Update to SMSF
- What happens if the Principal Employer/Employer Sponsor has ceased to exist since the fund's original deed?
- What do I do if the SMSF trust deed is lost?
What happens if the Principal Employer/Employer Sponsor has ceased to exist since the fund's original deed?
If a Principal Employer or Employer Sponsor no longer exists, then, in consultation with a lawyer, you need to check the original trust deed to see if it states what happens after the employer-sponsor/principal employer ceases to exist. If the deed:
- Does state what happens (eg the Fund ceases to operate), then there is likely some action to be taken or documents to be created to ensure any issues are resolved; and
- Does not state what happens, it may be the case that the deed has no requirement for the fund to have a principal employer/employer sponsor. So you may merely have to state that the original principal employer/employer sponsor was a party to the original deed. Again, you need to consult with a lawyer as to whether any action needs to be taken or document needs to be created.
What do I do if the SMSF trust deed is lost?
If the SMSF's trust deed has been lost, then you need to consider the following steps in consultation with a lawyer:
- Arrange for all parties to the deed to conduct a thorough search for the deed;
- Contact the person (maybe a solicitor or accountant, or their firm) who arranged the deed to see if they have a copy;
- Ask the person (maybe a solicitor or accountant, or their firm) who arranged the deed if they have a deed which they arranged around the same time as your lost deed was arranged; and
- Seek advice from your lawyer as to whether you can use a similar deed to replace the lost Deed.
Maddocks provides a specialist service for lost SMSF Deeds.
