{"id":7306,"date":"2017-04-06T11:07:58","date_gmt":"2017-04-06T01:07:58","guid":{"rendered":"http:\/\/www.dbalawyers.com.au\/?p=7306"},"modified":"2017-04-28T17:40:52","modified_gmt":"2017-04-28T07:40:52","slug":"advantages-dba-lawyers-smsf-deed","status":"publish","type":"post","link":"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/","title":{"rendered":"Advantages of the DBA Lawyers SMSF deed"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-7307\" src=\"http:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2017\/04\/SMSF-deed-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/>DBA Lawyers is Australia\u2019s leading SMSF law firm. We have been refining our SMSF deed for well over 20 years, making it the best SMSF deed available. Additionally, our SMSF deed contains numerous \u2018value-added\u2019 advantages that set it apart. Accordingly, our SMSF deed offers many benefits that are not found anywhere else.<\/p>\n<p>All of the benefits discussed here are present whether an SMSF gets our deed on establishment, or whether an existing SMSF\u2019s deed is varied to our deed.<\/p>\n<h2>2016 and 2017 superannuation reforms<\/h2>\n<ul>\n<li><strong>Rules are up to date for the 2016 superannuation reforms<\/strong> \u2014 our deed has been updated to cover the 2016 reforms, including having express powers covering the transfer balance cap and related requirements and greater flexibility to make elections or any tax choices, including for CGT relief.<\/li>\n<li><strong>Rules are up to date for the 2017 changes to the superannuation and tax regulations<\/strong> \u2014 the <em>Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations<\/em> 2017 (Cth) has amended the meaning of an account-based pension from 1 July 2017 and made other changes. Our rules cater for these changes and can be used to document valid pensions both prior to and from 1 July 2017.<\/li>\n<\/ul>\n<h2>Succession planning advantages<\/h2>\n<ul>\n<li><strong>Strategic rules for power to appoint and remove trustees <\/strong>\u2014 The old saying that \u2018possession is nine-tenths of the law\u2019 applies to SMSFs because, in practical sense, the trustee has \u2018possession\u2019 of the SMSF. Many SMSF disputes have essentially been legal fights over who gets to be the SMSF trustee. Our SMSF deed gives the members who hold more than 50% of benefits in the fund the power to appoint and remove the trustee. Many other deeds give this power either to the existing trustee (often this simply means the last person left alive, such as a surviving or second spouse) or to the members by headcount (this can lead to a majority of members with a small balance, such as two children, outvoting a member with a larger balance, such as a parent). <a href=\"http:\/\/www.dbalawyers.com.au\/smsf-deeds\/smsf-succession-strategies\/\">Click here<\/a> for more information on SMSF succession.<\/li>\n<li><strong>Members\u2019 wishes can be represented by attorney or executor<\/strong> \u2014 All rights given to a member can also be exercised by the member\u2019s legal personal representative (\u2018LPR\u2019). Accordingly, where a member is dead or incapacitated, their LPR (eg, the member\u2019s attorney acting under an enduring power of attorney or, following death, the executors of the deceased estate) can exercise the member\u2019s rights in their place. Many SMSF deeds do not provide for this, elevating the risk that a member\u2019s wishes are ignored.<\/li>\n<li><strong>Streamlined and effective binding death benefit nomination (\u2018BDBN\u2019) rules <\/strong>\u2014 Many other SMSF deeds contain uncertain and <a href=\"http:\/\/www.dbalawyers.com.au\/smsf-deeds\/the-legal-minefield-of-bdbns\/\">challenge-prone BDBN powers<\/a>. For example, most other deeds require BDBNs to be in a particular form in order to actually be binding. This can lead to members\u2019 wishes being ignored on a technicality. To address this, our deed simplifies the BDBN documentation. Under our deed, the BDBN can also be used to make a pension automatically reversionary, overriding the pension documents where necessary.<\/li>\n<li><strong>BDBN value-added template <\/strong>\u2014 A strategic BDBN template is provided with every SMSF deed.<\/li>\n<li><strong>Allows for successor trustees <\/strong>\u2014 Our deed allows for successor trustees (for example, a trustee\u2019s LPR) to step in as trustee on the death or loss of capacity of an existing trustee. The DBA Lawyers company contains mirroring mechanics for <a href=\"http:\/\/www.dbalawyers.com.au\/announcements\/preserve-the-intended-control-of-a-company-using-successor-directors\/\">successor directors<\/a>.<\/li>\n<li><strong>Withdrawal of benefits before death <\/strong>\u2014 An appointed member representative is able to implement a withdrawal of benefits before a member\u2019s death. Additionally, under our deed, the trustee has power to pay a benefit quickly by declaration of bare trust. This can be an advantage, for example, where a person loses capacity and may soon die.