Setting up a self-managed super fund

Obtaining a trust deed

A trust deed is a legal document that sets out the rules for establishing and operating your fund. Together with the super laws, they form the fund's governing rules and detail the:

powers, duties and responsibilities of the fund's trustees
rights of the members
scope of the operation of the super fund (what can and cannot be done within the super laws).

An SMSF professional can help you organise a trust deed for your fund, but as it is a legal document, you need to make sure it is prepared by someone qualified to do so.

The trust deed covers areas such as:

the fund's objectives
who the trustees are
who can be a trustee
how trustees are appointed or removed
who can be a member
when contributions can be made
how benefits can be paid (pension or lump sum) within SISA requirements
when benefits can be paid
how to appoint professional advisers (such as an auditor)
the procedures for winding up the fund.

The trust deed must be tailored to your fund and correctly drafted to meet its objectives and the members' needs - for example, allowing for the payment of specific benefits. It must also meet all the requirements of the relevant super laws.

If your fund has individual trustees, the trust deed needs to state that the fund's sole purpose is to provide retirement benefits to your members, or to their dependants if a member dies before retirement.

All trustees must sign and date the trust deed and make sure it is properly executed according to the relevant state or territory laws.

All trustees are bound by the trust deed and are equally responsible if its rules are not followed, so it is important that all trustees understand the contents of the deed.

As a trustee, you need to make sure the trust deed is regularly reviewed and updated so it complies with the super laws (including changes to the law) and the members' needs.

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Last Modified: Wednesday, 22 May 2013