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  • New SMSF
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FAQ New SMSF

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SMSF are a way of saving for your retirement where a family of less than 5 members can combine their savings and invest together, It is investment structure where all the trustees are members and are responsible. It is a good way to control and manage your retirement - however is not for everyone. For more information click here to read on the ATO website

We are not a firm of financial planners and cannot do any fact finding or provide a statement of advice, tailored to your needs, if an self managed superannuation fund is suitable to you. You must seek your independent legal, accounting financial advice about your particular situation. Information provided on our website is general in nature and should not be construed as legal or financial advice.

We offer free phone or chat advice only on our legal documents and our online forms, If you need legal advice in your particular situation, we can arrange for you to speak to the law firm who provides us our trust deed, Batallion Legal, who will charge you a fee directly.

Superannuation law prescribes that a trustee must hold assets for its members to be a SMSF. A trust is an arrangement where a person or company (the trustee) holds assets (trust property) in trust for the benefit of others (the beneficiaries). A super fund is a special type of trust, set up and maintained for the sole purpose of providing retirement benefits to its members (the beneficiaries).

To create a trust, you need:

  • trustees
  • assets (an initial nominal consideration to give legal effect to the trust can be used – for example, $10 attached to the trust deed)
  • identifiable beneficiaries - members of the fund
  • the intention to create a trust - a super fund.

A trust deed is a legal document that sets out the rules for establishing and operating your fund. It includes such things as the fund’s objectives, who can be a member and whether benefits can be paid as a lump sum or income stream. The trust deed and super laws together form the fund’s governing rules.

The trust deed must be:

  • prepared by a law firm (Ours is prepared the law firm Batallion Legal – it's a legal document
  • signed and dated by all trustees
  • properly executed according to state or territory laws
  • regularly reviewed, and updated as and when necessary.

Below are some of the unique provisions of our SMSF Trust Deed. The deed has been up dated with superannuation law as on 1st July 2017 (Version 17/2) to include provisions of Superannuation Bill Treasury Laws Amendment (fair & Sustainable superannuation) Bill of 2016 & Treasury Laws Amendment (2017 Measures No. 2) Bill 2017:

# SMSF Trust Deed provision Reason / Benefit for inclusion
1 Automatic appointment of Legal Personal representative of a member in case of unsound mind such as dementia or other related mental illness. Dependants do not have to now apply at the Guardian court to manage the fund, if the aged member loses mental capacity.
2 Trustee votes in case of any disagreement in a meeting are based on superannuation fund balance of the member ($1 of member balance equals to 1 vote). Parents with large amounts are able to control the SMSF when in disagreement with kids who have a lower balance.
3 Fund can accept contributions from a full time employee. Removing the need for any salary sacrifice arrangements by employees.
4 Adjustment to cap amounts of concessional ($25,000) and non-concessional ($100,000) Contributions which can be made to the fund. To acknowledge lower cap amounts from 1st July 2017.
5 Changes to bring forward rules where non-concessional contributions are restricted by total superannuation balance of the member. Members will not be able to contribute non-concessional contributions to the fund whose total superannuation balances are more than or equal to the transfer balance cap amount.
6 Acceptance of additional concessional contributions above the cap amount in certain circumstances. Concessional contributions above the cap amount can be made by utilizing unused concessional contribution cap amounts from up to five previous financial years.
7 AutomaticTrustee reporting requirement of Transfer Balance Account of pension members. Ensures that the trustee reports to ATO all movements in transfer balance account of all pension members at the intervals required by legislation.
8 Acceptance of a death benefit payment as roll over from another fund. Allows death benefits to be paid from the SMSF where the deceased is not a member of the SMSF and where the beneficiary of the death benefit is a member of the fund.
9 Roll out payment of a death benefit can either be in cash or in-specie. Allows the roll out of death benefit of a member to another fund where the dependent beneficiary is not a member of the fund.
10 Internal rollover or transfer of members benefit from a pension account to an accumulation account. Helps the member to better manage their transfer balance account in the fund.
11 Automatic commutation of one or more pension account of the member to accumulation account of the member. Avoids the situation where ATO has determined excess transfer balance tax, if the total of all pension accounts breach the transfer balance account of the member to the extent of the excess amount.
12 Offer a separate investment strategy for any member of the fund. Allows high earnings from certain assets to be credited to pension accounts, this helps the ECPI percentage of following years (but not segregate pension assets for exempt current pension income calculation purposes).
13 Calculation of Exempt current pension income as per the ATO's new view. To ensure that any deduction for ECPI is against income for only the period where there is an accumulation account in the fund where some members are drawing a pension.
14 Valuation of assets (real estate and investment in private companies and trusts) to include selling costs and tax. Lower valuation of these assets helps in keeping the total superannuation balance of members lower for any further non-concessional contributions.
15 Reset the cost base of an asset for 2016 -17 financial year. Allows Trustees to re-set the cost base of any asset to its market value as per transitional Capital gain tax relief in order to comply with transfer balance cap and new transition to retirement arrangements by making an election with the regulator for 2016 - 17 financial year.
16 Automatic pension conversion of all new contributions & roll over after the member has commenced a pension. Avoids the need of any further statement of advice (SOA) from a financial planner to commence pensions for new contribution or roll over made to the fund. Only part of the amount will be converted to pension if the whole amount of new contribution or roll over breaches the transfer balance cap amount.
17 Maintaining transfer balance cap of each member of the fund in retirement phase, including any superannuation balance that are not in this fund. Ensuring before commencing a pension that member does not breach the transfer balance cap amount (for financial year 2017/18 $1.6M).
18 Automatically converting a TRIS to an account based pension in case of meeting nil conditions of release. To ensure that TRIS moves itself to retirement phase (conversion to account based pension) on meeting nil conditions of release such as retirement (gainfully working for less than 10 hours per week), or terminal medical condition or permanent incapacity (item 101, 102A, 103 & 106 of Schedule 1 of SIS Regulation) or on attaining age 65 (item 106 of Schedule 1 of SIS Regulation).
19 Automatic commutation of TRIS to accumulation account, where current pension exceed transfer balance cap amount. To avoid breach of transfer balance cap amount, if the whole transition of retirement pension converts to an account based pension, the excess amount is moved to accumulation account automatically.
20 Adding / replacing / removing a reversionary beneficiary without commuting a pension. Helps the fund in maintaining old pensions due to social security requirements in grandfathering of pensions. Also in case of replacing reversionary beneficiaries in case of marriage breakdown or for any other reason.
21 Commute part of the pension and reporting to ATO any movement in Transfer Balance Account. Helps to maintain transfer balance account of the member where more than the minimum pension is withdrawn to be considered as a commutation rather than a pension payment.
22 Reverting only part of the pension of the deceased to not breach the Transfer Balance Account of beneficiary. Helps in managing the transfer balance account of the beneficiary as reversionary beneficiaries TBA gets credited after death of the member. Balance amount above the transfer balance cap amount is commuted and paid out as a lump sum.
23 Automatic payment of reversionary pension to dependant in case of non nomination of reversionary beneficiary without any trustee discretion. To allow the dependant to benefit from the delay of 12 months to credit their transfer balance account instead of immediate credit in case of death benefit pension.
24 Ability to pay a reversionary pension via binding and non-binding death benefit nomination. Allows the trustee to commence an automatic reversionary pension in case of death of the member to the dependants of the member from BDN instead of only ability to pay a lump sum.
25 Hierarchy to death benefit payments, where there are conflicting binding death nominations, pension agreements with or without reversionary beneficiaries. Deed gives trustee clear instructions to who to pay the benefit, where there are valid or invalid binding death nominations or non-binding death benefit nominations and pension agreements.
This clause gives priority to pension agreement and then in case of a Valid binding death nomination where there is no reversionary beneficiary nominated in pension agreement to pay the pension to the beneficiary listed in binding death nomination and where there is an invalid binding death nomination or a non-binding death benefit and no reversionary beneficiary nominated in pension agreement to pay an automatic pension to any dependant without any discretion.

