Changelog - Smarter SMSF Deed Rules

This table provides an update of the changes made to the Smarter SMSF trust deed  (version control):

November 2026

Ref: SM2-Deed-2026-11 / QROPS-SM2-Deed-2026-11 — applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Background

This update confirms that the Fund can invest in digital assets, and sets the rules for how it holds and deals with them. This covers crypto assets such as bitcoin, as well as stablecoins, tokenised assets, non-fungible tokens (NFTs) and governance or utility tokens. Previously, the deed allowed crypto by treating it as a form of currency. That was out of step with the ATO's position that crypto is a CGT asset, not money or foreign currency (TD 2014/25 and TD 2014/26). It also meant a digital asset could be read as "Cash" rather than an "Asset" under the Rules.

The update adds a new Digital Assets rule. It covers how digital assets are held in the Fund's name, how wallets, records and private keys are managed, and how staking, lending and liquidity provision are dealt with. It also adds an express Trustee power, new definitions and updated Guides. In the QROPS SM2 Deed, the new rule is Rule 8.7 and is subject to the existing QROPS restricted investments rule (Rule 8.6).

Summary of Changes:

Rule 7 – Creating an Investment Strategy (Guide only)

What changed:

The Guide now notes that where the Trustee invests in Digital Assets, the Investment Strategy should name them expressly. It should also address their volatility, liquidity, custody and valuation risks, along with any proposed staking, lending or liquidity provision. A general reference to "alternative assets" may not satisfy the Fund's auditor, and a Derivative Risk Statement may be required for crypto asset derivatives.

Rule 8 – Making Investments

What changed:

• Rule 8.2: a new investment item has been added: Digital Assets of any kind, whether held directly, through a Digital Wallet or a Custodian, or indirectly through an exchange-traded product, managed investment scheme, trust or other vehicle.
• Rule 8.3: the reference to crypto as a "currency" has been removed. The rule now covers Australian and foreign currency only, and confirms that a Digital Asset is not currency or Cash. It is held and dealt with as an Asset, even where it is described as a currency or its value is referenced to one (for example, a stablecoin).
• Rule 8.4: a valuation basis has been added. The Trustee may rely on an objective and supportable price, such as the closing price from a reputable exchange, digital asset platform or pricing service. Where a Digital Asset is not actively traded, the Trustee may use a valuation by a suitably qualified independent valuer.

New Rule 8.6 – Digital Assets (Rule 8.7 in the QROPS SM2 Deed)

What changed:

A new rule has been inserted. It applies whenever the Trustee acquires, holds or deals with a Digital Asset, despite any other Rule or power of the Trustee:

• (a) Holding: each Digital Asset must be held in an account in the name of the Trustee or the Fund, in a Digital Wallet used only for the Fund, or by a Custodian that has acknowledged in writing that it holds the asset for the Trustee. It must never be held with, or in a wallet used for, the assets of a Member, Trustee, director, Employer Sponsor or Related Party.
• (b) Records: the Trustee is to keep a register of each Digital Wallet and each Deployment, plus records sufficient to show the Fund's ownership and control and to satisfy the Superannuation Laws and the Fund's auditor.
• (c) Private keys: the Trustee is to keep documented arrangements for private keys, recovery phrases and other credentials. These arrangements must ensure control is kept, or can be passed on, if a Trustee or director dies, loses capacity, resigns or is removed, or a Replacement Trustee is appointed.
• (d) Attached rights: voting, governance, access or utility rights attached to a Digital Asset must be exercised solely in the interests of the Fund. They must not provide a benefit that would breach the Sole Purpose Test.
• (e) Staking, lending and liquidity provision ("Deployment"): these are permitted with four guardrails:
  • (i) no lending, or other financial assistance, to a Member or a Relative of a Member;
  • (ii) no lending to, or investment in, any other Related Party or Related Trust, except as permitted by the In-House Assets Test;
  • (iii) no borrowing, and no charge over any Asset or Cash of the Fund, unless expressly permitted by the Superannuation Laws. This prevents collateralised borrowing and margin trading;
  • (iv) while deployed, a Digital Asset is treated as held in the Fund's name where the Fund's interest, or the receipt or LP token evidencing it, is held in a Fund account or wallet and recorded in the register.

QROPS SM2 Deed only: the new rule is numbered Rule 8.7 and is expressly subject to Rule 8.6 (QROPS Restricted Investments). It does not override the restriction on Tangible Moveable Property during the QROPS Restriction Period.

Guide: Rule 8 — key points (new "Digital Assets" section):

• A Digital Asset is a CGT asset, not money or foreign currency. Under the Rules it is an Asset of the Fund, not Cash.
• A Member cannot transfer crypto they hold personally into the Fund. This is an acquisition from a Related Party, and the listed securities exception does not extend to tokens.
• A token linked to a physical collectable may be subject to the collectables rules.
• Staking, lending and liquidity provision carry smart-contract and counterparty risk, and may give rise to a CGT event where beneficial ownership passes. Rewards and airdrops are generally income of the Fund.
• Trustees should consider whether an exchange or custodian is licensed under the Corporations Act digital asset platform and tokenised custody platform regime (commencing April 2027).
• QROPS SM2 Deed only: a token representing an interest in tangible moveable property, such as art, wine or other collectables, may be treated under the UK Act as a holding of that property. Advice should be obtained before acquiring such a token during the QROPS Restriction Period.

Rule 13 – Fund Assets, Contracts and Transactions to be in Trustee's Name

What changed:

Rule 13.1 now confirms that a Digital Asset held in accordance with the new Digital Assets rule is held "in the name of the Trustee". On a change of Trustee, or of the Trustee's name, the Trustee must also update the registration of any exchange, digital asset platform or custody account, and transfer control of any Digital Wallet.

Rule 15 – Trustee Powers

What changed:

A new express power, deal with Digital Assets, has been added. It allows the Trustee to:

• acquire, hold, sell, exchange, convert, transfer, stake, delegate, lend, wrap, provide as liquidity or otherwise deal with any Digital Asset;
• open and operate exchange, platform and custody accounts and Digital Wallets;
• receive rewards, airdrops and forked tokens; and
• exercise, or refrain from exercising, rights attached to a Digital Asset.

The power is subject to the new Digital Assets rule, the Fund's Investment Strategy and the Superannuation Laws. In the QROPS SM2 Deed, it is also subject to Rule 8.6.

Rule 17 – Trustee to keep Accounts (Guide only)

What changed:

The following have been added to the Guide's list of records to keep: the Digital Wallet register, exchange and custody statements, 30 June pricing evidence for Digital Assets, and records of staking, airdrop and fork events.

Rule 25 – Accessing Member Superannuation Benefits (QROPS Deed only)

What changed:

New Rule 25.10(f) completes the QROPS investment restriction introduced in October 2026. The Trustee must not accept a transfer from a UK registered pension scheme unless, at the date the transfer is completed, the Fund holds no Tangible Moveable Property. The Trustee may confirm this in writing to the transferring scheme. Rule 29.1(f) already protects this rule from later variation.

Guides to Rules 3, 6, 8, 15, 25 and 29 (QROPS Deed only)

What changed:

The Guides have been updated to explain the QROPS investment restriction:

• Rule 3: QROPS status also restricts how the Fund may invest, and transferring Members should understand this before transferring.
• Rule 6: tangible moveable property cannot be contributed, gifted or distributed to the Fund in specie while it is a QROPS. Cash UK transfers are unaffected.
• Rule 8: a new "QROPS Restricted Investments" section explains UK taxable property, gives examples of tangible moveable property (investment-grade gold bullion is excluded), and confirms the restriction applies to the whole Fund. It also covers when the restriction period starts and ends, what to do with existing holdings, and the annual review.
• Rule 15: the QROPS obligations that take precedence over the Trustee's powers now include Rule 8.6.
• Rule 25: before accepting a UK transfer, the Trustee must confirm that the Fund holds no tangible moveable property.
• Rule 29: the QROPS investment restriction cannot be varied away while the Fund holds UK pension money.

Rule 31 – Definitions

What changed:

New definitions added:

Definitions updated:

October 2026

Ref: QROPS-SM2-Deed-2026-10 — applied to New SMSF, Deed of Variation and Lost Trust Deed where the QROPS SM2 Deed is used. The standard SM2 Deed is not affected.

Background

When an SMSF is, or applies to become, a Qualifying Recognised Overseas Pension Scheme (QROPS), UK law prohibits UK pension money from being invested in "taxable property", which includes tangible moveable property. Tangible moveable property is broadly physical assets that can be moved, such as art, antiques, wine, jewellery, cars and boats, and furniture and fittings that are not part of a building. An investment of this kind may be treated as an unauthorised payment under UK law and attract significant UK tax for the Member and the Fund. This update to the QROPS SM2 Deed (v4) adds an express investment restriction to meet that requirement. It applies to the whole Fund for the QROPS Restriction Period. Consequential updates have been made to Rules 8, 14, 15, 29 and 31.

