Application by Motor Trades Association of Australia Superannuation Fund Pty Ltd atf Spirit Super [2021] NSWSC 1672

Supreme Court New South Wales

Medium Neutral Citation: Application by Motor Trades Association of Australia Superannuation Fund Pty Ltd atf Spirit Super [2021] NSWSC 1672 Hearing dates: 25 October 2021. Further submissions on 16 November, 14 and 16 December 2021. Date of orders: 17 December 2021 Decision date: 17 December 2021 Jurisdiction: Equity Before: Henry J Decision: The Plaintiff is justified in amending the Trust Deed in the manner set out in the Draft Deed of Amendment. Catchwords: EQUITY – Trusts and trustees – Judicial advice under s 63 of the Trustee Act 1925 (NSW) – where proposed amendments to trust deed of superannuation fund give trustee power to levy fee on members and accumulate trustee capital – where amendments sought to enable trustee to meet potential liabilities against it and its directors – where superannuation fund operates under profit-to-member structure with nominal capital – whether proposed amendments consistent with recent amendments to ss 56(2) and 57(2) of the Superannuation Industry (Supervision) Act 1993 (Cth) and duties of the trustee Legislation Cited: Corporations Act 2001 (Cth), ss 181, 199A, 199B Court Suppression and Non-Publication Orders Act 2010 (NSW), ss 6, 7, 8, 11, 12 Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (NSW) Superannuation Industry (Supervision) Act 1993 (Cth), ss 56(2), 57(2) Trustee Act 1925 (NSW), s 63 Cases Cited: Application by LGSS Pty Ltd atf Local Government Super [2021] NSWSC 1613 Application by Maritime Super Pty Ltd atf Maritime Super [2021] NSWSC 1614 Australian Prudential Regulation Authority v Kelaher [2019] FCA 1521; 138 ACSR 459 Baymill Investments Pty Ltd v Drewlock Pty Ltd [2019] VSC 827 Chamberlin v Spry [2008] VSC 562 D1 v P1 [2012] NSWCA 314 Fairfax Digital Australia and New Zealand Pty Ltd v Ibrahim (2012) 83 NSWLR 52; [2012] NSWCCA 125 Hogan v Hinch (2011) 243 CLR 506; [2011] HCA 4 Invensys Australia Superannuation Fund Pty Ltd v Austrac Investments Limited (2006) 15 VR 87; [2006] VSC 112 John Fairfax & Sons Pty Ltd v Police Tribunal of New South Wales (1986) 5 NSWLR 465 Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar the Diocesan Bishop of The Macedonian Orthodox Diocese of Australia and New Zealand (2008) 237 CLR 66; [2008] HCA 42 Marley v Mutual Security Merchant Bank & Trust Co Ltd [1991] 3 All ER 198 Miller v Miller (1995) 16 ACSR 73 QSuper Board [2021] QSC 276 Re Application of NSW Trustee & Guardian [2014] NSWSC 423 Re Application of Perpetual Trustee Co Ltd [2003] NSWSC 1185 Re Care Super Pty Ltd [2021] VSC 805 Re Cuesuper Pty Ltd [2009] NSWSC 981 Re HEST Australia Ltd [2021] VSC 809 Re Perpetual Investment Management Ltd [2014] NSWSC 784 Re Retail Employees Superannuation Pty Ltd [2013] NSWSC 1681 Rinehart v Welker (2011) 93 NSWLR 311; [2011] NSWCA 403 Robinson v Pett (1734) 24 ER 1049 Telstra Corp Ltd v NBN Co Ltd [2014] NSWSC 940 Welker v Rinehart [2011] NSWSC 1094 Texts Cited: Nil Category: Principal judgment Parties: Motor Trades Association of Australia Superannuation Fund Pty Limited (ACN 008 650 628) as trustee for Spirit Super (ABN 74 559 365 913) (Plaintiff) Australian Prudential Regulation Authority (amicus curiae) Representation: Counsel: H Insall SC with T Rogan (Plaintiff) S Cooper QC with D Allen (APRA as amicus curiae)