The issue of whether Superannuation Industry Supervision Regulation 6.17A applies to self-managed superannuation has vexed experts and advisers.
It took the High Court a little over six pages of reasoning to unanimously put to bed once and for all an issue that has plagued superannuation experts and financial advisers since 1999.
Regulation 6.17A deals with the ability and process for a member of a super fund to direct the trustee of the fund what to do with the member’s death benefit on their passing. The member is required to nominate where the death benefit is to go. There are only two choices: to the member’s estate or to one or more of their dependents.
SMSF members across Australia can sleep easily knowing that their death benefit nomination will not fail One passing comment the High Court made was somewhat ironic. In light of the fact the members are the trustee directors of the fund, the High Court said, making them comply with a specific form of notice would “be at best an exercise in formality and at worst redundant”.
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