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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.
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.
