The Trust Deed of a Self Managed Superannuation Fund governs the operation of the Fund. If the Trustee of a SMSF is permitted under the Superannuation legislation to undertake particular actions, it is still generally not able to do so unless permitted by the Trust Deed.
Therefore, it is important to ensure that the Trust Deed remains current and that the Trustee has the authority under the Trust Deed to act to the extent permitted by the legislation.
We believe update of SMSF deed is required in the following situation:
1. Law Changes & Age of the Deed
If there are changes to the law relating to SMSFs, then the deed and rules require review to ensure that no changes is required.
If a SMSF’s trust deed has not been updated since 1996 (or even since 2006), then your trust deed will not reflect the current super rules. Your SMSF deed must be reviewed to ensure your deed allows for all the new changes in the super law.
Generally, your SMSF trust deed should be reviewed at least every five years to make sure that it is current and up to date.
2. If as trustees you are intending to undertake any activity with your SMSF, and that activity is not included within the trust deed, then you will need to review and update the trust deed.
3. Change of individual trustees – When there is a change in the individual trustees, the SMSF deed needs to be updated.
How much does it cost to update the trust deed?
At SuperHelp our fees are $395 for Changes to Trustees Update & $245 for SMSF Rules Update.
Please visit our SMSF Trust Deed Update service page for more information.
Any questions on SMSF?
Please contact SuperHelp on 1300736453.
Article Disclaimer: This information should not be considered personal financial advice as it is intended to provide general advice only. The article has been prepared by Superhelp Australia Pty Ltd without taking into account your personal objectives, financial situations or needs.
The information contained in the article may not be appropriate to your individual needs therefore you should seek personal financial advice before making any financial or investment decisions.