As a Trustee of a Self-Managed Superannuation Fund (SMSF) you enjoy the benefits of managing your own long term financial security. With these benefits comes the associated responsibility to ensure that your SMSF Trust Deed is updated on a regular basis to comply with current legislation.
The Commissioner of Taxation has stated in the Guide to SMSF Trustees that:
“…as a trustee, you need to make sure the Trust Deed is regularly reviewed and updated so it complies with the Super laws (including changes to the law) and the members’ needs.”
The accounting profession generally recommends that annual Trust Deed upgrades are undertaken to ensure currency and compliance.
There have been a number of changes recently that may require your Deed to be updated for ongoing compliance. Of particular interest is that a number of changes now have the potential to deliver additional benefits and advantages.
What are the changes, and do they affect me?
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