If you have a self-managed superannuation fund (SMSF) it’s a good idea that the trustee regularly reviews the deed to ensure it is up to date.
For example, if you have a SMSF deed that was created in 2006 or earlier, it does not include the following:
- changes to the law about SMSF borrowing;
- changes to the law allowing an SMSF with members under 18 years and a corporate trustee;
- changes to the law about SMSF investment strategies; and
- the option for SMSF members to specify in their death benefit arrangements to whom their death benefits will be paid if a beneficiary or beneficiaries predecease the member.
The latest version of the Cleardocs SMSF deed is version 13. You can see a full list of the changes incorporated in each version of the deed here.
What information do I need to update my SMSF deed?
If you’re unsure of what you need to order an SMSF deed update from Cleardocs, here’s a checklist to ensure you have all the information that you need:
- the SMSF - for example, when it was set up etc.
- the members, the trustees, any employer-sponsor
- the names of, dates of, and parties to the original deed and any later deeds that amend the original deed
- the number of the clause in the original deed that allows the deed to be amended.
I’ve lost my SMSF deed, what do I do next?
In the event that you’ve lost your SMSF deed and don’t know where to start to create a new one, you may want to consider what’s listed below before consulting a lawyer:
· Arrange for all parties to the deed to conduct a thorough search for the deed;
· Contact the person (maybe a solicitor or accountant, or their firm) who arranged the deed to see if they have a copy;
- Ask the person (maybe a solicitor or accountant, or their firm) who arranged the deed if they have a deed which they arranged around the same time as your lost deed was arranged; and
- Seek advice from your lawyer as to whether you can use a similar deed to replace the lost deed.
Maddocks provides a specialist service for lost SMSF deeds.
Bulk updates?If you are interested in a bulk-order for the SMSF deed update, then let us know.
- simplify the payment methods to save you time;
- for hundreds of deed updates, can arrange to insert data from your system directly into our system.