How does an enduring power of attorney work with an SMSF?

08/07/24 • 40 min

In this episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn are joined by Chris Hill, co-founder – legal at Inherit Australia, to dive into all of the issues and challenges that can arise when an enduring power of attorney and an SMSF collide.

Hill explains why SMSF professionals need to have discussions with their clients around incapacity and estate planning so they aren’t caught out when the time comes, particularly when they may not be aware that power of attorney can also come with SMSF trustee responsibilities.

Listen as they discuss:

The role of an enduring power of attorney in the context of the definition of a SMSF.
Why setting up a trusted professional as a “fund guardian” is an important consideration.
How the two roles can work together in the member’s best interests.

Listen as they discuss:

The role of an enduring power of attorney in the context of the definition of a SMSF.
Why setting up a trusted professional as a “fund guardian” is an important consideration.
How the two roles can work together in the member’s best interests.

Previous Episode

Understanding invalidity and SMSFs

In this episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn are joined by Craig Day, head of technical services at Colonial First State, to discuss the nuances surrounding invalidity for SMSF trustees and members.

Day breaks down some of the positives and negatives of holding TPD insurance within an SMSF and explains what advisers who may be recommending their clients go down this path need to understand.

Listen as they discuss: • The most pressing considerations around invalidity and SMSFs. • Why it is important to understand the compliance rules related to SMSFs and insurance. • The role of beneficiaries in the context of recent legal challenges relating to spouses and de facto relationships.

Next Episode

100th episode special: Peter Burgess on the glimmer of hope for $3m super tax changes

In this special episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn celebrate the 100th episode of the podcast with a discussion of how the sector has changed over the last four years. SMSF Association CEO Peter Burgess also joins the show to break down the current state of the $3 million super tax bill and why the growing support for amendments to the legislation is a positive sign that the controversial elements, such as taxation of unrealised gains and the lack of indexation, might be fixed. Listen as they discuss:

What the SMSF Association wants to see happen with Div 296 and why the current delays could be a good thing.
How SMSF professionals can deal with the uncertainty that currently pervades the regulatory landscape.
Whether there could be changes to the recent code of conduct for tax practitioners determination.