Are you aware that members of Self-managed Superannuation fund can access their super on compassionate ground? 

5 Conditions to become eligible to access super under compassionate grounds: 

1. Meet specific eligibility criteria(s) of the compassionate ground.
2. Expenses must be unpaid.
3. Prove inability (can’t afford) to pay for either part or all the expense without accessing super.
4. Must be a citizen or permanent resident of Australia or New Zealand.
5. Must provide all the required supporting evidence and unpaid invoices (or quotes) to the regulator.

Trustees must comply with the specific requirements as laid out in SMSF Trust Deed: 

If you or your clients are using our SMSF trust deed, clause 139 of our current deed specifies the additional requirements that trustee should be aware of while paying a benefit to a member on the basis of compassionate grounds:  

• Trustee must receive a written application from a member 
• Trustee before making a payment to the member must request an approval from the regulator (i.e., ATO) 

It is important to note that trust deed and the relevant superannuation laws, both, form part of the governing rules of the SMSF. Trustee must comply with the requirements of both at all times. Trustee must regularly review and update their SMSF deed in line with changes in the relevant law. 

Our latest version of an SMSF deed incorporates all the relevant changes made in the superannuation law up to 1st July, 2023 (including changes to death benefit nomination clauses, pursuant to Hill v/s Zuda case).  

Click here to update your SMSF Deed today.

If you have more than 10 deeds to update, you can request us for the Bulk Updates by subscribing to our voucher packages – speak to one of our staff at 02 9684 4199. 

Latest updates from Trustdeed: 

Sofware for Accountants - Built by Accountants

Here’s the latest update on our Company Changes Platform (soon to be launched): 

We have been writing this software since January 2022. Below is our progress

• We have successfuly completed testing for the Company Registration module (Form 201) on this new platform. 

• We are now working on changes to company foms (Form 484, 362, 361, 370, 410, 6010, 485 & 205A)

Company Changes is an online Corporate Compliance Sofware which fulfils complex ASIC compliance and governance issues quickly & automatically.

Professionals will be able to efficiently manage 1,000's of companies for $12 Incl. GST a company per year or for $50 Incl. GST for 5 years. Very soon, you will be able to create a company online, apply for its ABN / GST registration and manage changes to the company online, for the next 5 years for $165 Incl. GST. Click here to download our product brochure.

Secretarial Services for busy accountants

We have recently launched outsourced company secretarial services for busy accountants.

​We are able to assist you with company changes requirements through our Company Secretarial services.

Our New Service offering - Company Secretarial Practice

We provide 18 different corporate actions for compliance and governance obligations towards ASIC.

Our Services include:

• - Keeping company ASIC and Corporations Act 2001 complied at all times;
• - Preparation and lodging of necessary documents and forms with ASIC after completing all formalities including minutes and digital signature of Directors from our very own ;
• - Maintenance of corporate register and other records as official company records; 
• - Company’s Annual Review Statement Processing and Solvency Resolutions with reminders for late payments to avoid late penalties;
• - Provision for our office to act as the Registered Office of your company (if required).

We provide these services to professional firms as outsourced services.

Avoid paying ASIC Penalties

• $87 for up to one month late;
• $362 for over one month late;
• additional $362 for each year late.

 Click here to learn more about our Company Secretarial Service.