A recent article from SMSF Adviser has highlighted concerns about litigation in the superannuation industry, suggesting that too many trustees are establishing SMSFs when they may not be suited to a self-managed environment.
One of the issues that this raises is whether there is sufficient control of an SMSF by its members, which is where a lot of the litigation is arising.
Mr Peter Bobbin, management principal at Rockwell Oliver, was quoted as saying that one of the risks for litigation was not making sure that SMSF planning matches an individual or trust's estate planning objectives.
"SMSFs have undergone significant legislative changes in recent years thanks to superannuation reforms by the Labor Government, and without adequate structural, beneficiary and goal planning, many SMSF members may not be getting what they are expecting," said Matt Zhou
, partner at Bates Cosgrave. "It's a complex area from a tax and estate planning perspective, but it's essential to get quality advice to ensure your goals and objectives are clear."
To read the full article, visit the SMSF Adviser website
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Last updated October 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.