2007 Publications

December 2007
"Excited about Superannuation Borrowing?" by Peter Bobbin
In this paper Peter Bobbin raises a sample of the issues that appear central and relevant to any considered analysis to section 67(4A) of the Superannuation Industry (Supervision) Act . Also attached is details of The Argyle Superannuation Acquisition Instalment Trust is a financial structure developed by Argyle to facilitate a superannuation fund borrowing, in accordance with the rules that allow this, to acquire an interest in any assets that a superannuation fund may properly invest in.

"Investment Management Manna from Government Super Heaven" by Peter Bobbin
The planning opportunities are almost limitless, many self managed superannuation fund trustees that were once frustrated from achieving their investment ideals through a lack of funds, can now borrow to make that real estate purchase or enhance their share portfolio. Also attached is details of The Argyle Superannuation Acquisition Instalment Trust is a financial structure developed by Argyle to facilitate a superannuation fund borrowing, in accordance with the rules that allow this, to acquire an interest in any assets that a superannuation fund may properly invest in.

"Alter Ego Trust Failure" by Peter Bobbin
This article reviews the recent successes of the courts in looking through a family discretionary trust and attaching assets to a person with the effect that claims against the person may then reach into the trust asset holdings. The solution? Respect your trust!

"Fatal Attraction" by Peter Bobbin
The distribution of death benefits through inheritance is the largest source of grievance before the Superannuation Complaints Tribunal and such angst is on the rise Peter Bobbin writes. Originally published in Asset Magazine December 2007

November 2007
"It takes only one bad apple" by Peter Bobbin
If Australians' retirement savings are to be safe, ASIC's new program to make it easier to weed out dubious advisers must be followed up with new whistleblower protections writes Peter Bobbin. Originally published in Asset Magazine November 2007

October 2007
"The first casualty" by Peter Bobbin
Misuses and abuses of authority give great cause for concern as they continue to erode respect for the Australian tax system. Peter Bobbin reviews recent examples from the Australian Tax Office. Originally published in Asset Magazine, October 2007.

"Locking in value" by Peter Bobbin
Few financial planning principals have their own business development and succession strategies, and many do not realise the true value of their client base, writes Peter Bobbin. Originally published in Asset Magazine, October 2007.

September 2007
"PI insurer a must in large claims" - interview with Peter Bobbin
Large claims should never be settled without getting the approval of your professional indemnity insurer. Peter Bobbin explains how AMP’s recent High Court loss will affect advisers and dealer groups, in this interview which originally appeared in IFA magazine 10-26 September 2007.

"Super strategy needs super caution" by Mary Ferizis
It is well known that self-managed superannuation funds (SMSFs) draw scrutiny from the Tax Office. But if you are adviser - and almost all financial advisers are now working in the SMSF market - ASIC is concerned with how you help client SMSF trustees document their investment strategy. Mary Ferizis explains ASIC’s compliance obligations in this article, which originally appeared in IFA magazine’s special SMSF Supplement, 27 August - 2 September 2007.

August 2007
"Role of industry standards in a principle-based regulatory regime" by June Smith
A high-powered industry panel was convened at the 2007 IFSA conference to discuss the role that industry standards play in defining and regulating financial services industry participants. June Smith reports on the panel discussion, including the difference between principles and standards, the purpose of industry standards, common mistakes and practical implications. Originally published in Lexis Nexis Financial Services Newsletter Aug-Sept 2007 double issue.

July 2007
"Sting in the tail" by Peter Bobbin
Peter Bobbin examines the continuing crisis involving professional indemnity insurance for financial planners, expecially in light of the recent High Court decision in Cornwell’s case. He warns advisers that superannuation claims can take years to come to the surface. Originally published in Asset Magazine, July 2007.

June 2007
"Keep it simple" by Peter Bobbin
The changes to superannuation are complex, unfair and rushed. More time is needed for people to make decisions about their long-term commitments, according to Peter Bobbin. The so-called "simpler super" is not an opportunity, but a limitation that never existed before. Originally published in Asset Magazine, June 2007.

May 2007
" See here, understand?" by Peter Bobbin
If you think the indecipherable legal verbiage, written in microscopic type and buried in obscurity on your customer documentation, will cover your liabilities, think again. Peter Bobbin explains the importance of disclaimers for financial planners and other professionals. Originally published in Asset Magazine, May 2007.

April 2007
" Death and super" by Peter Bobbin
Australian superannuation law was designed only with tax purposes in mind. But simpler super can rob families of their estate-planning goals. Aged under 25? Ignore your own super future, and embrace the super future of everyone else by studying four law subjects: trust law, superannuation law, tax law and litigation. Peter Bobbin explains. Originally published in Asset Magazine, April 2007.

March 2007
" Friendly file casualty" by Peter Bobbin
Wise financial advisers keep careful file notes and they refrain from blaming others for any shortcomings. Using recent case examples, Peter Bobbin describes the harsh penalties for failure to keep proper file notes. Originally published in Asset Magazine, March 2007.

"Trustbusters: Asset protection and the art of the alter ego entity - the Richstar decision" by Stephen Mullette
The Federal Court decision in ASIC v Carey (No 6) ("Richstar") has caused some consternation amongst those who have long sought the shelter of discretionary trusts for protection of assets from the reach of creditors. Stephen Mullette provides a comprehensive analysis of the Richstar decision, from the dual perspectives of asset protection structuring and insolvency practice. Originally published in Australian Insolvency Journal, January-March 2007.

February 2007
"Bankruptcy hits home" by Peter Bobbin
Now is a particularly good time to review wealth preservation strategies. Changes to the Bankruptcy Act, proposed or adopted in 2006, have turned much traditional asset protection thinking upside down. New ways of thinking are needed if holding wealth to and beyond retirement is to be achieved. Originally published in Asset Magazine, February 2007.