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This article is reproduced courtesy of the author LawCentral. If you have a self managed superannuation fund (SMSF) it is essential that you as trustee regularly review the deed to ensure it is up to date. One bene it is that an up to date deed will give you access to the latest strategies as they become available. When was your SMSF trust deed drafted? Review the list below produced by LawCentral to discover if and why you need to review your trust deed as soon as possible.
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http://money-guide.com.au/2010/02/self-managed-superannuation-checklist/
compulsory cashing. Estate Planning more people will now retain wealth in their Superannuation until their death. The Superannuation may well be lost to the wrong people or the tax man. Binding Nominations are required. What if by mistake you put in too much money into your Super? Unless you can reject or return the excess funds you suffer a high tax rate. The deed must allow the power to reject and return funds.
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Sadly some deeds stop the member having any choice. (1999) Full preservation of your Superannuation. No taking back out your undeducted contributions. (1999) New regulation ATO takes over looking after SMSFs.(1998) Need to include complying term and lifetime pensions. (1998) Ensuring you get the CGT retirement component. Up to $500,000 can go into your superannuation CGT free from the sale of business assets. (1997) The ever useful expanding of acquisition of asset rules to related parties. (1999)
You may also enjoy these related articles: 1. SMSF: corporate or human trustee? 2. SMSF Guide 3. Why you dont need a SMSF
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Brett Davies
Brett Davies is a guest contributor to The Money Guide. Civic Legal (incorporating Brett Davies Lawyers) has helped clients across Australia for over 16 years. From managing your personal Estate Planning and Business Planning to tackling the ATO in the High Court, Brett Davies Lawyers offers clear and straight forward advice. Civic Legal is a private tax law irm. We only take instructions via your own Lawyer, Accountant or Adviser. http://www.civiclegal.com.au/
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