Business News

Revised SMSF trust deed launched

Specialist SMSF document provider NowInfinity has made a new trust deed available to advisers and trustees allowing for all the system changes brought about by the super reforms set to take effect from 1 July.

Specifically, the new deed encompasses elements such as the introduction and administration of the $1.6 million transfer balance cap, the amendments to the concessional and non-concessional contributions limits, the capital gains tax relief provisions, the changes to the transition-to-retirement rules, and the carry forward of the unused portion of the concessional contributions caps.

Further, the new deed has included some additional estate planning features, including the ability to provide certainty in the priority between pension interests and death benefits, the ability to reserve the interpretation and application regarding the processing of a death benefit to the SMSF member’s chosen alternative decision-maker, and a comprehensive and cascading death benefit nomination form.

NowInfinity took the opportunity of the deed’s launch to encourage advisers and trustees to review their SMSF trust deed as well as all relevant documents such as the investment strategy.

“Not since 2007 has Australia seen such wide-sweeping changes to superannuation, so now is the time for advisers with SMSF clients to review and update SMSF trust deeds,” NowInfinity chief executive Amreeta Abbott said.

“It cannot be assumed that if a transaction is allowable under the legislation that it will be allowable under the trust deed.

“To make that assumption can be a very expensive process, especially with the trustee administrative penalties and charges.”

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