Self Managed Super Funds must have a trust deed to set out the rules of the fund. This deed, along with superannuation legislation, form the fund’s governing rules and dictate how the fund can operate.

Changes in superannuation legislation have a tendency to age SMSF trust deeds. If your deed was written a long time ago, or wasn’t drafted well to begin with, you may find that it doesn’t allow you to do the things you want to do.

Which was the case with our client, Mark, who was approaching retirement age. He needed his SMSF to accommodate a new contribution strategy and have some flexibility with estate planning matters. He also wanted to take advantage of new legislation around income streams that his financial planner had recommended.

After a review of his deed we found that it fell short of Mark’s expectations and needed some enhancements, which our superannuation team were able to organise. Mark’s upgraded deed is modern, robust and flexible and will cater to his superannuation strategy and changes to legislation as they develop.