August 6, 2017

Mark Barrett

Lawyer

It is of paramount importance that, if a member of a self-managed superannuation fund (SMSF) is considering making a death binding nomination, the member should be familiar with the definition of “dependant” and to whom superannuation benefits can be cashed.

the absence of a nomination, a trustee has the discretionary power to determine how the benefits should be distributed in accordance with the trust deed, trust law and the superannuation legislation. However, if the rules in the trust deed are inconsistent with the superannuation legislation, the latter will prevail.

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