<\/li>\n<li><strong>Power to admit conditional members<\/strong> \u2014 It is legally and practically very difficult to remove a member from an SMSF once there is a falling out. Our deed allows members to be admitted subject to certain trigger events that cause the member to be paid or rolled out. This can serve as a useful tool especially where a second spouse or children are included in an SMSF and there is a falling out.<\/li>\n<\/ul>\n<h2>Strategic and other advantages<\/h2>\n<ul>\n<li><strong>Latest SMSF strategies and traps are addressed <\/strong>\u2014 DBA Lawyers regularly builds the latest strategies into our SMSF deed (this includes related areas such as stamp duty and asset protection).<\/li>\n<li><strong>Bankruptcy protection clauses <\/strong>\u2014 Our deed is drafted with a view to bankruptcy protection, eg, in minimising pension payments that could be accessible by creditors.<\/li>\n<li><strong>Trustees empowered to do normally restricted things <\/strong>\u2014 Many do not realise that a trustee is not allowed to carry on a business (eg, a property development business), be remunerated for services, or invest in a single bulky asset without diversification, etc, <strong><em>unless the trust deed permits<\/em><\/strong>. A trustee could technically be sued for these things by a disgruntled beneficiary, especially if things have gone \u2018pear shaped\u2019. Our deed empowers the trustee to do these activities and more.<\/li>\n<li><strong>Backed by lawyer support <\/strong>\u2014 All of our documents and services are supported by Australia\u2019s leading SMSF lawyers. Using us for documents means you get the best support.<\/li>\n<li><strong>Detailed memo and PDS<\/strong> \u2014 A detailed memo and PDS describing the operation of an SMSF is included with every SMSF deed. These documents can greatly assist members and trustees to understand their duties and entitlements.<\/li>\n<li><strong>Lawyer sign-off every time<\/strong> \u2014 Every DBA Lawyers deed and document package is tailored and signed-off by one of our SMSF lawyers.<\/li>\n<li><strong>Eligible for the <\/strong><a href=\"http:\/\/www.dbalawyers.com.au\/annual-update-service\/\"><strong>Annual Update Service<\/strong><\/a> \u2014 For those who want peace of mind that an SMSF\u2019s deed is kept up to date, we offer the Annual Update Service that issues a deed update each 1 July. A small annual cost applies. Many advisers enjoy an added benefit from the Annual Update Service because all their SMSFs have our latest deed, allowing for easier administration and compliance.<\/li>\n<\/ul>\n<p>An SMSF\u2019s deed is the cornerstone that makes or breaks many SMSF strategies. Accordingly, the DBA Lawyers SMSF deed represents tremendous value.<\/p>\n<p>A new SMSF (with our deed) can be ordered <a href=\"http:\/\/www.dbalawyers.com.au\/new-smsf\/\">here<\/a>. An update to an existing SMSF\u2019s deed can be ordered <a href=\"http:\/\/www.dbalawyers.com.au\/smsf-deed-update\/\">here<\/a>.<\/p>\n<p>We also offer a large range of <a href=\"http:\/\/www.dbalawyers.com.au\/\">related documents and services<\/a> which complement our SMSF deed.<\/p>\n<div class=\"printfriendly pf-button  pf-alignleft\"><a href=\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/?pfstyle=wp\" rel=\"nofollow\"  title=\"Printer Friendly, PDF & Email\"><img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-pdf-button.png\" alt=\"Print Friendly, PDF & Email\" style=\"width: 112px;height: 24px;\"  \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>DBA Lawyers is Australia\u2019s leading SMSF law firm. We have been refining our SMSF deed for well over 20 years, making it the best SMSF deed available. Additionally, our SMSF deed contains numerous \u2018value-added\u2019 advantages that set it apart. Accordingly, our SMSF deed offers many benefits that are not found anywhere else. All of the [<a class=\"read-more\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/\">read more<\/a>]<\/p>\n","protected":false},"author":22,"featured_media":7307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,28,32,33,34,35,37,38],"tags":[],"ppma_author":[138],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Advantages of the DBA Lawyers SMSF deed | Leading SMSF Law Firm<\/title>\n<meta name=\"description\" content=\"Advantages of the DBA Lawyers SMSF deed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Butler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/\",\"url\":\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/\",\"name\":\"Advantages of the DBA Lawyers SMSF deed | Leading SMSF Law Firm\",\"isPartOf\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2017\/04\/SMSF-deed.jpg\",\"datePublished\":\"2017-04-06T01:07:58+00:00\",\"dateModified\":\"2017-04-28T07:40:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/51e17c75fbc6987d17bcc7c68f6879c3\"},\"description\":\"Advantages