Advisers must update client’s trust deeds ahead of super reforms
Financial planners and accountants need to better understand how regulatory changes need to be implemented into the self-managed superannuation fund (SMSF) governing rules which reside in the SMSF trust deed and its ancilliary documents, according to NowInfinity.
Chief executive of cloud-based documentation platform Now Infinity, Amreeta Abbott, said significant changes to SMSFs made the update crucial.
“It cannot be assumed that if a transaction is allowable under the legislation that it will be allowable under the trust deed,” she said.
“To make that assumption can be a very expensive process especially with the trustee administrative penalties and charges.”
Abbott said the trust deed was the most important document when it came to stipulating the governing rules of an SMSF, and new offerings would be needed to accommodate all super reforms, as well as add a stronger focus on estate planning protocols.
AUTHOR
Hope William-Smith
Recommended for you
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
With Insignia Financial suffering a cyber attack on its Expand platform, this can potentially have a negative impact on the two private equity bids currently in play for the firm.
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
WT Financial’s new entity with Merchant, Investco, has entered into a heads of agreement to merge three financial advice firms.
