Upgrade Your SMSF Trust Deed

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Generally, it is best practice to upgrade your deed when new rules are introduced and for the more astute SMSF Trustees, annually with an automatic upgrade.  Some of the changes to the laws required to be reflected in the deed for your SMSF are:

·       Increasing the number of members a SMSF may have from four to six enabling a SMSF to become a true family super fund;

·       Enabling younger members to hold their superannuation benefits is a separate investment account to other members of the fund;

·       Limiting the payment of superannuation benefits on the death of a member to the deceased member’s lineage or bloodline;

·       Ensuring the fund does not breach the pension limit rules and also, the pension payment rules;

·       Enabling the Trustee of the Fund to accept a broader category of contributions for fund members, particularly retired fund members;

·       Implementing a SMSF Living Will which provides directions to your Trustee of what is to happen in the event you are incapacitated with a sickness, quarantined or have dementia.  This is crucial to put in place so that your enduring power of attorney becomes your replacement trustee, able to implement and execute your wishes in a binding manner;

·       Implementing a SMSF Will which provides directions to your Trustee on what is to happen in the event of your death.  This is crucial to put in place so your Executor becomes your replacement trustee and able to implement and execute your wishes in a binding manner.

Because of the above, and in particular, the Commissioner’s requirements, compliance and audit issues and ensuring your SMSF is as strategic, efficient and less likely to hit an expensive roadblock, we strongly advise that you upgrade the current deed and governing rules for your fund.  In addition, we recommend that the deed be placed on an annual upgrade basis to ensure that it complies with all current superannuation laws, cases and strategies.