SMSF Works new SMSF Trust Deed is now available

Not since the introduction of Simple Super on 1st July 2007 have we seen such significant changes in superannuation. Our clients who were the beneficiaries of the positive tax changed ten years ago are the majority of people who will be impacted by the changes post 1 July 2017.

For those who wondered “was this too good to be true” you can clearly say yes it was!

A great many clients have not up dated their deeds since July 2007 so it is now appropriate that a review of their deed is undertaken.

After several weeks of working with our legal representatives, we have an up to date trust deed dealing with both the new legislative requirements and significant strategic considerations relating to trustee powers and death benefit payments.

The following is an outline of the new features of the deed:

  • Our first consideration is all the new super reforms
  • Introduction and administration of the $1.6 million superannuation transfer balance account
  • Changes to the pension account to include transfer balance cap/account
  • Excess transfer balance
  • Excess transfer balance tax
  • Transfer balance account
  • Refund of Ineligible contributions

Specific drafting related to the amendment of trustee powers providing clear direction in relation to the following:

  • Changes to process allowing Members to appoint and remove trustee
  • Legal Personal Representative with Enduring Power of Attorney
  • Legal Personal Representative of Deceased Member
  • Legal Personal Representative of Member with a Legal Disability
  • Death Benefit Pensions
  • Death of Pensioner and reversionary pensions
  • Procedures related to death benefit payments and binding nominations
  • Transfers from UK Pension Schemes and QROPS requirements incorporated into the deed

For further information and assistance please contact our office.