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Succession strategies

Succession strategies

By Daniel Butler and Shaun Backhaus


There are a number of strategies that can be considered when planning for succession to an SMSF and there is no “one size fits all” solution. Wooster v Morris shows that while a BDBN may be important, the passing of control of the fund on a member’s death or loss of capacity is the key aspect of SMSF succession planning. Practitioners should be aware of the options available and be able to assist their clients to document and implement strategies that are best suited to them. Effective succession involves the right person stepping in for a self-managed superannuation fund (SMSF) member when they lose capacity or die, and with more than $749.9 billion of assets in SMSFs at 30 June 20181 it is important to get it right. While there is no “one size fits all” solution, there are strategies that can bolster a client’s position and set the foundations for SMSF succession. Of course, a person’s estate planning must also be consistent with their SMSF succession plans and implementing a tailored succession plan is the best way forward for effective succession.

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