Update Deed for Self-Managed Super Fund (SMSF)
We will update your SMSF deed to ensure your fund has the powers and provisions it needs to operate compliantly.
Your SMSF trust deed is the legal foundation that governs everything your fund can do. A deed that was current when it was drafted may have fallen behind as superannuation law changed, the gap between what your deed allows and what the law now contemplates is where compliance risk lives. Pension rules, binding death benefit nomination provisions, and borrowing powers have all evolved significantly. We review your deed, identify the gaps, and update it in a way that is legally effective and matched to your current circumstances.
Why should you update your SMSF trust deed?
How do I know if my SMSF deed needs updating?
What does an SMSF deed update involve?
Can I just download an SMSF deed update template online?
Do all SMSF members need to consent to a deed update?
Your SMSF deed reflects current superannuation legislation and gives the fund the powers it needs.
Your trustees have the legal authority to make binding death benefit nominations, pay pensions, and transact as required.
Your fund's documentation is compliant and defensible.
When did you last review your SMSF deed?
An outdated deed limits what your SMSF can do.
- We will review your current SMSF deed and identify gaps and outdated provisions.
- We will prepare a Deed of Amendment or replacement deed.
- We will ensure the amendment addresses current legislative requirements.
- We will provide execution instructions and trustee resolutions.
- We will advise on any member consent requirements.
An outdated SMSF deed is a compliance risk you can fix today.
You have been running your SMSF for a number of years and the deed has largely been left alone. Your accountant has flagged that the deed may need updating, or you have tried to do something with the fund such as make a binding death benefit nomination, set up a transition-to-retirement pension, or arrange an LRBA, and discovered that the deed as it stands may not actually give you the power to do it. You want to resolve this cleanly, without introducing new problems in the process.
What's included in your SMSF deed update service
- Review of your current SMSF trust deed.
- Identification of gaps and outdated provisions.
- Preparation of a Deed of Amendment or replacement deed.
- Execution instructions and trustee resolutions.
- Advice on any member consent requirements.
What happens when you operate on an outdated SMSF deed?
An SMSF trustee who acts outside the powers granted by the trust deed is not just at compliance risk, they may be personally liable for any loss that results. When a trustee pays a benefit the deed does not authorise, or enters into a borrowing arrangement without the deed conferring that power, the transaction itself may be void. More commonly, outdated deeds fail at the worst possible time: when a member dies and the surviving trustee discovers that the binding death benefit nomination they thought was in place was never valid under the deed’s own terms. At that point, the trustee’s discretion is restored and family disputes follow.
Here is how we update your deed properly.
We review your deed against the current law and your fund’s current circumstances, identify the provisions that are outdated or missing, and prepare a Deed of Amendment that resolves each issue with precision. We advise on the execution requirements, which are themselves governed by the existing deed’s amendment provisions, and provide trustee resolutions so the update is legally effective from the date of execution. Your fund emerges from the process with documentation that matches what you need it to do.
Three steps to an up-to-date, compliant SMSF deed.
Review your deed
We review your current SMSF deed to identify outdated provisions, missing powers, and any issues that need to be addressed in the update.
Prepare the amendment
We prepare a Deed of Amendment or replacement deed that addresses the gaps identified, incorporating current legislative requirements and best practice provisions.
Execute and confirm
We provide execution instructions and trustee resolutions to ensure the amendment is legally effective and the fund's documentation is compliant going forward.
Experienced SMSF lawyers ready to guide you.
We understand you want to know the cost, before we get started.
We will map out our process, from beginning to end, so you know what the journey will look like before you get started.
We will provide you with a clear and detailed Work Proposal covering each step along the way.
Our fair fees are all-inclusive. No hidden costs for telephone calls, emails, photocopying, couriers, or coffee.
Our great lawyer guarantee
We want to be part of your team over the long term. We achieve this by adhering to these core principles:
Take the time
We listen carefully to understand what you want to achieve. Then we thoroughly explain our advice and step you through the documents. You can be sure you know the full consequences.
Share our knowledge
We will pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.
Stick to our knitting
We only do what we're good at. You can be confident that we know what we're doing and don't pass on the cost of our learning.
Work as one team
Someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.
Fair pricing
For advice and documents, we provide a fixed or capped quote so you don't take price risk. If you're in a dispute, we map out the process and costs so you know what to expect.
It's your show
We're not in this for our egos. We're in it for a front row seat to witness your success.
