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Yes. The Constitute deeds should be flexible enough to take into account future changes in the law, but as changes occur (which is often) our lawyers then draft changes to our new deeds as quickly as they can whilst maintaining their high quality.
If you would like to upgrade your SMSF deed, you can do so by ordering a deed of variation online.
Our SMSF deed does allow for an SMSF to invest in crypto currencies such as bitcoin.
Under our current deed, refer in particular to clause 11.2(c), and also to clause 11.2(n) and the first paragraph of clause 11.2 (just before paragraph (a)).
However, it should be remembered that all investments of an SMSF are subject to the applicable superannuation legislation, in particular, to the Superannuation Industry (Supervision) Act 1993 (SIS Act) and its regulations, irrespective of the provisions of the SMSF deed.
Yes, the number of members can be up to the maximum permitted under superannuation law.
Unfortunately, not at this stage, although this is a service we are working on and will offer very soon.
Currently, deed changes are not automatic, nor free. If you decide you need a new deed, you will need a deed of variation – we can provide these for online orders for $195 (if we provided you with the latest deed for the fund), otherwise it will be $275. These prices are for the electronic service only. An additional fee applies for the bound and delivered service. Manual orders are $350 (if we provided you with the latest deed for the fund), otherwise it will be $450, so ordering online will be most cost effective.
To update a deed, order an SMSF deed of variation online.
I previously ordered an SMSF from you. Since the laws have changed so much, do I now need to upgrade it?
Whilst your deed may contain some terminology which has been superseded by the new provisions, it is drawn sufficiently broadly to allow for the relevant changes to be accommodated.
However, for funds where members are looking at commencing a new pension (including a transition to retirement income stream), or moving existing allocated pensions into the new account-based pension structure, it may be worthwhile to update the deed. Our revised deed is up to date, incorporates the new superannuation terminology, and addresses some specific Simpler Super issues.
Does the deed enable future changes in SIS, etc, to be covered without alteration to the deed?
The deed contains broad compliance provisions, and is drafted so as to minimise as far as possible the need for updates to be done simply because an aspect of SIS has been amended, or additional strategies have become available under tax and superannuation law.
That is - the deed is drafted as broadly as possible, to allow (as much as possible) for future changes in the law.
Of course, there will from time to time be regulatory changes which make a deed update either desirable or necessary.
For example, if SIS were amended so that the inclusion of a certain provision which is currently contained in the trust deed would render a fund non-complying, it would be necessary to amend the deed. We cannot predict what such changes might involve, and therefore cannot ensure that our deed will continue to be appropriate in all future regulatory environments. However, experience has shown that it weathers most rounds of SIS amendments reasonably well.
The trust deed for the fund must allow for the ABP to be paid. Trust deeds drafted before mid-2007 will not expressly allow for an ABP to be paid, as the legislation in relation to ABPs was only finalised at that time. If the existing trust deed was drafted before mid-2007, we would recommend that it now be upgraded for this reason alone (if requested, we can now arrange for the trust deed to be upgraded).
The trust deed for the fund must allow for the TRIS to be paid. Trust deeds drafted before mid-2007 will not expressly allow for a TRIS to be paid, as the legislation in relation to TRISs was only finalised at that time. If the existing trust deed was drafted before mid-2007, we would recommend that it now be upgraded for this reason alone (if requested, we can now arrange for the trust deed to be upgraded).
If the variation clause in the current SMSF trust deed provides that the approval of the Principal Employer is required to vary the trust deed, then they will need to be involved to update the deed and will then have no further role.
This means that the principal employer (often a company) should be a party to the variation documents that we prepare, even if that company does not now have any involvement with the fund.
Note that, apart from being a party to the variation documents that we are to prepare, the Principal Employer does not have to have any further involvement with the fund.
Therefore, in order to update the deed and subsequently remove the principal employer from any further role in the fund, please provide the details of the principal employer in the Other Parties tab on the online deed of variation form.
