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ARTICLE · 30 SEPTEMBER 2012

Super nest egg - maybe not in one basket!

Hall & Wilcox
Hall & Wilcox
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Hall & Wilcox

Hall & Wilcox

Hall & Wilcox is a leading independent Australian law firm. We are a national firm with eight...

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Directors of SMSFs should consider how they hold their assets, who will control the fund on death and estate planning.

AustraliaTax
Andrew O'Bryan
Andrew O'Bryan
Mark Payne
Mark Payne

The Government has introduced the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012, which sets out covenants to be included in the governing rules of self managed superannuation funds from 1 July 2013. Section 52B of the Superannuation Industry (Supervision) Act 1993 (SIS Act) largely mirrors the existing covenants in section 52 of the SIS Act. The key addition clarifies the expectation that trustees will regularly review the investment strategy of the fund and the maintenance of reserves (if any).

New section 52C of the SIS Act will insert provisions relating to directors to be included in the governing rules of self managed superannuation funds. This section provides that the covenants applying to trustees in section 52B of the SIS Act also apply to each director of a corporate trustee. These provisions are novel in that obligations are imposed on directors personally, thus piercing the corporate veil and with it, the risk

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