SUPERCentral Governing Rules Update

3 April 2009

Due to recent legislative changes and to further improve the flexibility of the SUPERCentral Governing Rules they will be updated effective from April 22, 2009.

Principle changes relate to:

  • Same Sex/De Facto relationships
  • Temporary Residents Superannuation changes
  • Dealing by Trustee in relation to Bills of Exchange and other negotiable instruments to assist the fund in borrowing

Other changes  are consequential upon the principal changes (eg new definitions or modified definitions) and deal with administrative issues.

When should an SMSF Deed be updated?

If your SMSF deed(s) do not have a suitable compliance clause and predate the Simplified Superannuation changes that came into effect from 1 July 2007 then the deed(s) should be updated.

Successive Governments have also made many changes which affect SMSFs and this trend is continuing. Since 2000 there have been no fewer than ten major changes to self-managed superannuation requiring deed amendment.

As the result of the amendments made to SUPERCentral's Governing Rules necessitated by these changes, SUPERCentral trustees can now:

  • invest in instalment warrants 
  • acquire investment properties on a geared basis (subject to certain requirements)
  • more easily effect changes in trustees - to accommodate changing membership of the fund
  • pay the new Simplified Super pensions
  • convert existing allocated and "transition" pensions to the Simplified Super Pensions
  • deal with excess contributions tax
  • return contributions which have been paid by mistake
  • deal with the move from the current super system to Simplified Super

Regular updates are vitally important to ensure the deed allows full access to all the rights available to SMSFs.

The failure to systematically and regularly review the fund's deed and ensure its currency and compliance may amount to professional negligence by the fund's accountant and a breach of duty by the trustee of the fund.

In addition, the fund can spend considerable sums having the deed reviewed by an expert lawyer or simply pay a small annual fee to get the benefit of all SUPERCentral's services including regular, systematic and care-free updates at a fraction of the cost.

For more information about SUPERCentral’s annual update service please call the SUPERCentral Help Desk on (02) 8296 6266 or email info@supercentral.com.au

Back Enquiry