Summary of Changes:

Rule 8 – Making Investments

What changed:

• Rule 8.2(f): the collectables investment item (art, sculpture, wine, vintage cars and other collectables) is now permitted only where both the Superannuation Laws and Rule 8.6 allow, so the QROPS limit is visible on the face of the clause.

New Rule 8.6 – QROPS Restricted Investments

What changed:

A new rule has been inserted:

• 8.6(a): despite any other Rule, during the QROPS Restriction Period the Trustee must not acquire, hold or invest in Tangible Moveable Property. This applies whether the property is held directly, under a lease, hire or limited recourse borrowing arrangement, or indirectly through a Related Trust, Bare/Holding Trust or other entity controlled by the Trustee, a Member or a Related Party.
• 8.6(b): Tangible Moveable Property already held when the QROPS Restriction Period starts does not breach the rule until the Fund first accepts UK Transferred Funds, and must be sold at market value before that date. Any other Tangible Moveable Property held in breach of the rule must be promptly sold at market value. The consent of a Member or a Member's Fund Guardian is not required for the sale.
• 8.6(c): any acquisition or investment made in breach of Rule 8.6(a) is outside the powers of the Trustee.

The restriction applies to the whole Fund, not only to assets attributable to UK money. It starts when the Trustee applies to HMRC for QROPS status (or when UK money is first received, if earlier), so it is in place when the Fund is assessed.

Rule 14 – Trustee Responsibilities

What changed:

A new Trustee responsibility has been added at Rule 14.1(v). During the QROPS Restriction Period, the Trustee must review and record at least annually whether the Fund complies with Rule 8.6, and take the action required by Rule 8.6(b) where it does not. This mirrors the existing annual review duty for LRBA business real property under Rule 8A.

Rule 15 – Trustee Powers

What changed:

• Rule 15.2(l), deal with personal property: the Trustee must not exercise this power otherwise than in accordance with Rule 8.6.
• Rule 15.2(hh), QROPS and ROPS Arrangements: the Fund's QROPS obligations now expressly include ensuring that the Fund does not hold Tangible Moveable Property in accordance with Rule 8.6. Any contradicting Rules, including Rules 7, 8 and 15, are replaced by the QROPS rule in Rule 8.6 or a rule made under Rule 25.10.

Rule 29 – Changing the Fund's Rules or Name

What changed:

New Rule 29.1(f): during the QROPS Restriction Period, no variation to the Rules may remove or limit the QROPS investment restriction, even with the consent of the Trustee and Members. This override applies despite Rule 1.8, and gives a transferring UK scheme comfort that the restriction will continue after the transfer.

Rule 31 – Definitions

What changed:

New definitions added:

September 2026

Ref: SM2-Deed-2026-09 / QROPS-SM2-Deed-2026-09 — applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Background

This update implements the limited recourse borrowing arrangement (LRBA) law change effective 10 August 2026, under which real property acquired under an LRBA must be business real property (s67A SIS Act). A new Rule 8A has been inserted to implement this requirement, with consequential updates across Rules 7, 8, 14, 15 and 31. The QROPS SM2 Deed (v3) also incorporates the Normal Minimum Pension Age transitional provisions first introduced in August 2026 (see above), with those provisions now consolidated into the updated deed.

Summary of Changes:

Rule 7 – Creating an Investment Strategy (Guide only)

What changed:

A new investment strategy consideration has been added: where the Fund has borrowed or proposes to borrow under an LRBA to acquire real property, the Trustee must have regard to the risk that the property ceases to be business real property during the term of the borrowing, and to the Fund's capacity to discharge the borrowing or dispose of the property if needed. A cross-reference to Rule 8A has been added.

Rule 8 – Making Investments

What changed:

A proviso has been added: where the Single Acquirable Asset is or includes Real Property, that Real Property must be Business Real Property, subject to the Grandfathered Borrowing Arrangement exception in Rule 8A.

The Guide to Rule 8 has been updated to note that from 10 August 2026, real property acquired under an LRBA must be business real property and must remain so for the life of the borrowing.

New Rule 8A – Limited Recourse Borrowing Arrangements

What changed:

An entirely new Rule 8A has been inserted, implementing the law change effective 10 August 2026 requiring real property acquired under an LRBA to be Business Real Property.

