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.
Recommended for you
Adviser willingness is the key hurdle to the uptake of ESG matters by financial advisers; they should not feel afraid or embarrassed if they are less familiar with what clients are seeking.
In his first move since the acquisition by Count, former Diverger managing director Nathan Jacobsen has taken up a new leadership role in the financial advice space.
Medical grounds are no excuse for compliance failures as a Victorian AFSL is sentenced for failing to lodge annual financial reports.
The balance of ASIC enforcement activity is skewed towards civil rather than criminal cases, but the corporate regulator says it is seeking to redress this balance.
