Sladen Legal conducted a “major review” of its SMSF documents including its SMSF deed, SMSF deed update and SMSF pension agreements.
The SMSF deed was a particular focus of the review, with the most significant update being the introduction of the guardian role as a standard feature, Sladen Legal stated.
“The guardian role is especially important for SMSFs, given that the superannuation law limits who can be the trustee or director of the corporate trustee of an SMSF,” Sladen Legal stated.
“No such restrictions apply to the guardian role. Therefore, this has the flexibility of bringing non-members into the guardian role (eg. independents or corporations) or not having all of the members of the SMSF as guardians.”
The law firm also announced a new SMSF corporate trustee stakeholders agreement, which intends to allow greater control over an SMSF corporate trustee.
“The major drawback of SMSF deeds is the inability to properly deal with a corporate trustee and, in particular, the directors and shareholders of a corporate trustee,” Sladen Legal stated.
“The SMSF corporate trustee stakeholders agreement overcomes this by incorporating many of the provisions governing trustees in the SMSF deed into a document which is binding on directors and shareholders.”