Click here to download our checklist of the information required to order a Super Fund trust deed from us.

You can choose either up to four individual trustees or a corporate trustee (essentially, a company acting as trustee for the fund). Our one form can create an SMSF with either Individual or a company trustee and provide all legal documents for individual or corporate trustee (including register the company with ASIC) which you will ever need to set up an SMSF.

You should discuss which trustee is suitable in your situation with a SMSF professional, we cannot give you this advice as the two structures differ in terms of member and trustee requirements, cost of operating, ownership of fund assets, succession on death of members and penalties imposed on breach.

Once you have decided to set up a Self Managed Superannuation Fund (SMSF) and have all the information required to set up a trust deed, you can register for free to our online system and create a compliant and current SMSF trust deed in less than 20 minutes.

You can order a corporate trustee of your SMSF when you are ordering a new SMSF. The benefits are

  • One form to be filled instead of creating corporate trustee first and then setting up SMSF - saving you time and avoiding typing errors;
  • you will receive a full set of documents for:
    • Corporate Trustee
    • SMSF;
  • We will register your special purpose corporate trustee with ASIC first and use ACN information to setup your SMSF;
  • You request a single print order and pay only one fee to us.

Self Managed Super Fund

Our comprehensive set of documents includes

  • Trust Deed of your Self Managed Super Fund with a Product Disclosure Statement
  • Consents for member to be trustees of Super Fund or consent of Directors of the trustee company to act as trustees of Super Fund
  • ATO Consent form, Minutes of Members / Trustees to set up the fund
  • Generic Investment strategy of your Self Managed Super Fund
  • Applications to become a member of the fund
  • Non-Binding Death Benefit nomination forms for all members
  • Instruction sheet on
    • how to open bank accounts & Share broker accounts
    • apply for Tax File Number & Australian Business Number
    • how to roll over existing funds to your Self Managed Super Fund and
    • what to do next.

Trustee Company (optional - if requested)

You will receive below set of documents as part of your SMSF set up. We create the Trustee Company with ASIC before we create your SMSF trust deed. We are directly connected to ASIC, hence all documents are emailed to you within minutes of you submitting the form and pay us.

  • Australian Company Number (“ACN”) - An Australian Company Number is a unique nine-digit number issued by the Australian Securities and Investments Commission to every company registered under the Commonwealth Corporations Act 2001 as an identifier.
  • "Certificate of Incorporation" of your company - The Certificate contains, among other information, company name, ACN and date of registration of your newly formed company.
  • Special Purpose SMSF Company's constitution and all necessary legal documents you will ever need for your newly formed company, such as
    • Application for Shares
    • Share Certificates
    • Consent to become Directors of the Trustee Company
    • Share Register / Share Transfer Register
    • Instruction sheet on "what to do next"

Australian Business Number (ABN - Optional if requested)

If you choose this option, we will lodge your application on the www.abr.gov.au website and after the application is processed :

  • We will provide a snap shot of your ABN number on the Australian Tax Office website.
  • ABN and GST registration will appear on ABN Lookup;
  • Australian Business Registrar will send you a written confirmation of your ABN registration; and
  • Australian Taxation office will send Tax File Number of your SMSF to your nominated address.

Once you order an SMSF trust deed from us - unlike other providers who charge a fee, we provide over 40 admin documents for free, such as annual minutes to adopt financial statements, declaration of market value, notice of deductibility of contributions, work test declarations and many others for smooth running of your SMSF.

In September 2015 the Auditing and Assurance Standards Board updated Guidance Statement GS 009 on Auditing Self Managed Superannuation Fund. Paragraph 65 refers auditors to a list of consideration in examining the SMSF’ governing rules and suggests procedures that should be reviewed and adapted for the specific circumstances and audit risks associated with each SMSF audit engagement.

Below is the list with how our trust deed complies with the Appendix 3 of new GS 009.

