Claims against Superannuation:

Superannuation is a major asset and constitutes an enormous industry in Australia. It is a wealth generation and accumulation vehicle that exists throughout our working lives that can be tailored to suit your needs and ambitions for retirement. Superannuation is a unique asset because it does not form part of your estate when you decease and is governed by a separate body of laws and regulations. Therefore, you may require certain safeguards and strategies in place in order to protect your superannuation for claims by third parties. A thorough understanding of superannuation and the laws applicable to it can informative, empowering and prudent to provide you with the ability to ensure effective wealth accumulation and financial wellbeing. Specialised and tailored advice from one of our Superannuation Lawyers can be hugely beneficial in this regard.

An understanding of bankruptcy law is important because superannuation does not form part of your asset pool which is available to the trustee in the event of bankruptcy. This means that superannuation assets are protected in the event of bankruptcy, and any lump sum withdrawals made from the fund are also protected. However this protection is limited as trustees in bankruptcy have powers conferred by law to recovery assets transferred by a bankrupt, particularly if these transfers were made primarily to defeat creditors. Proper legal advice with respect of asset protection by a Superannuation and Taxation Lawyer may be beneficial to ensure that your superannuation is adequately protected from the adverse consequences of bankruptcy.

Also, it is important to carefully draft your superannuation trust deed to ensure that your wealth is suitably transferred upon the event of your death. This may mean having a well defined ‘death benefit nomination’ which is the legal personal representative or dependants in which benefits are to be paid upon your death. Sound financial advice may also greatly assist you in ensuring that any clauses in your superannuation deed are correctly and appropriately drafted.

In addition there may be more sophisticated strategies that are suitable and available for your circumstances. These include a controlling interest superannuation schemes and off-shore superannuation schemes. Due diligence and care should be exercised in implementing any superannuation scheme as they may be construed as tax avoidance or tax evasion methods which may be subject to a civil penalty, injunction or enforceable undertaking. It is important to have an awareness and understanding of the superannuation laws and laws in protecting your superannuation third parties such the government or the ATO and a skilled Superannuation and Taxation Lawyer may be able to assist you in this regard.

If you would like further information or wish to discuss your superannuation matter with us, please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.