If you own a SMSF you may or may not be aware of the significant legislative changes passed by the Commonwealth in November 2016. It is expected that most of these changes will be in force by 01 July 2017.
Now is the time to review your SMSF and comply if any changes need to be made.
Updating your deed will ensure your SMSF complies with the SIS Act, (Superannuation Industry (Supervision) Act 1993), and will give the member’s maximum flexibility and tax minimisation.
Exactly how will your SMSF need updating?
Your SMSF trust deed will need to be updated to reflect the following changes:
- Be able to internally “rollback” pensions to accumulation phrase;
- Segregate assets between accumulation and pension phrases;
- Reject contributions;
- Refund contributions;
- Deal with excess transfer balance tax and excess non-concessional contributions;
- Allow income stream and Account Based Pension (grandfathered);
- Specify guardians for incapacity and death;
- Identify the Power of Attorney when living overseas for more than 2 years;
- Resettle pensions with flexible timing without mingling with accumulation account;
- Allow reversionary beneficiary nominations;
Provide for CGT relief:
- Deal with segregated and unsegregated assets;
- Cease or keep transition to retirement income streams
- Calculate member balance, across different funds; and
- Calculate internal pension rollbacks to accumulation.
Integra Business Accountants is working with a legal firm that specialises in SMSF and would like to offer our SMSF clients, a discounted SMSF trust deed upgrade at $295.
To qualify for a bulk discounted price, phone or email Chelsea before 15 May 2017 to get your SMSF deed upgraded before the end of the financial year.
Still not sure? Please feel free to contact us if you require any further information.