Ref Questions to be addressed in examining the trust deed How our SMSF Trust Deed complies to this requirement
A ESTABLISHMENT AND EXECUTION
A.1 Is the date of establishment of the SMSF recorded? Clause 1 and Schedule 1
A.2 Has the trust deed been
- Properly executed?
- Signed by all the members who individual trustees?
- Witnessed?
- Dated?
- Stamped (if required)?
Auditor to check if the deed is executed / witnessed and stamped if required.
A.3 Do the rules incorporate the SISA, SISR and applicable taxation rules? Clause 3, 7 & 8
A.4 Does the deed outline the core and ancillary purposes of the SMSF? Clause 4
A.5 Does the deed require an irrevocable election to be made to be a regulated superannuation fund or a fund subject to the SISA and SISR? Clause 6 & 50 including holding cash contribution to apply for an ABN
A.6 Does the deed have a clause which deems the appropriate legislation into or out of the deed to allow the SMSF to remain complying? Clause 7 & 8
B AMENDMENTS TO THE DEED
B.1 Does the deed allow amendments? Clause 201 to 204
B.2 Has the trust deed been amended since the last audit? If so:
- Has the deed amendment been properly executed?
- Is confirmation of the deed’s compliance with SISA and SISR required from the solicitor or other party involved in the amendment?
- Is the amendment signed off by the current trustees?
- Could the amendments impact the audit?
Auditor to confirm
C TRUSTEE AND MEMBERSHIP
C.1 Does the trust deed specify who may be a trustee? Either:
- Two or more individual trustees or
- A trustee company
Clause 25 specifies Section 17A of SIS Act
Disqualified person Section 120
C.2 Does the deed specifically identify the trustee as either individuals or a corporate entity? Clause 1, 25, 28 &Schedule 1
C.3 Are all individual trustees or directors of the trustee company required to be members? Clause 14, 15 & 16
C.4 Does the deed permit members to be
- A non-working spouse?
- A retired person?
- A child?

Clause 14, 15,16, 54 - 58
Clause 14, 15 & 16
Clause 17 & 18
C.5 Does the deed limit the maximum number of members to 4 members? Clause 16
C.6 Is membership open to anyone else? Clause 14 and as long as the conditions under 17A are not breached.
C.7 Do the members of the SMSF meet the definitions?
- No member of the SMSF is an employee of another member, unless related.
- No trustee receives remuneration for their services to the SMSF in their capacity as trustee.

Clause 25
Clause 25
C.8 Does the trust deed contain the trustee covenants in s.52B of the SISA? Clause 44
D AUDIT AND FINANCIAL REPORTS
D.1 Does the trust deed require the appointment of an approved SMSF auditor? Clause 94 - 96
D.2 Does the trust deed require the trustees to prepare a financial report annually and for it to be audited? Clause 88 - 93
D.3 Does the trust deed require the trustees to keep the minutes and records of trustee decisions for at least 10 years and accounting records and signed financial reports for at least 5 years? Clause 93
E CONTRIBUTIONS
E.1 Does the deed allow:
Concessional contributions, including:
- Employer contributions, including contributions made pursuant to a salary sacrifice agreement?
- Member contributions for which a tax deduction is claimed?
Non-concessional contributions, including:
- Member contributions for which no tax deduction is claimed?
- Eligible spouse contributions?
Contributions in respect of minors?
Rollovers and transfers in?
Government co-contributions?
Contribution splitting to a spouse?
Contributions by members who are under 65 and not working?
Contributions by members who are working part-time and are over 65 and under 75?
Mandated contributions to be accepted at any age?
Contribution splitting arrangements pursuant to family law matters?

