The NSW Supreme Court's decision in Gainer Associates has crucial implications for self-managed superannuation funds. The case examined Gainer’s attempts to amend its governing rules, specifically addressing the distribution of death benefits and the remuneration of trustees. This case highlights the court’s emphasis on compliance with the Superannuation Industry (Supervision) Act 1993 and the importance of transparency with regulatory bodies.

The Gainer case serves as a vital reminder for SMSF trustees to prioritise due diligence, transparency, and adherence to compliance standards.

The recent NSW Supreme Court decision in Gainer Associates Pty Limited [2024] NSWSC 1138 sheds light on critical issues surrounding self-managed superannuation funds. This case intricately examines  issues of trustee responsibilities, compliance with the Superannuation Industry (Supervision) Act 1993, and the necessary judicial oversight in potentially contentious situations.

The court emphasised the need for trustees to maintain clear documentation and adhere to the Superannuation Industry (Supervision) Act 1993. This case serves as a vital reminder for trustees regarding the complexities of compliance and the significance of transparency in governance..

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