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We have updated our online SMSF form to create 6 member funds

 

 
Importance of a Six member SMSF
 
SMSFs are used by families as a vehicle for controlling their own superannuation savings and retirement & investment strategies. Extending the allowable members to 6, increases choice and flexibility for members. 
 
For families with more than four members, currently the only real options was to create two SMSFs (which would incur extra costs) or place their superannuation in a large fund. 
 
This change will help large families to include all their family members in their SMSF.
 
 
What else has changed our online form - trustdeed.com.au?
 
You can now do the following for New SMSF and SMSF Update
 
1. Create a fund or Update a fund with Six Members & Create Trustee Company with 6 Directors
2. Auto fill up of your address for each member
3. Capability to add email address and mobile phone number of each member - so that you can send the deed for digital signature via email or SMS
4. Apply for ABN for a 6 member fund
5. After the deed is completed - send all the documents to justsign to send it to Trustees for their digital signatures 
 
 
What are the other major changes in our SMSF Deed?
 
Along with updating our deed to accept 6 members, the following changes were also made. Please note that at the moment only our New SMSF and SMSF Update can handle 6 members - we are working on adding member to a fund form etc..
 

- The concessional (before-tax) super contribution cap is increased from $25,000 to $27,500

 

- The non-concessional (after-tax) contribution cap has increased from $100,000 to $110,000.

 

- Transfer balance cap (TBC) has been indexed to $1.7 million rising from $1.6 million

 

- CGT Superannuation Contribution Cap amount has increased from $1,565,000 to $1,615,000

 

- Work Test requirement must be met by members aged 67 years and above (1st July 2021 onwards) 

 

- Enabling individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule.

 

- As per Treasury Laws Amendment (Your Future, Your Super) Bill 2021 updated Section 52B of the SIS Act to include Trustee duties to act in the best financial interests (formerly best interests) of the fund members.

 

- New Rollover process- All funds must register under the Super Stream system where the an Electronic Service Address (ESA) is used for Rollovers in and out of the super account

 

- Changes in Accounting standards- In preparing accounts of the fund, the Trustees must apply generally accepted accounting principles or as otherwise required by superannuation law and proper accounting practices. 

 
 
 

Click here to create your Self Managed Superannuation Fund with latest legislative changes or update your current SMSF deed.

 

 

Our SMSF Forms are now integrated with a Digital Signature platform - www.justsign.com.au 

To ensure faster, safer and easier signing of the execution of the trust deed as well as Deed of Variation, we have integrated the SMSF setup form and the SMSF Update form with our in-house 5th Generation digital signature tool - JustSign.

The email address and contact number of the members of the fund will be automatically added in your signers list in your JustSign account, so that you save time to get the documents digitally signed by the members of the fund.

If you already have not created an account on justsign, click here to create your free account and save 1000's of hours of administrative work like printing and sending SMSF documents to clients via post or email.

Call us on 02-96844199 or email jb@trustdeed.com.au to find out more. 

 

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FREE Webinar

"Contributions - How to maximize and audit them" 

With indexation of contributions - advisors should re-visit maximising contributions. This end of year planning is an effective tool to reduce over all tax which trustees pay. 

In this webinar, Manoj will discuss all types of contributions which can be made to a SMSF

Speaker: Manoj Abichandani

When: 07-September-2021

Time: 02:00 PM to 03:00 PM (AEST)

How to Book: https://www.trustdeed.com.au/onlinereg/bookwebinar.aspx  

  https://register.gotowebinar.com/register/5364445078474405646

Cost: Free
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