of the DBA Lawyers SMSF deed\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/announcements\/advantages-dba-lawyers-smsf-deed\/#primaryimage\",\"url\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2017\/04\/SMSF-deed.jpg\",\"contentUrl\":\"https:\/\/www.dbalawyers.com.au\/wp-content\/uploads\/2017\/04\/SMSF-deed.jpg\",\"width\":300,\"height\":200,\"caption\":\"SMSF Deed\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#website\",\"url\":\"https:\/\/www.dbalawyers.com.au\/\",\"name\":\"DBA Lawyers\",\"description\":\"Leading SMSF Law Firm\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.dbalawyers.com.au\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/51e17c75fbc6987d17bcc7c68f6879c3\",\"name\":\"Daniel Butler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.dbalawyers.com.au\/#\/schema\/person\/image\/2169bc3da061d4bd5f02e1a67c0df79e\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d78c2b0f9e09daf27cca87ab8a52fe85?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d78c2b0f9e09daf27cca87ab8a52fe85?s=96&d=mm&r=g\",\"caption\":\"Daniel Butler\"},\"description\":\"Dan is recognised as one of Australia's leading SMSF lawyers complemented by his taxation and commercial expertise. He has worked predominantly in the fields of tax and superannuation over the past 36 years, is a qualified Chartered Tax Adviser, Chartered Accountant and has an MBA from the University of Melbourne. Dan is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Dan regularly presents for the major professional bodies including the SMSF Association, The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Dan is a member of the ATO's Super &amp; Employment Change Committee, The Tax Institute's National Superannuation Committee, the Law Institute of Victoria's Tax Committee and is involved with a number of other tax and SMSF committees. Dan presents on the subject of Taxation of Superannuation at the University of Melbourne's Master of Laws\/Tax program. 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He has worked predominantly in the fields of tax and superannuation over the past 36 years, is a qualified Chartered Tax Adviser, Chartered Accountant and has an MBA from the University of Melbourne. Dan is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Dan regularly presents for the major professional bodies including the SMSF Association, The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Dan is a member of the ATO's Super &amp; Employment Change Committee, The Tax Institute's National Superannuation Committee, the Law Institute of Victoria's Tax Committee and is involved with a number of other tax and SMSF committees. Dan presents on the subject of Taxation of Superannuation at the University of Melbourne's Master of Laws\/Tax program. Dan is also a Specialist SMSF Advisor\u2122.","url":"https:\/\/www.dbalawyers.com.au\/author\/daniel\/"}]}},"authors":[{"term_id":138,"user_id":22,"is_guest":0,"slug":"daniel","display_name":"Daniel Butler","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/d78c2b0f9e09daf27cca87ab8a52fe85?s=96&d=mm&r=g","first_name":"Daniel","last_name":"Butler","user_url":"","description":"Dan is recognised as one of Australia's leading SMSF lawyers complemented by his taxation and commercial expertise. He has worked predominantly in the fields of tax and superannuation over the past 36 years, is a qualified Chartered Tax Adviser, Chartered Accountant and has an MBA from the University of Melbourne.\r\nDan is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Dan regularly presents for the major professional bodies including the SMSF Association, The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network.\r\nDan is a member of the ATO's Super &amp; Employment Change Committee, The Tax Institute's National Superannuation Committee, the Law Institute of Victoria's Tax Committee and is involved with a number of other tax and SMSF committees. Dan presents on the subject of Taxation of Superannuation at the University of Melbourne's Master of Laws\/Tax program. Dan is also a Specialist SMSF Advisor\u2122."}],"_links":{"self":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/7306"}],"collection":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/comments?post=7306"}],"version-history":[{"count":0,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/posts\/7306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media\/7307"}],"wp:attachment":[{"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/media?parent=7306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/categories?post=7306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/tags?post=7306"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.dbalawyers.com.au\/wp-json\/wp\/v2\/ppma_author?post=7306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}