a will on behalf of his mother. Realising that if he was one of the witnesses, he would likely be automatically...
and I think, historically, there have been a lot of people out there that thought it was that simple. “There’s a reason why the big funds go through that really messy process, and it’s because they have to.” One of the fundamental questions in SMSFs...
the only member/director of his SMSF and owned all the shares in the corporate trustee. Before his death he had appointed his son, from the previous marriage, as his executor. With his son now acting as his LPR, he was in control of the shares in the...
issues until the last minute can often mean the wishes of the deceased are not fulfilled. In this case, the plaintiff was the son of the deceased and sought an order for provision out of the deceased’s estate under the Succession Act 2006 s 59. The...
at least 3 of her 4 children for control of a trust with in excess of $5B in assets); (e) Twigg (Cleanaway, where the chosen son was held to have essentially stolen the majority of over $150M in trust assets from other key family members, including his...
before adding any member, we strongly recommend moving to a sole purpose corporate trustee. There are many compelling reasons why a corporate trustee is far more superior than individual trustees. Moreover, where an existing company acts as an SMSF...
and wife, Ian and Carolyn Graham. In 2007, the trustee purchased a residential property and leased it to Ian and Carolyn’s son. However, rent was not paid and $60,762 was outstanding by 30 June 2012. In addition, from approximately 2007 until 30 June...
act in someone’s best interest but they may choose to do something for their own benefit instead, which disadvantages the person they are meant to be acting for. Mr Hay-Bartlem said in Queensland case Macintosh vs Macintosh, while it wasn’t about...
first marriage. The daughters were the plaintiffs in this action. The second named plaintiff was Mr Nathan Peter Ashman the son of Mrs Morris from her first marriage. The third named plaintiff was Upper Swan Nominees P/L a company-appointed Trustee of...
and Oliver have been married for 30 years. Bethany has a child, Darren, from a prior relationship. Although Darren is a stepson of Oliver, Oliver considers him to be his son, but there is a possibility that Darren may not be a SIS dependant of Oliver at...
as power of attorney for their father did not cease to be a trustee following the death of their father. The matter of Dawson v Dawson [2019] NSWSC 826 involved an SMSF, the Dawson Superannuation Fund, which was established in 2005 by Peter Dawson and...
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