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5 J. Austl. Tax'n 1 (2002)

handle is hein.journals/jouaustx5 and id is 1 raw text is: THE TRUE NATURE OF A MEMBER'S INTEREST IN A SUPERANNUATION FUND By the Honourable Justice Graham Hill uperanuatmHion schmes my tak many frmI and /th /rm may dictael' The tie of thice member' Intreats, t falttrv chmesin apnume a sUpennuatin. Futnd ill ay bsg e trut a that iinerest ofs a membe r a benficial interest in that trus t. end, ing on sggeme tat every iueranat i bc vest t ontine o mrely a neutrlo e cosidered tha befnefits by te l trusteF. Whi l thh e may gcontract bete tht eber anld e'mployerl to p)rovide, the benefits Is is not norlmalfor there to be anl enforceaofbte contract beutwe the mebeuadthttuteaadia.ncs thec contract rightn may merge, Ii the trut interest. The generald lawr p)osition is to be fcted/c( inl// the a 1rea ffaily/( tlawan is affctedC ( nowIl inl banlkrulptcy Clcas. There have, bee'cse inl/I th United King-doml an/d Austra1lia w1hich put/ emnphlasis on/ contractual r'igI hts butl there is aI difficlty I inl the anlisW, particullarly inl the quest ionl wrhat cons.iderationl there Is between'l the member1l and the trusteec. TheI, better viewl will ulsually be that the benecficiary 's' intecrest lies inl trust even 11cc where , some 1 contratu reIlionship? m1ightl be a ocle. In Cnaeda i was geed ha a terLannW uionl due is reanly Co purchase rust. That sug gebraioy 20 now bee tiownted by he Snlaian courtsA inl favour of th view that there is normally atlest a trs/or benecficiaries . 1. INTRODUCTION The title to this article' may create a false impression in a number of respects. First it may suggest that in all cases a member will have an interest in some fund. Secondly, it may suggest that every superannuation scheme (to use a more neutral expression than fund) is actually a fund. Finally, the title may suggest that every Justice of the Federal Court of Australia. 1This article is based on a paper delivered at the Law Council Superannuation Conference. Adelaide 20-23 February 2002 in memory of the late Libby Slater. (2002) 5(1) 1

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