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
While M&A has ramped up nationwide, three advice heads have explored Western Australia’s emergence as a region of interest among medium-sized firms vying for growth opportunities in an increasingly competitive market.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
