Due to the many amendments to SIS Legislation and Regulations in recent years and in particular to changes that took effect from 1st July, 2007 it is important that a review be made of your clients trust deeds.
Such review should ensure that:
(a) The deed is worded in such a way as to include the legislative changes in the trust deed of the Fund.
(b) The wording of the trust deed does not restrict the application of the legislative changes.
(c) The provisions of the trust deed are not contrary to the SIS legislation & regulations.
Some of the matters to be considered in any review would include:
(a) The definition of “member”
(b) Provisions relating to “contributions”
(c) The types of Pension Benefits payable e.g. Allocated, Market Linked and Account Based.
(d) Ability to pay Pension Benefits from within the fund.
(e) Superannuation Splitting Arrangements.
(f) Compliance with Family Law Act 1975.
(g) Ability of trust to borrow under Section 67 of the Act (see separate notice attached)
Our legal advisers have prepared a trust deed to comply with the current SIS Regulations.
A significant advantage in adopting the provisions of our updated trust deed is that it includes in the interpretation clause a definition of Relevant Law which includes (SIS ACT and SIS Regulations) and by an appropriate use of such expression through the trust deed virtually brings into the trust deed all relevant provisions (both present and future) of the legislation. This is obviously a clear advantage which will reduce substantially the necessity to have the trust deed amended every few years.
Our Update package includes two bound copies and one loose leaf copy of the trust deed plus trustee minutes & members consents fully completed with your advised details.
Our all inclusive costs (incl. GST) are:
Amendment to Trust Deed Corp Reps Deed Other Deeds
Single Trust Deed $275 $330
5 or more Deeds $242 each $297 each
Appointment of New Trustee (if required) $253 $253