Clause 48, 59 - 60



Clause 49, 61 – 64

Clause 48
Clause 48
Clause 50, 51, 74 - 76
Clause 48
Clause 54 – 58
Clause 61
Clause 61
Clause 61
Clause 117 - 120
E.2 Does the deed allow for in-specie contributions of assets to be made by members or related parties? Clause 50, 74 - 76
E.3 Does the deed permit spouse accounts and may employers make contributions to spouse accounts? N/A
E.4 Does the deed provide a basis for rejecting excess contributions? Clause 59 - 64
E.5 May excess contributions tax levied on the member be paid by the SMSF, irrespective of preservations rules and conditions of release? Clause 88 – Div 293 Tax
F BENEFIT PAYMENTS
F.1 Does the SMSF require compulsory cashing of the members balance at a specific age? NO – only on conditions of release on request from the member Clause 125 or on death clause 184
F.2 Does the SMSF require a lump sum benefit to be paid in lieu of a pension? NO Only if requested by the beneficiary of a death benefit pension
G PENSIONS
G.1 Does the deed expressly allow for payment of pensions by the SMSF. Including
- Account Based Pensions?
- TRIS?
- Allocated Pensions?
- Term allocated or Market Linked or growth pensions?
- Non-complying lifetime or fixed term pensions?
Clause 143
Clause 160 - 161
Clause 163 - 165
Clause 156 – 157
Clause 158 – 159
Clause 144, 166 - 168
G.2 Does the deed allow for commutation of a pension? Clause 178 – 183
G.3 Does the deed allow for the segregation of assets to meet pension requirements? Clause 173 - 175
G.4 Does the deed make reference to nominated beneficiaries? Clause 169 - 172
>H RESERVES
H.1 Does the deed provide rules in relation to the establishment, maintenance and operation of SMSF Reserves? Clause 108 - 109
H.2 Does the deed require different or parallel investment strategies for each reserve account? NO
I INVESTMENTS
I.1 Does the deed provide powers to the trustees to invest the assets of the SMSF? Clause 77
I.2 Does the deed specify specific assets/asset classes in which the SMSF may invest? Clause 77
I.3 Does the deed prevent investments in, or loans to, related parties? Clause 79
I.4 Does the deed require an investment strategy to be formulated, regularly reviewed, and given effect? Clause 80 - 82
I.5 Does the deed require the investment strategy to consider if insurance is relevant to the members of the fund? Clause 80
J BORROWINGS
J.1 Does the deed prohibit borrowings? Clause 115 only when certain conditions are met under Section 67A and 67B of SIS Act
J.2 Does the deed permit borrowing in specific circumstances, including:
- Temporary borrowings which are required for the payment of member benefits, short term settlement of securities or superannuation contributions surcharges (no longer levied)?
- Borrowings for limited recourse borrowing arrangements?
Clause 115
K WINDING-UP
Does the deed provide for the winding-up of the SMSF? Clause 205 - 207

FAQ ABN & TFN

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All SMSF's must have an ABN and this application is made at the time of electing to be a regulated fund with the ATO.

To be entitled to an ABN, your SMSF must:

  • be indefinitely continuing Australian superannuation fund for tax purposes;
  • have governing rules (a trust deed);
  • have the sole purpose to provide retirement benefits to members;
  • hold assets; and
  • not be owned or controlled by a state/territory or local government.

When setting up your SMSF our online form can apply for ABN, TFN and GST registration for free for you

If your SMSF runs an enterprise with a turnover of over $75,000, then it must be registered for GST. You must seek professional advice if your fund needs to be registered for GST purposes, we cannot give this advice.

You can apply for ABN directly with ATO or on our website for free. Our technological process fills up the ATO form, so that you do not have to fill out their form with the same data. There is no difference on which form you use, however if you use our form, you save time & effort and avoid typing errors in filling out the ATO form.

There is no difference in applying for ABN via our website or directly with ATO, the result will be the same. If ATO decides to reject or refuse your application, they will provide you with a rejection reference number or a refusal number. If you apply for an ABN via our website, we provide this number to you, so that you can provide further details to ATO.

If you have received a reference number by ATO after applying for an ABN via our website or directly with ATO, it means that the ATO

  • could not identify the members (associates) of the fund as the Tax File Number under ATO records does not match with the name that you have provided in your application form;
  • needs more information from you.

Australian Business Registrars (ABR) will contact you within 28 days for more information or you can contact them directly with the reference number.

