A self managed superannuation fund (SMSF) is simply a trust which is concessionally taxed provided certain legislative requirements are followed. From an estate planning perspective, a key requirement is that a member’s benefit in a SMSF must be paid out (either as a lump sum or income stream upon their death) to a “Beneficiary” as defined under the SIS Act.

We all know how important it is to have a Will, but for business owners it is vital that they have a complete estate plan. Generally, only assets held in your personal name may be distributed via your Will. However, for tax and asset protection purposes, the assets controlled by many business owners are held by companies, discretionary (family) trusts and Self Managed Superannuation Funds (SMSF).

Although assets within these structures may not form part of your estate, you can still influence the future control of these structures through your estate plan.