Newsletters

Super Deed Update   (posted 26/6/2023)

As you may be aware, we recommend that our Super Funds subscribe to the SuperDepot service. For a small annual fee, this subscription ensures that Deeds for SMSFs are always up to date and reflect the most comprehensive and up-to-date industry knowledge.

Earlier this month, the governing rules of the SMSF Trust deed were updated to make improvements to the rules, notably:

Point 1: uncertainty around a Member's LPR ability to act

Current relevant law presents some uncertainty as to whether or not a Member's Legal Personal Representative (LPR) can execute, add to, amend or revoke a Binding Death Benefit Nomination or a Non-lapsing Binding Nomination on behalf of a member. New rules have been inserted to improve the protections for the Trustee where there may be a conflict between the Trustee's duties as trustee and any other personal interest the Trustee may have in the outcome of any transaction.

Point 2: Transfer of Property to the Fund

The rules around the transfer to the Fund of Member-contributed NSW Property or Member-contributed WA Property have been clarified to align with the requirements of duties legislation in NSW and WA.

Click  here  for a little more explanation

For Funds that subscribe to Super Depot, there is nothing to do as those funds will automatically adopt the new Deed.

If you have any questions or queries in relation to this, please contact us.

Super news for 2023 (posted 29/6/2022)

From 1 July 2022, two important super guarantee (SG) changes will apply for business.

The rate of SG is increasing from 10% to 10.5% and the $450/month eligibility threshold for when SG is paid is being removed. Tell me more  ...

Government locks in director ID deadline and see our BLOG from 20/10/2021  (posted 20/10/2021) 

Key dates for implementation and application of the DIN regime have now been released - along with penalties for non-compliance. Please note: Directors must apply for the director ID themselves.