Is your SMSF Trust deed out of date?

Can it still do the things you want it to?

Your SMSF Trust Deed is the single most important document in your fund. It clearly specifies all of the rules that govern the operation of your fund. Whilst government legislation dictates all the things that your fund can’t do the Trust Deed outlines all the things your fund can do.

The problem is that your fund is only accurate at the time of final drafting and signatures.

And the SMSF world changes alot.

Each year there are numerous new tax rulings, court cases and ATO decrees on many issues that affect SMSFs. Any number of these could have a major impact upon the operation of your SMSF. 

For example if your SMSF Trust Deed is not up to date it could affect:

  • Your tax benefits if you tried to access a pension that was not explicitly allowed.
  • The beneficiaries of your super fund after you die – it is entirely conceivable that the wrong people would receive your inheritance.
  • The ability of your fund to pay transition to retirement benefits.

All of this before we get to the wholesale changes that the 2017 Superannuation legislation brought in. Quite simply they ushered in the biggest revolution in the SMSF world in the past decade. These include:

  • The refund of excess contributions
  • Limited Recourse Borrowing Arrangements
  • Non lapsing Binding and Non Binding Death Nominations
  • Rolling back pension funds to accumulation
  • Capital Gains Tax Relief
  • $1.6 million Transfer Balance Caps
  • Eligibility to access the expanded non concessional contribution rules
  • First Home Owners Scheme

Visionary Advisors strongly recommends a review of your SMSF Trust Deed to make sure it is up to date and can still do the things you want it to.

To find out more call Jillian Dwyer on 02 4926 7100.

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