SUPERCentral is an independent online platform provider of SMSFs, advice, legal documentation and wealth management services to accounting and financial planning firms throughout Australia.
The necessary importance of keeping your SMSF updated
The trust deed is the most pivotal document of a self-managed super fund. The trust deed, together with superannuation laws, set out the governing rules of the fund (ATO SMSF publication “Creating the Trust and Trust Deed”).
SMSF members as trustees of the fund have total responsibility for the fund, including its prudential management. The SIS Act has embedded trustee covenants, central to which is the trustee’s duty of care, skill and diligence which encompasses first and foremost a compliant trust deed, appropriate investment strategies formulated in accordance with the law, and proper documentation.
Governing Rules must be kept up-to-date
An up-to-date, compliant and high-quality trust deed not only meets regulatory and legislative compliance but provides express permissions that enable specific investments, retirement and wealth creation strategies to be implemented.
What matters affect the Governing Rules?
There are a number of dynamic areas of development which affect the Operation of an SMSF trust deed, including changes to legislation (both Federal and State); changes to regulations (both Federal and State), case Decisions by the High Court, the Federal Court or any of the nine Supreme Courts; regulatory pronouncements by the ATO or ASIC, practice requirements of the professional accounting or financial planning organisations, industry practice developments; the requirements of third parties dealing with the fund (e.g. banks, investment managers, etc.); and, developments in administration procedures and processes, that could enable the fund to access more efficient administration.
It is vital to ensure that your trust deed accommodates all these developments.
The SMSF landscape is continuing to evolve, and compliance requirements are not difficult to navigate given a thorough understanding of the requirements and vigilant documentation. Having an effective and up-to-date Governing Rules is strong evidence of a compliant culture.
SUPERCentral deed update service
Using the SUPERCentral automatic update service solves the issue of updating for trustees as the patented online system continuously updates the fund’s governing rules to ensure that your trust deed is always compliant.
Please give us a call on 02 8296 6266 if you would like to discuss how we can assist.