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.
