Challenges, Developments and Trends in the Superannuation Industry for 2016

Thursday August 18, 2016

Dr Brett Davies from Legal Consolidated Barristers and Solicitors joined Natalie Bamber of Legalwise Seminars to discuss essentials of Superannuation in 2016.

Dr. Brett Davies is a Barrister and Solicitor of the High Court of Australia, Accredited Mediator (AIAMA) and Chartered Tax Adviser (CTA), you can join Dr. Brett Davies at the 2nd Annual 2016 Superannuation Essentials conference on from Thursday 27-28 October in Perth.

Can you tell us a little bit about yourself and Legal Consolidated Barristers & Solicitors?

Legal Consolidated Barristers & Solicitors is the only law firm providing legal documents online in Australia: legalconsolidated.com.au

Our clients build their legal documents on a law firm's website, therefore they:

  • retain legal professional privilege
  • benefit from the law firm's PI insurance
  • get legal advice and we can even help you answer the questions
  • access a Sample of the document with Explanatory Notes
  • receive a letter on our law firm's letterhead explaining the document that you built

What are the three big challenges facing the SMSF industry over the next 12 months?

The government must stop using superannuation as a political weapon and a revenue source.
The deal is that we stash away wealth which we can't touch until we retire. The government makes this tax friendly to offset the pain of not being able to get our hands on the money. It is a promise, an agreement, and the government keeps breaking its promise. We have a contract, and the government should not be allowed to unilaterally change the contract.

What  are the most common scenarios that ultimately lead to requiring legal intervention?

Non-law firm websites are selling SMSF trust deeds. There may be no guarantee that a law firm is standing behind those documents. What happens if something goes wrong. How does the accountant or client who built the document online get to the lawyer's PI insurance? We have seen instances where the law firm no longer supports the document. That is why it is safer to build your SMSF documents directly on a law firm's website.
Since 1999 I have supervised over 18,000 documents build on line including:

  • SMSF Trustee, Member & Deed Update
  • SMSF Trustee Update
  • SMSF Vesting Deed
  • SMSF Full Replacement Deed
  • Self-Managed Super Fund Deed
  • Product Disclosure Statement 2016
  • SMSF Binding Death Benefit Nomination
  • Investment Strategy proforma

What are some of the big legal trends and developments you see ahead for the area?

Australians are getting very mobile. Central management and control is a big issue for people that leave the country to work, even for a few months. If they end up staying overseas for more than 2 years then the SMSF is non-complying - it can't be fixed retrospectively. Anyone leaving Australia should consider an 'SMSF Members Overseas Package'. You can build this on the law firm's website: https://www.legalconsolidated.com.au/

You can directly hear from Dr. Brett Davies at the 2nd Annual 2016 Superannuation Essentials conference on from Thursday 27-28 October in Perth to learn more.





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