In some instances, ABR can refuse to provide an ABN for various reasons. If your application was made via our website, we will forward you the refusal number and you will be able to contact ABR directly.

It's your responsibility to maintain your Australian business number (ABN) details. You must update your details within 28 days of becoming aware of changes.

Once you are registered, your ABN details become part of the ABR. It's important your details are up-to-date so that other businesses can access and verify your information, for example, that you are operating a business or the status of your GST registration.

Your ABN details are also used by a range of government agencies to plan for community services and infrastructure development that can benefit business.

FAQ SMSF Update

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When superannuation law changes and our solicitors update our deed, we inform you via email of all the changes to our deed. We explain what the changes are to our deed and how you can benefit by updating your trust deed. You may need legal advice if you intend to update your super fund deed, we cannot give you this advice.

Once you have decided to update your SMSF deed, and if you have purchased your original deed from us, it is very easy to update your deed and can be done with one click.

Below are some of the unique provisions of our SMSF Trust Deed. The deed has been up dated with superannuation law as on 1st July 2017 (Version 17/2) to include provisions of Superannuation Bill Treasury Laws Amendment (fair & Sustainable superannuation) Bill of 2016 & Treasury Laws Amendment (2017 Measures No. 2) Bill 2017:

# SMSF Trust Deed provision Reason / Benefit for inclusion
1 Automatic appointment of Legal Personal representative of a member in case of unsound mind such as dementia or other related mental illness. Dependants do not have to now apply at the Guardian court to manage the fund, if the aged member loses mental capacity.
2 Trustee votes in case of any disagreement in a meeting are based on superannuation fund balance of the member ($1 of member balance equals to 1 vote). Parents with large amounts are able to control the SMSF when in disagreement with kids who have a lower balance.
3 Fund can accept contributions from a full time employee. Removing the need for any salary sacrifice arrangements by employees.
4 Adjustment to cap amounts of concessional ($25,000) and non-concessional ($100,000) Contributions which can be made to the fund. To acknowledge lower cap amounts from 1st July 2017.
5 Changes to bring forward rules where non-concessional contributions are restricted by total superannuation balance of the member. Members will not be able to contribute non-concessional contributions to the fund whose total superannuation balances are more than or equal to the transfer balance cap amount.
6 Acceptance of additional concessional contributions above the cap amount in certain circumstances. Concessional contributions above the cap amount can be made by utilizing unused concessional contribution cap amounts from up to five previous financial years.
7 AutomaticTrustee reporting requirement of Transfer Balance Account of pension members. Ensures that the trustee reports to ATO all movements in transfer balance account of all pension members at the intervals required by legislation.
8 Acceptance of a death benefit payment as roll over from another fund. Allows death benefits to be paid from the SMSF where the deceased is not a member of the SMSF and where the beneficiary of the death benefit is a member of the fund.
9 Roll out payment of a death benefit can either be in cash or in-specie. Allows the roll out of death benefit of a member to another fund where the dependent beneficiary is not a member of the fund.
10 Internal rollover or transfer of members benefit from a pension account to an accumulation account. Helps the member to better manage their transfer balance account in the fund.
11 Automatic commutation of one or more pension account of the member to accumulation account of the member. Avoids the situation where ATO has determined excess transfer balance tax, if the total of all pension accounts breach the transfer balance account of the member to the extent of the excess amount.
12 Offer a separate investment strategy for any member of the fund. Allows high earnings from certain assets to be credited to pension accounts, this helps the ECPI percentage of following years (but not segregate pension assets for exempt current pension income calculation purposes).
13 Calculation of Exempt current pension income as per the ATO's new view. To ensure that any deduction for ECPI is against income for only the period where there is an accumulation account in the fund where some members are drawing a pension.
14 Valuation of assets (real estate and investment in private companies and trusts) to include selling costs and tax. Lower valuation of these assets helps in keeping the total superannuation balance of members lower for any further non-concessional contributions.
