27/07/2016

Out with the old and in with the new!

Superannuation trust deeds gradually age over time and it's important that a deed is regularly reviewed for several reasons, including:

1. to incorporate and be compliant with any changes in legislation;

2. to provide the trustee/s with the relevant powers to allow the trustee/s to take certain actions in line with strategies permitted by the law (for example, limited recourse borrowing arrangements); and

3. to allow the trustee/s to be able to benefit from any stamp duty concessions for transactions that are permitted by law.

We provide a service known as our "premium SMSF conversion" where before we amend your deed to ensure it is fully up-to-date, we review your current trust deed and all other preceding deeds, including the establishment deed.

This allows us to check that any amendment deeds signed after the establishment deed are valid and have been adopted in accordance with the rules contained in the trust deed (that was current at the time of the change).

By reviewing what the current amendment power says about changing the rules of the trust, we ensure that the update of the deed complies with the process required by the relevant deed.

Annually after that, we prepare a standard update package which we offer to you to ensure your deed is fully compliant and up-to-date.  We take all the guesswork and inconvenience out of the regular updating of your self managed superannuation deed.

In order to get an old trust deed or not-so-old trust deed up with the times, please contact Townsends Business & Corporate Lawyers on (02) 8296 6222.