A self-managed superannuation fund gives you control and flexibility over your retirement savings – but it also comes with significant legal and compliance obligations.
Breaches of SMSF rules can result in the fund being made non-complying, costing members up to 47% of the fund’s assets in additional tax.
Our SMSF lawyers work closely with your financial adviser and accountant to ensure your fund is established correctly and remains compliant throughout its life.
Important: SMSF advice intersects financial, tax and legal considerations. Our lawyers provide the legal component – trust deeds, compliance, property contracts – and coordinate with your licensed financial adviser for investment strategy.
- Drafting bespoke SMSF trust deeds
- Trustee structure advice (individual trustees vs corporate trustee)
- Member deed and consent documentation
- Investment strategy documentation review
Ongoing legal compliance is critical for maintaining your fund’s complying status:
- Trust deed updates to reflect legislative changes
- Binding death benefit nominations (BDBNs) – lapsing and non-lapsing
- Trustee minutes and resolutions
- Sole purpose test compliance advice
- Related party transaction compliance
- In-house asset rule compliance
Property is one of the most popular SMSF investment strategies.
We provide legal advice on:
- Direct property purchases by an SMSF
- Limited Recourse Borrowing Arrangements (LRBAs) – bare trust and loan documentation
- Related party property transfers and in-specie contributions
- Property development within an SMSF (compliance advice)
- Trustee disputes and removal
- ATO enforcement action response
- SMSF wind-up and asset distribution
- Relationship breakdown – splitting SMSF assets
Should our SMSF have individual trustees or a corporate trustee?
A corporate trustee (a company set up specifically to act as trustee) is generally recommended.
Benefits include easier asset segregation, easier member changes, greater succession continuity and reduced administrative penalties. While there is an upfront cost to incorporate, we typically recommend corporate trustees for most funds.
Can our SMSF borrow money to buy property?
What is a binding death benefit nomination?
A binding death benefit nomination (BDBN) is a legally binding instruction to your SMSF trustee about how to distribute your superannuation benefits upon your death. Unlike non-binding nominations, the trustee must follow a valid BDBN.
They can be lapsing (expiring every 3 years) or non-lapsing depending on your trust deed.
We recommend reviewing your BDBN alongside your Will and broader estate plan.