Webinar: Keeping Trust in Trusts
The industry has been inundated with guidance regarding trusts, raising the question: what steps can be taken to mitigate risk for trustees and advisors? […]
Stephen Harvey, current as of: 21 June 2018.
The governing rules of our SMSF deed been updated. To summarise, those changes are: | |
1. | Members who have reached retirement age can now make a once only contribution of up to $300,000 where the contributed funds arise from the sale of a principal place of residence held by the member for at least 10 years. Called a “downsizer contribution”, the governing rules now contain the express ability to make these contributions. |
2. | Since the removal of the “accountant’s exemption”, SMSF establishment, contributions and benefit payments now fall into the category of financial advice. This means that matters relating to making certain contributions and their treatment by the trustee and the commencement or commutation of pensions may require a Statement Of Advice (SOA) to be given to the member involved. New rules require the trustee to commence or commute pensions in certain circumstances. Because the rules require the trustee to act in a specific way, the trustee need simply to act according to the deed and no SOA is required for an adviser to advise the trustee to do so. The relevant member can direct the trustee not to commence or commute a pension. By way of example: |
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Feel free to get in touch with our team if you have any queries. |
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