Deeds of Variation to update SMSF Deed
|Update Trustee – SMSF update to remove, replace & add new Trustees||$225|
|Full Replacement Deed – update your SMSF Deed||$220|
|Binding Death Benefit Nomination – non-lapsing, never needs updating||$89|
|Update Trustee, Member and Full Replacement Deed||$305|
|Change SMSF name||$205|
|Replace a lost SMSF Deed||$660|
– 1999 – ‘Excluded Funds’ became ‘Self-Managed Super Funds’, preservation & in-house assets
– 2007 – ‘Simpler Super’
– 2017 – Legislation passed in 2016, requires the changes below
1. Internally ‘rollback’ pensions to accumulation;
2. Segregate assets between accumulation and pension phases;
3. Reject contributions;
4. Refund contributions;
5. Deal with excess transfer balance tax and excess non-concessional contributions;
6. Allow income streams and Account Based Pension (grandfathered);
7. Specify guardians for incapacity and death;
8. Identify the Power of Attorney when living overseas for more than 2 years;
9. Resettle pensions with flexible timing without mingling with accumulation account;
10. Allow reversionary beneficiary nominations;
11. Provide for CGT relief;
12. Deal with segregated and unsegregated assets;
13. Cease or keep Transition to Retirement Income Streams;
14. Calculate member balances, across different funds; and
15. Calculate internal pension rollbacks to accumulation.
These SMSF updates are all required to give maximum flexibility to your accountant and adviser.
1. Removing clauses requiring the Trustee to do something that is no longer legal or beneficial;
2. Changing the sections that are ‘regimented’ with unnecessary rules vs being ‘permissive’. There is no point stating mandatory SIS requirements. In fact, it is dangerous to re-state legislation. This is because it dates your deed;
3. Accounting for an increased concessional contribution cap;
4. Removing insurance cover where the conditions are out of date;
5. Incorporating clauses about losing the pension at death or when the minimum payment has not been made;
6. Allowing for excess concessional contributions taxed at member’s marginal rate (-15% offset);
7. Updating the Investment Strategy to incorporate the ATO’s new Audit approach;
8. Changing market valuation clauses to leave the mechanism for the Accountant;
9. Allowing remuneration for non-trustee duties; and
10. Allowing non-lapsing Death Benefit Nominations.
Update your Deed to ensure your SMSF is compliant. Then you get the most out of your SMSF.
‘Resettlement’ is when you create a new ‘trust estate’ out of an old trust. This applies to SMSFs and causes significant tax implications. However, there is no risk of resettlement under the High Court authority of Commercial Nominees (2010).
Updating your SMSF Deed through Legal Consolidated does not result in the resettlement of your SMSF. We retain the parts of the old Deed that are required by legislation and previous court decisions. But this does not affect a resettlement.
Our letter of advice expressly states there is no resettlement. This is for your Financial Adviser and Accountants’ due diligence files.