SMSF Succession Guide

1. The trust deed is not a "set and forget"

An SMSF deed drafted before 2017 rarely contemplates contribution splitting caps, reversionary pensions to adult children, LRBA structures, or the current BDBN extension mechanics. A deed older than 10 years is a red flag. Best practice: review every 3 years and after any legislative change.

• Store deed date and version.
• Record the last review date and log the next.
• Log a deed_update event whenever the deed changes.

2. Corporate trustee director changes

Corporate trustees must keep ASIC director records current. On a member's death or incapacity the director register triggers replacement obligations — and if it lags, contributions and pension payments can be frozen. STEADCALM's SMSF module flags any corporate trustee without a matching director row.

3. Member BDBNs interact with the deed

Unlike APRA funds, an SMSF BDBN is only as strong as the deed clause that authorises it. Non-lapsing BDBNs are only valid if the deed allows them; lapsing BDBNs extinguish after 3 years. Every member should have their BDBN status and expiry date recorded, and the deed should be checked against the nomination form.

4. Events that trigger the succession plan