Superannuation Advice and Establishment

Argyle has been at the forefront of the superannuation industry since 1982 and provides a comprehensive superannuation advisory and documentation service to private clients and professional advisers seeking to assist their clients with retirement planning and structuring.

Our superannuation services include:

• Advice to trustees and members on legislative and regulatory obligations
• Dispute resolution, litigation and mediation including Superannuation Complaints Tribunal claims
• Establishment of self managed superannuation funds
• Review and amendment of existing self managed superannuation funds

Our superannuation trust deed and rules are designed to direct trustees to ensure compliance with the minimum standards required by the Superannuation Industry (Supervision) Act 1993, but also broadly empower the trustees to be able to achieve a wide range of fund objectives:

• it allows flexibility with respect to the number of members able to be admitted to the fund;
• it provides for the provision of complete reporting to members in relation to the management, operation and performance of the fund;
• it allows the trustee maximum discretion as to the form of payment of benefits, for example, lump sum, pension or annuity;
• it allows the making of a binding death benefit nomination which ensures the member’s estate planning wishes can be met;
• it allows member directed investments;
• it allows the trustee maximum flexibility in the performance of its duties;
• it allows for the fund to be a standard employer sponsored fund; and
  
• it allows amendments to be made to the terms of the trust from time to time.

Why should you update your self managed superannuation fund trust deed?

In general, your SMSF trust deed should be sufficiently flexible to cater to minor legislative and regulatory changes. However, it is prudent from time to time to consider whether your existing trust deed is up to date, complies with current legislative requirements and allows the fund trustee and members to make the most of the current superannuation laws.

The superannuation landscape in Australia has undergone significant change in the past six years.

One of the most significant changes, which should have been a trigger for a review of your trust deed, was the inclusion (and subsequent amendment in 2010) of section 67A into the Superannuation Industry (Supervision) Act 1993 which provides an exception to the superannuation borrowing restriction. In simple terms, a superannuation fund trustee may borrow to acquire a beneficial interest in an asset that is held on trust for it. Importantly, some trust deeds still don’t contemplate, or overtly exclude, trustee borrowings.

In 2009, the Queensland Supreme Court highlighted the importance of the form of the superannuation trust deed in the context of facilitating the making of binding death benefit nominations. While the Commissioner of Tax has expressed the view that compliance with the strict legislative and regulatory requirements governing the making of binding death benefit nominations is not required in respect of self managed superannuation funds, those requirements may be incorporated by the terms of the trust deed.