Build an SMSF company that acts solely as the trustee of your Self-Managed Super Fund (SMSF). The constitution prohibits distributing income and property to shareholders. It is ‘safer’ for your SMSF to have a Special Purpose company. You save on ASIC’s annual charge.
We check your company registration. This is before it proceeds to ASIC.
Build an SMSF company that acts solely as the trustee of your Self-Managed Super Fund (SMSF). Fully SIS Legislation compliant with Special Purpose Company rules.
The constitution prohibits distributing income and property to shareholders. It is ‘safer’ for your SMSF to have a Special Purpose company. You also save on ASIC’s annual charge.
We check your special purpose company registration. This is before it proceeds to ASIC for incorporation as a Special Purpose Company. It is fully SIS Legislation compliant.
When I started practising in superannuation law in the 1980s, the majority of SMSFs had just ‘dad’ as the trustee. In those days you only needed one trustee. Now all the members are trustees. Or all the members are directors of the SMSF corporate trustee. These days most superannuation lawyers, accountants and financial planners recommend a company as trustee of your SMSF. This is because:
You can’t mix SMSF assets with your other assets. A dedicated SMSF special purpose company has no other job. When ‘mum’ and ‘dad’ buy an asset for the SMSF, they may forget to add ‘as trustee for the SMSF’. There is a breach. In contrast, if you buy an asset in the name of the SMSF special purpose company and forget to put ‘atf SMSF’, it is not a big issue.
Q: My old SMSF Deed is 6 years old. And needs a Deed upgrade to a Legal Consolidated SMSF Deed. Also, the SMSF trustees are currently individuals. Can I update the Trustee and the Deed both at the same time?
A: Yes you can update the SMSF Deed and Trustee by this Deed of Variation to update Deed and change Trustees. It changes human trustees to your new company. And it upgrades your SMSF rules. Both at the same time.
(Only need to remove the human SMSF trustees and put in your new company? Build this Deed of Variation to update Trustee. However, even if your SMSF is new you should take the opportunity to upgrade it to a Legal Consolidated SMSF Deed.)
For more legal advice telephone us. We are a law firm. We can help you answer the questions.
Adj Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
National Australia law firm
Mobile: 0477 796 959
National: 1800 141 612
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