An SMSF trust deed is the fund’s governing document. Together with the Superannuation Industry (Supervision) Act 1993 and its regulations, it forms the rules the trustees must run the fund by. Download our template below, then read the notes on what a compliant deed has to do and when it needs updating.
Download the SMSF trust deed template
Download the SMSF trust deed template (PDF)
This is the deed we use when we establish a fund. It is provided as a reference document so you can see the structure and clauses a modern deed contains. It is not a fill-in-the-blanks form — a deed has to be tailored to the fund, and signed and executed correctly to be valid.
What the trust deed has to do
The ATO’s position is that the deed must be tailored to your fund to meet its objectives and the members’ needs, and must state that the fund’s sole purpose is to pay retirement benefits to members, or death benefits to their beneficiaries.
| Sole purpose | States the fund exists to provide retirement benefits to members, or death benefits to their dependants or estate. |
| Trustee structure | Identifies the trustees — individual trustees or a corporate trustee — and sets out how they are appointed and removed. |
| Members | Who can be admitted as a member, and what rights and entitlements a member has. |
| Contributions | What contributions the fund can accept, and from whom. |
| Benefit payments | How and when benefits can be paid — lump sum, pension, or a combination. |
| Death and incapacity | What happens if a member dies or loses capacity, including whether binding death benefit nominations are permitted and how they operate. |
| Wind-up | The process for winding the fund up and dealing with remaining assets. |
The deed cannot override the law
A trust deed cannot give trustees a power that super law prohibits. Where the deed and the legislation differ, the legislation wins. The practical consequence is that a deed can only ever be more restrictive than the law, never less. A deed that is silent on something the law permits — say, a particular pension type — will stop the trustees from doing it, even though the law would have allowed it.
Signing and execution
All trustees must sign and date the deed, and it has to be executed according to the laws of the relevant state or territory. Getting execution wrong is one of the more common problems we see: an unsigned deed, a deed signed by only some of the trustees, or a deed where the execution clause does not match how it was actually signed. If the deed was not validly executed, the fund arguably has no governing rules.
Keep the original signed deed, plus every deed of variation, for the life of the fund. If you later sell the fund’s property or roll a benefit over, the buyer or the receiving fund will usually want to see an unbroken chain of deeds.
When a deed needs updating
Super law changes, and older deeds stop keeping up. Deeds written before the 2007 Simpler Super changes, or before the 2017 transfer balance cap reforms, commonly lack the clauses trustees now need. Signs a deed is overdue for an update:
- It refers to reasonable benefit limits, or to allocated and complying pensions, rather than account-based pensions.
- It does not permit, or is silent on, binding death benefit nominations.
- It does not contemplate a corporate trustee, and you now want to move to one.
- It caps contributions or benefit types by reference to figures that have since changed.
- It does not allow a reversionary pension, and a member wants one.
A deed is updated by a deed of variation, executed the same way the original was. The variation has to be permitted by the amendment power in the existing deed — which is another reason the original matters.
Frequently asked questions
Do I need a new deed every year?
No. A deed is updated when the law or the members’ circumstances make it necessary, not on a schedule. In practice that tends to be every five to seven years.
Can I use a deed I found online?
You can read one to understand the structure, which is why we publish ours. Using a generic deed unchanged is risky: it may not match your trustee structure, and its amendment power may not be broad enough to fix later.
What if the original deed is lost?
Tell us early. There are steps that can be taken — a statutory declaration, a deed of confirmation, or in some cases a court application — but they are easier before the fund needs to prove its rules for a transaction.
Does the deed have to be lodged anywhere?
No. It is not lodged with the ATO or ASIC. The trustees keep it. The auditor will ask to see it.
Individual or corporate trustee?
Both are allowed. A corporate trustee simplifies membership changes, keeps fund assets clearly separated, and the penalty regime treats it more favourably — administrative penalties are levied once on the company rather than on each individual trustee.
We prepare the deed as part of setting up your fund
When we establish an SMSF we prepare the deed, the trustee consents, the member applications and the ATO registrations, and we keep the signed documents on file. If you have an existing fund with an old deed, we can review it and prepare a deed of variation.
Contact us about your fund’s trust deed
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This page is general information only. It is not legal or financial product advice and does not take your circumstances into account. Superannuation Warehouse Australia Pty Ltd, ABN 62 141 409 449.