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• Superannuation & SMSF
• Setting up a SMSF
• Borrowing Through A SMSF
• Trustees Obligations
• Legal Action & SMSF
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Legal Action & SMSF

Protecting your SMSF from legal action is an important consideration for the trustees of a SMSF. Things that trustees of SMSF’s should consider are:

• Ensuring that all the trustees of the SMSF do not breach their trustees duty’s – refer to our page on SMSF Trustee Obligations for more information insert link to SMSF Trustee Obligations page;
• Ensuring that the SMSF Trust Deed facilitates the  SMSF funding the SMSF defending any legal action commenced against the SMSF and/or participating in any dispute resolution;
• Ensuring that the SMSF Trust Fund Deed indemnifies the trustees of the SMSF correctly, this will allow the trustees of the SMSF to participate in dispute resolution without fear of being prosecuted personally;
• Ensuring that the SMSF complies with all of the relevant regulations in particular the legislative requirements of the Superannuation Industry (Supervision) Act 1993; and
• Ensuring that if the SMSF is borrowing money that it does so in accordance with the requirements of the Superannuation Industry (Supervision) Act 1993 – for more information refer to our website page dedicated to borrowing from an SMSF – insert link to Borrowing through an SMSF page.

WHAT HAPPENS IF LEGAL ACTION IS COMMENCED AGAINST YOUR SMSF

• Your SMSF is its own legal entity capable of being sued and suing; 
• If legal action is commenced against your SMSF you should contact your legal representative immediately;
• A review of your SMSF Trust Deed should be undertaken to ensure that the SMSF can defend any legal proceedings; and
• You should consider all options available to you before proceeding with defending the legal proceedings such as:

a)       Mediation;

b)       Arbitration; and

c)       Alternative Dispute Resolution.

For general information on Dispute Resolution please refer to our website page dedicated to Dispute Resolution.

For more information on Litigation please refer to our website page dedicated to Commercial Litigation.

Ferguson Cannon Lawyers have an experienced team of lawyers that will be able to assist you with all of your requirements relating to SMSFs. For any further queries please do not hesitate to contact Byron Cannon, Director, or Samuel Barber, Lawyer on 07 5443 6600, or email byron@fclawyers.com.au or sam@fclawyers.com.au.