Super never stands still and that is because it is one of the best wealth creation strategies. With all the government tinkering you can still save a material amount of tax and it provides asset protection benefits you can’t get elsewhere.
An SMSF is favoured by wealthy people to manage their super, it provides the most amount of control and access to advanced planning strategies for growth and into your estate planning.
But you need a sophisticated SMSF Deed that keeps pace with the regular changes, VJC clients have such a deed.
We recommend every client subscribes to the update Annually.
With the pace of changes, if the deed is not updated annually then it would have to be updated every 3 years at a $500-600 cost.
So it is more cost effective and efficient to do it this way

This year’s updates of your SMSF governing rules includes the following upgrades:

 

  • updated retirement phase provisions for transition to retirement income streams (‘TRISs’) to cater to recent legislative changes relating to TRISs that revert on death;
  • expanded contribution splitting powers;
  • expanded contribution reserving powers;
  • expanded succession powers for payments to members;
  • enhanced binding death benefit nomination (‘BDBN’) provisions;
  • expanded power for an SMSF trustee to pay out insurance proceeds;
  • expanded conditional membership powers; and
  • expanded powers to withhold and remit various taxes to the ATO.

Please call us if you would like to discuss the update