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ARTICLE · 07 FEBRUARY 2017

2016 budget changes – is your SMSF trust deed going to get in the way?

Cooper Grace Ward
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It is time to consider if your current SMSF trust deeds are appropriate for the 2016 budget changes to superannuation.

AustraliaFinance and Banking
Scott Hay-Bartlem
Scott Hay-Bartlem
Clinton Jackson
Clinton Jackson
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With the start date for the 2016 budget changes to superannuation approaching, it is time to consider whether current SMSF trust deeds will be appropriate under the new regime.

Why consider an update to a SMSF trust deed now?

Some SMSF trust deeds will still be adequate, but there are a significant number that contain provisions inconsistent with the new rules, or do not have appropriate terms.

Many SMSF trust deeds were amended in 2007 and have not been touched since. In addition to the new rules, there are reasons to update now, including recent innovations in SMSF trust deed drafting, cases on binding nominations and conflicts of interest as well as substantial guidance from the ATO on a range of superannuation issues. These would be advantageous to have in your SMSF trust deed.

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