SMSF Upgrades

Are Your Clients' Super Funds Compliant?

There have been numerous and extensive changes in Superannuation over the past 10 years, culminating in the Simpler Super reforms announced in the May 2006 federal budget. These changes came into effect on 1 July 2007.

The Simpler Super reforms significantly effects how the ATO treat your clients’ superannuation funds. The changes primarily cover contributions, contribution splitting, employment of members in the fund and pensions. As a result, almost all SMSFs established prior to 1 July 2007 require upgrading to take full advantage of these changes. A significant number of funds have not been upgraded and therefore may be paying additional and unnecessary tax, or are not capitalising on the benefits introduced through the Simpler Super reforms.

In order to allow your clients to fully reap the benefits of the super reforms it is important to make sure their deed is up-to-date with the latest legislation.

Changes relating to Simpler Super

The benefits of the new super system are many and relate to how funds are treated in terms of tax and contributions. Unless your client’s deed has already been upgraded, chances are they may be missing out on significant benefits, such as:

Making contributions up to age 65, without the need to meet the work test;
Having the ability to make contributions up to age 75;
Members aged 55 or more accessing benefits prior to retirement (also known as transition to retirement);
Members aged 60 or more commencing a tax free, flexible account based pension in retirement to complement their lifestyle;
Having the ability for the fund to borrow so as to fast track super savings growth;
Adding non-working members, such as the spouse or children;
Having the ability to make contributions on behalf of children;
Splitting super contributions with a spouse; and
Having the ability to leave accumulated superannuation for the next generation.

To take advantage of these reforms, superannuation deeds need to comply with the latest legislation.

Upgrading Your Deeds

The process of upgrading your clients' super fund deeds is simple. Please call 1300 139 001 or send an email to smsfupgrade@espreon.com to discuss your specific requirements so that we can tailor a solution to your needs.

Espreon Extras

Compliance
You can relax with Espreon and know your clients’ deeds will be fit-for-purpose and compliant. All upgrades to an Espreon SMSF are conducted by experienced lawyers who review your current deed and prepare the deed amendment in accordance with the provisions of the original deed.

Dedicated SMSF Team
All our super fund products are supported by a dedicated, knowledgeable product team who can be contacted on 1300 139 001. Our legal practice partner are also available 8am-7pm EST to take any queries you may have regarding your SMSF Trust Deeds free of charge.

Related Products
Espreon offers a wide range of products including Standard and Strategist Sole Purpose SMSF Trustee Companies and a Compliance Package to assist in managing the Strategist fund. Click here (PDF 114kb)for a full price list.

For more information on Espreon's SMSF Trust Deeds: