STOP PRESS: High Court decision - Hill v Zuda Pty Ltd
In the very recent decision of Hill v Zuda Pty Ltd the High Court has unanimously held that SIS Reg 6.17A does not apply to SMSF BDBNs. This means that not only do members of an SMSF not need to renew their binding death benefit nomination every three years, but also that various formal requirements which apply to BDBNs in public offer funds do not apply to SMSF BDBNs. SMSF advisers and their clients with SuperCentral Deeds need not take any action in relation to their current BDBNs, though BDBNs should be reconsidered by clients on a regular basis and especially when any significant life events occur in relation to the member.
For further information, please contact Townsends Business & Corporate Lawyers on 02 8296 6222 or email firstname.lastname@example.org.