The following table of significant dates provides information regarding whether an SMSF deed needs updating. Please also refer to some frequently asked questions about DBA’s deed.
| Effective Date | Description | Impact | |
|---|---|---|---|
| 1 July 2016 | Regulation of collectables and personal use assets | All investments in collectables and personal use assets are subject to strict rules under reg 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth). | |
| 16 Sept 2015 | Look through treatment for bare trusts | Income tax ‘look through’ treatment was legislated for bare trusts used as part of limited recourse borrowing arrangements. | |
| 1 July 2015 | Terminal medical condition definition | Definition of terminal medical condition in reg 6.01A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) was amended to expand the period of expected death from 12 months to 24 months. | |
| 25 March 2015 | Death benefit case | Court confirmed in Munro v Munro [2015] QSC 61 that a binding death benefit nomination made in respect of member benefits in an SMSF can last indefinitely. | |
| 1 July 2014 | Changes to insurance rules | From 1 July 2014 regulated superannuation funds can only provide insured benefits consistent with conditions of release (subject to certain grandfathering). | |
| 4 April 2014 | Continuance of custodial arrangements after loan is repaid | ATO legislative instrument SPR 2014/1 released confirming that an asset acquired under a limited recourse borrowing arrangement can remain in the name of the holding trustee after the loan is repaid without giving rise to in-house asset concerns. | |
| 1 July 2013 | Excess contribution laws | New laws introduced for excess concessional and non-concessional contributions. | |
| 1 July 2013 | Covenants | The covenants in ss 52B and 52C of the Superannuation Industry (Supervision) Act 1993 (Cth) apply to the governing rules of all SMSFs. | |
| 1 July 2012 | Div 293 tax | Division 293 tax introduced to increase the contributions tax on concessional superannuation contributions for individuals with income greater than $300,000 a year. | |
| 1 July 2012 | Low income superannuation contribution | Government low income superannuation contribution came into effect, providing for a government contribution of 15% of eligible contributions up to a maximum of $500 for eligible individuals on adjusted taxable incomes of up to $37,000. | |
| 1 July 2011 | Regulation of collectables and personal use assets | All newly acquired investments by SMSF trustees in collectables and personal use assets subject to strict rules under reg 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth). | |
| 10 May 2011 | Trading stock exception removed | Removed the trading stock exception to the capital gains tax primary code rule for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity. | |
| 7 July 2010 | Borrowing laws | Borrowing laws were amended to allow for limited recourse borrowing arrangements under s 67A of the Superannuation Industry (Supervision) Act 1993 (Cth). | |
| 1 July 2008 | Definition of spouse amended | The definition of spouse in s 10(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) was changed to include same sex relationships. | |
| 24 Sept 2007 | Borrowing laws | Borrowing laws were amended to allow funds to borrow on a limited recourse basis to acquire permitted assets (ie, via instalment warrant-type arrangements). | |
| 1 July 2007 | Terminal Medical Condition benefits | New laws and regulations enacted in early 2008 allow persons with a ‘Terminal Medical Condition’ to access their super as a lump sum tax-free. | |
| 1 July 2007 | Substantial super reforms | Major reform of the superannuation system proposed to take effect | |
| 1 July 2007 | New income streams | New account-based income stream (pension) and new transition to retirement income stream. | |
| 10 May 2006 | Compulsory cashing abolished | Compulsory cashing rules are abolished, allowing members to accumulate indefinitely during their lives | |
| 10 May 2006 | Undeducted contributions | New cap on undeducted contributions applies from 10 May 2006 to 30 June 2007 of $1 million and generally $150,000 p.a. thereafter | |
| 1 Jan 2006 | Contributions splitting | Members can split contributions received after December 2005 with their spouse. Only 85% of deductible contributions can be split | |
| 1 Jan 2006 | Allocated pension changes | New, longer life expectancy pension valuation factors (‘PVF’) apply to pensions commenced after December 2005. Pensions commenced prior to January 2006 continue to use the old PVFs | |
| 1 Jan 2006 | Market linked pension changes | The term of a pension commenced after December 2005 includes the option of the member’s 100th birthday less their age at commencement of the pension, eg, if member is 65 they can choose a term of 35 years. The member may also choose the pension to be paid to the spouse’s 100th anniversary | |
| 31 Dec 2005 | DBPs transitional relief ceased | SMSFs can no longer commence DBPs. From 12 May 2004 to 31 December 2005, SMSFs were required to satisfy certain criteria before a DBP could commence | |
| 1 July 2005 | Non-commutable pensions introduced | Members can now access a non-commutable allocated or market-linked pension on attaining preservation age. Older deeds may need to be amended to ensure eligible members can access these pensions | |
| Sept 2004 | Market linked pensions | This new type of pension was introduced with unique features | |
| Mid-2004 | Gainful employment rules eased | Persons under 65 do not need to satisfy the gainful employment test | |
| Mid-2004 | Changes in the rules relating to when benefits paid | New test for when a benefit must be paid or commenced. Certain deeds needed updating to ensure compliance | |
| 12 May 2004 | Restrictions placed upon DBPs | Members of SMSFs now cannot be paid DBPs unless certain transitional rules are satisfied | |
| Oct 2003 | Pro-rating rules for pensions | Pensions commencing after September 2003 have new minimum pro-rating rules | |
| Mid-2003 | PDSs introduced | Upon certain events, a PDS might have to now be issued to members | |
| 1 July 2003 | Government co-contributions introduced | Government co-contributions made to the fund. Many deeds only contemplated employer and member contributions | |
| 1 July 2002 | Greater flexibility with regards to contributions and compulsory cashing introduced | Certain deeds needed updating to ensure compliance and to ensure internal roll-over provisions could be utilised | |
| Mid-2001 | Internal roll-overs of super pensions now treated as ETPs and taken into account to RBL purposes | Certain deeds needed updating to ensure compliance and to ensure internal roll-over provisions could be utilised | |
| Mid-2000 | ATO replaced APRA as the regulator of SMSFs | Certain deeds needed updating to ensure compliance | |
| 8 October 1999 | Section 17A introduced, which includes the member/trustee rules | The member/trustee structure of all SMSFs needed to be reviewed in order to ensure that s 17A was not being breached – some deeds required updating in order to ensure compliance | |
| 31 May 1999 | BDBNs introduced | Previously, SMSF trustees had a discretionary power as to whether and to whom to pay a member’s benefit upon death – all deeds needed to be updated to allow members to now make BDBNs to bind the trustee to pay their benefit to nominated person(s) |