31 October 2019 - EPOA’s and How to Use

Section 17A of SISA 93 allows any person with an enduring power of attorney to act as a replacement trustee or replacement director of a SMSF corporate trustee without being a member of the Fund. This means that a four member SMSF can have one trustee acting for all members, provided that trustee has all other member’s EPOAs.

BUT most lawyer drafted EPOAs focus on the relevant Power of Attorney laws in the state where the principal resides and do not cover the exact requirements of the SISA 93. In this session Grant Abbott from LightYear Docs will go through the strategic side for SMSFs of using EPOAs, why some funds should have only one trustee – even with four members and what needs to be done legally to ensure that a replacement trustee is effective under the SISA 93 as well as creating EPOAs only for superannuation purposes.