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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Updating your SMSF trust deed

Posted on Apr 28, 2016 by CFL Financial

Self-managed superannuation funds (SMSF) are governed by the rules set out in the trust deed, therefore, trustees need to ensure any actions do not breach the rules in the deed.

As the trust deed is a legal document providing the governing rules for establishing and operating your SMSF, it needs to be reviewed and updated to reflect changes to superannuation legislation. The trust deed covers provisions such as whether binding death nominations are allowed, whether certain investment strategies are permitted, whether the fund can pay a pension income stream etc.

Out-of-date provisions may result in significant adverse effects on members’ benefits, estate planning and breaches may result in potential administrative fines.

For example, non-lapsing binding death nominations are not covered in older trust deeds, meaning that some SMSF members may have unintentionally created three-year lapsing nominations.

As a binding death nomination must be updated every three years according to superannuation law, the implication of this is that members may either have an invalid nomination, or may die without a nomination. This means a deceased member’s wishes will be ignored due to a technicality.

Generally, your trust deed should be updated after legislative changes to superannuation, if the deed has not been amended within the past five years or when a member wishes to undertake a course of action that may not be authorised by the deed.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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