NowInfininty has updated its SMSF trust deed in the wake of the new superannuation reforms coming into effect 1 July, and has issued a warning to advisers to do the same.
In a statement yesterday, chief executive of document-generating platform NowInfinity, Amreeta Abbott, said advisers need to ensure they’re across how regulatory changes need to be implemented into the SMSF’s governing rules – which reside in the SMSF trust deed and its ancillary documents – that is, investment strategy, pension documents, etc.
The trust deed is the most critical document in terms of stipulating the governing rules of an SMSF, Ms Abbott said.
“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,” she 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.”
NowInfinity said it has updated its SMSF trust deed to ensure it accommodates all the new super reforms. The trust deed now also has a strong focus on estate planning protocols, the firm said.
“Some of the many other features of the deed include wide latitude in membership classification, with the ability to limit membership to criteria identified by founding members. For example, membership can be limited for a specific period of time, happening of an event, or even belonging to a family bloodline pool,” Ms Abbott said.
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