What is an SMSF Trust Deed?
For Self-Managed Super Funds (SMSFs) the trust deed is the principal document that contains rules governing the super fund and its trustees. The main role of a trust deed is to set out the obligations of each party and define the terms and conditions of the fund.
The preparation of the super fund trust deed is the first aspect of the SMSF establishment. As the trust deed is a legal document, it must be prepared by someone who is qualified to do so. Once the deed is prepared, it must be read, understood, signed and dated by the trustees. It should also be reviewed regularly and updated whenever necessary such as changes in the legislation.
Aside from this, all trustees must sign the said document to ensure that it was properly executed according to state or territory laws and that the said deed did not violate any provisions from the law.
Can I amend or update my SMSF Trust Deed?
The Trust Deed can be amended at any time, but Trustees must follow the guidelines for amending the Deed that are set out in the original Trust Deed. Any amendments must also be prepared by someone who is qualified to do so.