Friday, October 12, 2012

SMSF Update

Harin Wijenayake, Marketing Manager

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.

Things to consider before updating your SMSF deed includes such things as whether or not binding death benefit nominations are allowed, ensuring that the trust deed governing your fund gives the trustees the power to accept contributions, whether borrowing is allowed or for example, whether the fund can actually pay a pension income stream.

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.
We can:
  • 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.
We have made our interface as easy to use as possible for our customers - if you have any questions, you can call us on 1300 307 343.

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