Robson Chartered Accountants Business & Finanical Advisors - Gosford - Central Coast - NSW

Updating Trust Deeds

Robson Partners are currently undertaking a review of all trust deeds and self managed superannuation fund trust deeds for our clients.

It is important to ensure your deeds are compliant with current legislation and decisions handed down by the courts – such as Bamfords.

Bamfords High Court decision has challenged the definition of income found within trust deeds. This can affect assessable income attributed to individual beneficiaries or to the trustee themselves. It is of particular concern if the Commissioner of Taxation uses his discretion and applies the proportionate approach to income not covered by the definition of income in the deed and income is attributed to minors at the highest marginal tax rate.

With the introduction of Limited Recourse Borrowing and constant legislative changes a review of your SMSF deed can ensure you have the flexibility to make the most of your superannuation fund.