Superannuation in general, and self-managed superannuation funds specifically, are ideal for asset protection from a trustee in bankruptcy, should this adverse financial situation arise!
A person’s entire interest in superannuation in accumulation phase is protected where that interest is held in, for example:
- a regulated superannuation fund;
- a retirement savings account.
It should be noted that in some instances contributions to a superannuation fund may be unwound where payments were made in breach of fiduciary duty; clawback provisions may apply if a number of conditions are satisfied, however generally a pattern of regular and sustained contributions would not fall under the clawback provisions.
If we can be of assistance please contact us on 08 9204 3733.