Thinking that a Trust Deed will serve a particular purpose or assist in reaching a client’s particular superannuation goal without taking the right steps is madness. The idea of a ‘set and forget’ Deed is outdated.
It is important to ensure that you are familiar with the particular Deed for each specific client. Only then can you know whether the Deed is ‘fit for purpose’ or if it can perform in the way you need it to. Initially, you need to take a look at some general aspects of each SMSF’s Deed:
- Is it (correctly) signed?
- Is it dated?
- Do you have a complete version or are pages missing?
- Do you have the original or only a scanned copy?
- Can you amend it if you need to?
- Is the full name of the SMSF clear and is this the name you’ve been using on documents?
- Has the establishment Deed been amended? Do you have the amendment Deed?
- Has the Trustee of the Fund been changed? Do you have the change of trustee Deed?
- If there are subsequent Deeds or other important documents is the Fund name consistently used?
- Is the Trust Deed available or has it been lost?
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At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association