News : BDBN

BDBN, Death Benefits

Call to scrap death benefit lump sum limit

Death benefit, IFPA, binding death benefit nominations, BDBN, SIS regulation, Institute of Financial Professionals Australia, IFPA, Treasury, 

Removing the limit on the number of death benefit lump sums should be made to enable fewer breaches of payment regulations.

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Administration, BDBN

Limits on EPOAs recommended

EPOA Enduring power of attorney Binding death benefit nomination SMSF trust deed

It is prudent to place limits on any enduring power of attorney regarding an SMSF, particularly when estate planning strategies are involved.

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BDBN, Compliance & Regulation, Pensions

Death option choice not needed

BDBN Reversionary pension

Trustees do not have to choose between implementing a BDBN or reversionary pension to achieve their desired estate planning outcomes.

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Administration, BDBN, SMSF

Multi-purpose deeds require caution

Trust deed Multi-purpose BDBN SMSF

SMSF trust deeds covering multiple parameters for certain actions of the fund need to be given particular attention from a compliance perspective.

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BDBN, Estate Planning

Time of death first BDBN step only

BDBN estate plan

An effective SMSF estate plan must go beyond the survival of one party over another at the time of the relevant member’s death.

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BDBN, Compliance & Regulation

Digital approvals increase BDBN risk

Digital BDBN authorisation

Executing a binding death benefit nomination is legally allowable, but exposes SMSF trustees to a significantly higher level of risk

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