15 Reset the cost base of an asset for 2016 -17 financial year. Allows Trustees to re-set the cost base of any asset to its market value as per transitional Capital gain tax relief in order to comply with transfer balance cap and new transition to retirement arrangements by making an election with the regulator for 2016 - 17 financial year.
16 Automatic pension conversion of all new contributions & roll over after the member has commenced a pension. Avoids the need of any further statement of advice (SOA) from a financial planner to commence pensions for new contribution or roll over made to the fund. Only part of the amount will be converted to pension if the whole amount of new contribution or roll over breaches the transfer balance cap amount.
17 Maintaining transfer balance cap of each member of the fund in retirement phase, including any superannuation balance that are not in this fund. Ensuring before commencing a pension that member does not breach the transfer balance cap amount (for financial year 2017/18 $1.6M).
18 Automatically converting a TRIS to an account based pension in case of meeting nil conditions of release. To ensure that TRIS moves itself to retirement phase (conversion to account based pension) on meeting nil conditions of release such as retirement (gainfully working for less than 10 hours per week), or terminal medical condition or permanent incapacity (item 101, 102A, 103 & 106 of Schedule 1 of SIS Regulation) or on attaining age 65 (item 106 of Schedule 1 of SIS Regulation).
19 Automatic commutation of TRIS to accumulation account, where current pension exceed transfer balance cap amount. To avoid breach of transfer balance cap amount, if the whole transition of retirement pension converts to an account based pension, the excess amount is moved to accumulation account automatically.
20 Adding / replacing / removing a reversionary beneficiary without commuting a pension. Helps the fund in maintaining old pensions due to social security requirements in grandfathering of pensions. Also in case of replacing reversionary beneficiaries in case of marriage breakdown or for any other reason.
21 Commute part of the pension and reporting to ATO any movement in Transfer Balance Account. Helps to maintain transfer balance account of the member where more than the minimum pension is withdrawn to be considered as a commutation rather than a pension payment.
22 Reverting only part of the pension of the deceased to not breach the Transfer Balance Account of beneficiary. Helps in managing the transfer balance account of the beneficiary as reversionary beneficiaries TBA gets credited after death of the member. Balance amount above the transfer balance cap amount is commuted and paid out as a lump sum.
23 Automatic payment of reversionary pension to dependant in case of non nomination of reversionary beneficiary without any trustee discretion. To allow the dependant to benefit from the delay of 12 months to credit their transfer balance account instead of immediate credit in case of death benefit pension.
24 Ability to pay a reversionary pension via binding and non-binding death benefit nomination. Allows the trustee to commence an automatic reversionary pension in case of death of the member to the dependants of the member from BDN instead of only ability to pay a lump sum.
25 Hierarchy to death benefit payments, where there are conflicting binding death nominations, pension agreements with or without reversionary beneficiaries. Deed gives trustee clear instructions to who to pay the benefit, where there are valid or invalid binding death nominations or non-binding death benefit nominations and pension agreements.
This clause gives priority to pension agreement and then in case of a Valid binding death nomination where there is no reversionary beneficiary nominated in pension agreement to pay the pension to the beneficiary listed in binding death nomination and where there is an invalid binding death nomination or a non-binding death benefit and no reversionary beneficiary nominated in pension agreement to pay an automatic pension to any dependant without any discretion.

Click here to download our checklist of the information required to order an SMSF update trust deed from us.

Our SMSF update package includes

  • Trust Deed Register
  • Three copies of the Deed of Variation annexed by updated Trust Deed (Two copies of bound Trust Deeds & one copy of hole punched Trust Deed)
  • Minutes of Members / Trustees to initiate the Trust Deed update
  • Instruction sheet on exactly what to do next

All documents will be ready to sign & marked with “Sign Here” flags. All trust deeds and related documents will also be emailed to you and stored on our website as usual.

If you have lost your trust deed you will need a “Deed of Confirmation” and a new SMSF trust deed. Click here to learn how you can order a Deed of Confirmation plus our new SMSF trust deed package

We have built tools for you to make changes to your SMSF, click here to read further


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