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FIRSTLY, WHAT IS A SELF MANAGED SUPER FUND?

Self Managed Superannuation Funds are one of the more flexible and cost effective options to provide for retirement benefits.

A Self Managed Superannuation Fund is simply a "trust" that provides investment choice and flexible retirement planning options.

For an SMSF to exist a "Trust Deed" is required.

WHAT ARE YOU REQUIRED TO KNOW?

Are you providing financial advice, investment advice or accounting advice to your clients?

If the answer is yes then,

  • Have you read your client's trust deed?
  • Do you know what it contains?
  • Are you aware that the trust deed is the SMSF's governing rules?
  • Is the trust deed consistent with changes to superannuation law that have taken place since the deed was prepared or last amended?

If you are unsure you need to contact us immediately to update these deeds.

WHERE CAN YOU GET THE RIGHT TRUST DEED?

Chris Hogan began his superannuation practice In 1990 as a partner of Mallesons Stephen Jacques.

He advises on a broad range of matter affecting the industry, and his clients include financial services groups, trustees, consultants and lawyers in relation to super funds in the corporate, public sector, industry, retail and self managed arenas.

As a result of industry demand, Chris Hogan & Co was born and has now grown to become one of the leading providers of extremely high quality and competitive SMSF trust deed services.

WHY WOULD YOU USE THE CHRIS HOGAN & CO TRUST DEED UPDATE SERVICE?

Chris Hogan & Co currently provides SMSF trust deed update services to more then 5,000 funds. This represents over 10% of the SMSF market in WA.

The Chris Hogan & Co automatic update service ensures your client's SMSF trust deeds are accurate and more importantly up-to-date.

As a boutique operator, we can prepare trust deeds in a timely and cost effective basis.

Here is a sample only of legislative changes affecting SMSF's that must be sanctioned under the SMSF Governing rules to optimize wealth creation, Retirement benefits and succession planning:

  • 2014 - Concessional contributions cap increased for some members; Excess concessional contributions tax changes; Trustees permitted to repay some excess contributions; Range of insured benefits restricted.
  • 2013 - Eligible members permitted to effectively have some excess concessional contributions refunded; Trustees required to consider insurance for members as part of the fund's investment strategy; Trustees required to keep fund assets separate from other assets; Trustees required to value fund assets at market value; New rules for trustees when disposing of assets to related parties.
  • 2012 - Pension standards changed; Minimum payment amounts for account-based and allocated pensions reduced; Investment restrictions re collectables and personal use assets; Tax deduction for terminal medical condition insurance premiums; New rules re the tax deductible portion of premiums for total and permanent disability insurance; Recognition of orders for forfeiture of superannuation benefits; Recognition of appropriate trust deed clauses preventing payments to the fund from giving rise to excess contributions tax; Recognition of appropriate trust deed clauses allowing a member to count a contribution in one year against the contribution cap for the next year and claim a tax deduction in the current year; SGC contributions required for employees aged over 70; Changes to allow the parent or guardian of a child member to act as director of the trustee in place of the child; Changes to allow the fund to remunerate trustees and trustee directors in some cases.
  • 2011 - Expanded auditor eligibility; Lost member payment requirements; Updated pension standards; Capital and revenue loss rollovers permitted; Increased restrictions for limited recourse borrowings; Minimum payment amounts for account-based pensions reduced; Transitional relief for deduction of total and permanent disability insurance premiums.
  • 2010 - Unclaimed Money payment requirements; Temporary resident benefit restrictions; Lost member and family law reporting requirements; Recognition of de facto relationships.
  • 2009 - Anti-discrimination provisions re death benefits; Benefit release for former temporary residents; Super contributions from First Home Saver's Accounts.

IF YOU FAIL TO TAKE ACTION BEWARE!

SMSF Trustees can take action against a professional for inappropriate advice that results in a loss to their superannuation Fund.

Trustees can recover this loss through special provisions in the Superannuation Industry (SIS) Act.

OUR STRONG RECOMMENDATION - If a trust deed is not up-to-date do NOT provide professional advice.