In the life of a self-managed superannuation fund it is not unusual for the members to remove themselves as personal trustees and replace themselves with a corporate trustee with all members (usually 2) to be Directors of that company. However what many trustees will not be aware of is that the trust deed must allow you to go from two trustees to one otherwise they fall foul of s12(2)(c) Trusts Act 1973 (Qld).
While the self-managed superannuation fund trust deed will usually provide for this, the power in the trust deed to appoint a single trustee where there were previously two trustees should be made clear to the Land Titles Office when submitting the Deed of Appointment and transfer documents.
The more recent practice of Self Managed Super Funds holding real estate makes this a live issue. Land Titles will requisition the transfer of legal title where the power to move from two trustees to one is not made clear. If your superannuation trust deed does not provide for such an appointment then you need to amend the deed. Furthermore, you must make it clear in the subsequent appointment documents that you are calling on that express power.
Latest Super Contributions
On the topic of superannuation, it’s worth revisiting the ever changing contributions caps. These are:
It’s important to know the difference between these two types of contributions so you can do correct calculations, especially if you are contributing close to these thresholds. Payslips and member statements can sometimes be misleading.
Also remember to take into account: