Behind the Investment News: Update on SMSF's...
by Michal Park, 28/09/2006

Attention all Hudson members with Self Managed Superannuation Funds (SMSF) – the management of your funds is about to get more expensive.  As at 1 July 2007, the supervisory levy payable to the Australian Tax Office each year will be increased from $45 to $150, with the levy to be reviewed regularly.

And just how do the recent superannuation changes specifically impact SMSF’s?  The Trust Deed sets out the rules for the fund, under the relevant legislation. Therefore, updating this Trust Deed is particularly important when legislation changes, because trustees and beneficiaries cannot take advantage of the positive changes to the superannuation environment if the Trust Deed does not legally incorporate them.  With all the superannuation changes happening (both now and over the past couple of years), please make it a priority to have your SMSF Trust Deeds reviewed.  Not updating could potentially have disastrous results, so get in contact with your accountants as soon as possible.