I have just spent weeks updating my Trust Deed , when the time would have been better spent reviewing my investments. It would seem that very little of what you can do is unregulated. My auditor refused to pass my fund until I had updated the DEED because the ATO had made a recent change to contribution rules. I have not made contributions for 10 years. This is just regulation gone crazy. So, do I have to continue to update to not breach the regulations.?
Most Deeds just re phrase the regulations , so why not just simply say, run in accordance to regulations, specify investment choices , death benefits, in specie transfers and wind up and leave it at that. The ATO has 191 page document on how to run an SMSF which is a better guide than the TRUST DEED. I do have a single member SMSF and I can see that more than 1 member may need more detail in the Trust Deed.
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