Update an SMSF’s Deed

This package provides documents which amends an existing SMSF deed, taking into account current superannuation laws and the latest planning strategies. DBA’s SMSF service is recognised as one of the best in Australia and we have performed thousands of deed upgrades in the past few years.

To download a factsheet that outlines what you should find in a good SMSF deed, click here. If your SMSF deed does not contain these features, you might want to upgrade your deed with DBA.

To learn more about DBA’s SMSF deed and how it compares to deeds produced by off-the-shelf suppliers, click here to view our FAQ page.

Why should you update your Deed?

Laws are changing all the time and heavy penalties can apply in the event of non-compliance (eg, loss of concessional tax status). To assist in determining which deeds need to be upgraded, we offer the following general guidance:

• Due to the enormity of the recent superannuation reforms, we recommend that all advisers consider the need to upgrade their clients’ deeds. This is particularly critical where the members of an SMSF intend to consider superannuation or retirement planning in the near future.
• We acknowledge that if deeds have been updated recently, advisers may prefer not to upgrade them again immediately and may do so on a case-by-case basis. We strongly recommend, however, that such deeds be reviewed in detail before any major decision is implemented, eg, commencing an income stream, making substantial contributions, splitting a contribution with a spouse or undertaking their estate planning.

To assist in determining whether an SMSF deed needs to be upgraded, click here to view our FAQ page which contains a list of dates of significant changes relating to SMSFs. Please also refer to some frequently asked questions about DBA’s deed on the same page.

Upgrading or amending SMSF deeds is a task that is best handled by experienced lawyers. A deed upgrade costs more than a new SMSF because we review each prior SMSF deed and relevant documents to ensure the amendment is effective. A classic example of why having a deed varied correctly is so important is for those who wish to rely on a BDBN. We regularly see invalid BDBNs for SMSFs with deeds that have been varied by off-the-shelf companies and other (non-legal) firms.

Corporate Trustees of SMSFs

If you are upgrading an SMSF deed, you should also consider the advantages of a corporate trustee over individual trustees. The long-term benefits of a company generally outweigh the up-front cost of incorporation. Some of the main advantages are:

• Asset protection;
• Flexibility to pay benefits as pensions or lump sums; and
• Greater administrative ease.

DBA can assist in providing quality company documentation to establish corporate trustees of SMSFs. We also provide documentation to change the trustee of an SMSF.
To learn more about the merits of a corporate trustee instead of individual trustees, click here to view our FAQ page.

Discounts for bulk upgrades

We also provide discounts to accounting and financial planning firms that undertake upgrades of their clients’ SMSFs on a bulk basis. Upgrading in bulk provides consistency as all deeds are upgraded by the same supplier. Please click here to view our pricing for bulk deed upgrades. Please click here to view our volume discount agreement.

Annual Update Service:

The Annual Update Service provides a convenient and sound way of ensuring that SMSFs’ governing rules are kept up to date. This in turn gives SMSFs maximum strategic flexibility, compliance and piece of mind. Click here for more information.