SMSF disputes – strategy and advice

SMSF member dispute advice

Understanding your rights as an SMSF member and Trustee when it comes to running your SMSF!

A Self-managed superannuation fund must be established for sole purpose of the interests of the member’s retirement. In some cases an SMSF may not be operating in the spirit that it should and not all members retirement interests maybe represented correctly.

Many SMSF’s were originally set up as Mum & Dad funds. Family Circumstances change . Disputes can arise when mum and dad divorce or when one member dies and another family member steps in to help manage the SMSF the right way or in favour of their interests.

Things don’t always work out between members and one member may be intentially or unintentially disadvantaged when it comes to the administration and ongoing matters to do with a Self-Managed Superannuation Fund SMSF.

Disputes arise typically during a marriage / matrimonial or business relationship breakdown.

SMSF Disputes !

It is dangerous when the husband and wife  / partners are not communicating and issues arise based around the dispute.

We have highlighted some of the common SMSF dispute issues such as:

  • Valuation of assets upon exit,
  • Misallocation of members contributions,
  • Un-authorised withdrawals from the SMSF,
  • Control by one member and not allowing the other member to make decisions,
  • Selling of Fund assets without consent of all members,
  • Insolvency of a SMSF what are your options
  • Tax and non compliance , including non lodgement , not wanting to address ATO lodgement in fear that the ATO once lodged will act

Disputes can be expensive but doing nothing is also not an option. Sadly from our experience that one party is often disregarding the law and leaving the SMSF, its assets , its members and Trustees very exposed.

Geoff Gartly CA ,SMSF Specialist, assists clients and disadvantaged SMSF members to understand their rights and obligations in relation to their role and rights as a Trustee and member of a SMSF. Geoff’s practical experience means that not only will he be able to explain your obligations for your involvement in the SMSF, taxation and SIS obligations. He can also advice he also can offer you practical pathways to help resolve your dispute. We can review the SMSF financial statements to check for accounting accuracy and calculations around Asset value and Taxation.

Geoff works with yourself and your legal counsel to assist you to understand your rights when a marriage dispute arises in relation to your SMSF. Its important to document SMSF actions and your Trust Deed will guide you as to what Trustees can and cant do , together with the SMSF laws.

Many believe that seeking ATO help when a dispute arises will solve the problem. The ATO will not intervene when a dispute arises . They will take a keen interest to make sure the Fund is complying but will only take action if the Fund Trustees have breached a Superannuation Law or not paid an outstanding debt.

Not all disputes are hostile . Geoff can also offer you guidance around how your SMSF structure will operate moving forward to avoid a dispute  when it comes to your estate planning advice

Contract Geoff to make a confidential meeting on 95979966 or in you require help in this area.

Geoff Gartly is Limited Authorised Representative 1248227 of Merit Wealth Pty Ltd,

Australian Financial Services Licence 409361, ABN 89 125 557 002