Unveiling Enhanced Features of SMSF Trust Deeds with NowInfinity Super Comply
As part of our ongoing efforts to stay ahead of the curve, we’ve recently made some enhancements to our Trust Deeds. These changes, a result of customer feedback and industry trends, pave the way for our upcoming Super Comply product.
Why Revamp SMSF Trust Deeds?
Our commitment to delivering quality outcomes drove us to perform a comprehensive review of our SMSF Trust Deeds. With the changes in place, we aim to simplify the process for trustees while increasing compliance and operational efficiency.
What’s New in the SMSF Trust Deeds?
We’ve redefined some key provisions to offer greater clarity and flexibility:
- Death Benefits Hierarchy: There’s now a more precise sequence for death benefits, making the allocation of automatic reversionary pensions, BDBNs, and trustee discretion less ambiguous.
- BDBNs (Binding Death Benefit Nominations): Flexibility is the keyword here. Attorneys can now make or amend a BDBN under specific conditions. BDBNs are non-lapsing by default and offer greater drafting flexibility.
- Expanded Pension Provisions: We’ve broadened the conditions for payment and types of pensions offered, ensuring that trustees and their advisors are better guided.
- Deeds of Confirmation: A new feature enabling trustees to handle lost Deeds and other essential documents more efficiently.
- TBA and TBC Provisions: Enhanced provisions around the transfer balance cap (TBC) and transfer balance account (TBA) offer greater guidance for trustees.
The NowInfinity Super Comply Advantage
Our revisions don’t just stop at the SMSF Trust Deeds. They’re a prelude to the upcoming NowInfinity Super Comply product, designed to set new benchmarks in SMSF compliance and documentation.
Do You Need to Update?
While the previous versions of our SMSF Trust Deeds remain valid, frequent updates are essential for legal compliance and operational efficiency.