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SMSF Deed Update

DescriptionSoftcopy *
Update an SMSF’s deed *$500
Update an SMSF’s Deed where current deed is a DBA deed with no subsequent variations *$400
Update an SMSF's deed with no prior or current deed$950
* Add $75 for hard copy per product

* SMSF Deed History Review

The above price is to vary an SMSF deed based on the latest or current deed. We can also undertake an SMSF Deed History Review. This is worthwhile to determine if your SMSF governing rules are valid and effective. Please click here for further information and our order form.

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.

What’s in the package

The package supplies documents to amend an existing SMSF deed, taking into account current superannuation laws and the latest planning strategies. Included in the package:

  • deed of variation (incorporating  a pro forma application for membership  and notification to contributing employer forms)
  • draft trustee and any other relevant party resolutions
  • comprehensive product disclosure  statement  materials for each member (incorporating pro-forma member contribution  notice and binding death benefit nomination  (‘BDBN’) forms)
  • detailed instructions,  including a completion checklist  of how to execute the documents

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 peace of mind. Click here for more information.

A reduced fee of $137.50 for updating the SMSF governing rules of a fund applies if payment is made via direct debit. If you do not choose direct debit, you will be sent an invoice each 1 July for $165 and will only receive access to your updated governing rules upon payment.

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, undertaking an SMSF borrowing arrangement, 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 the prior SMSF deed to ensure the amendment is effective. We can also review the entire document trail if there is more than one prior deed to ensure that they are also 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.

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