Update SMSF Deed
You are building the update SMSF Deed. It updates your Self-Managed Superannuation Fund for:
3. Deed (full replacement)
Legal Consolidated Barristers & Solicitors automatically puts in all Deed updates. These are required for the:
1. new Superannuation legislation; and
2. the budget changes.
What do I get in the Update SMSF Deed?
Build this Update SMSF Deed. You get:
1. Deed of Variation – updates your SMSF Deed, the Trustees and the Members
2. Binding Death Benefit Agreement
3. Minutes for the Trustee to accept the Deed of Variation
4. Product Disclosure Statement – fully updated
5. Letter on our law firm’s letterhead confirming the above. Signed by a partner of the law firm
Other documents you can build on our web site:
Why update SMSF Deed?
The Superannuation laws have changed. An old SMSF Deed is dangerous. It contains irrelevant clauses. This increases your risk of exercising a power you’re no longer allowed. This results in the loss of the tax concessions.
Over the last 4 years, there have been 13 significant changes to superannuation legislation. These include:
* change concessional contribution cap
* Insurance – new satisfying conditions
* pension limits and changed payout rules
* Excess concessional contributions rules
* Investment strategy should now be reviewed annually
* Trustees must report assets at market value using new rules
* remuneration for certain non-trustee duties
Trustee vs a Member?
The Trustee looks after the Self-Managed Superannuation Fund. The Member is the lucky person who will, one day, get the assets in the SMSF. The Member gets the assets after retirement.
Usually, the Trustees and Members are the same persons. The law requires that if you are one of the members then you must also be a trustee as well.
E.g. James and Jenny are the Members. They must, by law, also both be the Trustees.
An exception to this rule is if you have a company as your Trustee. This is called a ‘Corporate Trustee’. In that instance, the only Trustee, by law, must be your company. The only directors of the corporate trustee must be the members.
E.g. James and Jenny are the members. They have a company as the trustee. Both James and Jenny must, by law, be the only directors of the company.
Trustee or Member dead, bankrupt or of unsound mind?
This Deed of Variation updates your Trustees and Members, even if they are dead or otherwise incapacitated.
You are building your legal document on a law firm’s website. Telephone us anytime to get legal advice. We help you answer the questions.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers & Solicitors
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