Updating of your SMSF Trust Deed

Regular legislative changes in law, necessitate that SMSF deeds be reviewed and updated at regular intervals. Having an outdated deed with invalid clauses not only poses a danger of not complying with current legislation, it could also deprive you of advantages of new strategies that have been developed in view of these latest changes.

The ATO states "As a trustee, you need to make sure the trust deed is regularly reviewed and updated so it complies with the super laws (including changes to the law) and the members' needs." Some of the most recent changes include the following:

1. Automatic appointment of LPR of a member in case of unsound mind;
2. Fund can accept contributions from a full time employee;
3. Acceptance of additional concessional contributions above the cap amount in certain circumstances;
4. Roll out payment of a death benefit can either be in cash or in-specie;
5. Calculation of Exempt current pension income as per the ATO’s new view;
6. Expanded allowable investments to digital assets & crypto currencies;
7. Adding/replacing/removing a reversionary beneficiary without commuting a pension;
8. Acceptance of a death benefit payment as roll over from another fund;
9. Accept voluntary contributions from members under the First Home super saver scheme;
10. Automatically converting a TRIS to an account based pension in case of meeting nil conditions of release;
11. Changes to bring forward rules where non-concessional contributions are restricted by total superannuation balance of the member.
12. Deed allowing 6-member funds.
13. Indexation of balance transfer cap and adjustment to cap amounts of concessional and non-concessional contributions which can be made to the fund.
14. Deed updated so trustees can receive payments in accordance with 'Non-Arm's Length Expenses' (NALE) rules
15. Deed updated to clarify provisions in relation to total and permanent disablement and retirement provisions.
16. Removal of provisions on forfeiture of benefit entitlements.

Due to the above new rules, if your deed has not been updated within the last 12 months you should strongly consider updating your deed. This will ensure fund members can take advantage of any new provisions afforded by changes to superannuation law.

Proceed

Just Superfund can update your trust deed to ensure all members can take advantage of the recent changes to legislation. The fee for this service is just $330

To process the request, we will require some basic information along with payment.

You will then get a copy of the new, up-to-date, trust deed emailed to you.