Guide: Rule 8A — key points:

• Real property geared under an LRBA must be Business Real Property (wholly and exclusively used in one or more businesses). Residential property cannot be acquired under an LRBA from 10 August 2026.
• The requirement is continuing: the property must remain Business Real Property while the borrowing is on foot and while held in the Bare/Holding Trust after repayment.
• Arrangements entered into before 10 August 2026 (Grandfathered Borrowing Arrangements) are not affected and may be maintained and refinanced, provided no fundamental variation is made.
• The property must remain the same single acquirable asset — subdivision, demolition or building replacement requires the borrowing to be discharged first.

Rule 8A — operative subrules:

• 8A.1: Trustee may borrow under an LRBA to acquire a Single Acquirable Asset (Rule 15.2(i)). Rules 8A.2–8A.7 apply where the asset includes Real Property.
• 8A.2: For non-grandfathered arrangements, Real Property must be Business Real Property at entry and must remain Business Real Property for the life of the arrangement and while held in the Bare/Holding Trust.
• 8A.3: Trustee must review and record Business Real Property status at least annually and whenever tenancy, occupancy or use changes; must retain supporting evidence.
• 8A.4: If Real Property ceases to be Business Real Property, the Trustee must promptly take remedial action — restore use, discharge the borrowing, or dispose of the property.
• 8A.5: Real Property must remain the same Single Acquirable Asset. Subdivision, title consolidation, demolition or building replacement requires the borrowing to be discharged first.
• 8A.6: Grandfathered Borrowing Arrangements may be maintained and refinanced; a fundamental variation creates a new non-grandfathered arrangement.
• 8A.7: Trustee must seek SMSF Professional advice before entering, refinancing, varying or altering the asset of any LRBA.

Rule 14 – Trustee Responsibilities

What changed:

A new Trustee responsibility has been added: where the Fund has entered into or maintains an LRBA in respect of Real Property (or holds Real Property under a Bare/Holding Trust following repayment), the Trustee must review and record whether that Real Property is Business Real Property in accordance with Rule 8A.

The Guide to Rule 14 has been expanded to explain that the Trustee's LRBA obligation is ongoing — the property must continue to meet the Business Real Property test for as long as the borrowing is on foot and while it remains in the holding trust.

Rule 15 – Trustee Powers

What changed:

The borrowing power subrule has been updated to reference the Rule 8A limitation. From 10 August 2026, real property acquired under an LRBA must be business real property at the time the arrangement is entered into and for the entire life of the borrowing. Arrangements entered into, and acquisitions under binding contracts exchanged, before that date are not affected.

Rule 25 – Accessing Member Superannuation Benefits (QROPS Deed only)

What changed:

The NMPA transitional provisions first introduced in August 2026 have been consolidated into the updated QROPS deed (v3):

• Rule 25.10(d)(iii) — a new subrule restricts members who have attained the current NMPA but not the transitional NMPA (broadly, members born 6 April 1971–5 April 1973) to transferring benefits only as crystallised transfers under Rule 25.10(d)(ii). Benefits are treated as crystallised where the relevant benefit access event has occurred, or where the member has taken a qualifying step (designating funds for drawdown or becoming entitled to a pension, annuity or lump sum) before the transfer is completed.
• Rule 25.10(e) — confirms the conditions for accepting transfers where a member holds a Protected Pension Age under the transferring scheme, including the requirement for written confirmation from the transferring scheme.

The Guide to Rule 25 explains the transitional cohort, the deeming provisions under the draft SI, the per-transfer assessment approach, and the Protected Pension Age framework.

Rule 31 – Definitions

What changed:

New definitions added:

Definitions updated:

Note: The Normal Minimum Pension Age and Protected Pension Age definitions (introduced in August 2026) are retained in the QROPS SM2 Deed only and are not applicable to the standard SM2 Deed.

July 2026

Ref: SM2-Deed-2026-07 - applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Summary of Changes:

Rule 2 – Trusteeship of the Fund

What changed:

A new Trustee duty has been added requiring each Trustee to provide any information or documents required by the Trustee or a SMSF Professional under AML/CTF Laws. This includes proof of identity and evidence of the source of any funds to be contributed to the Fund.

This duty supports the obligations of SMSF professionals who become Reporting Entities under the AML/CTF framework from 1 July 2026 and must conduct customer due diligence on the Fund and its Members.

On 30 June 2026, updates to section 17A of the Superannuation Industry (Supervision) Act 1993 (Cth) introduced changes for SMSF members whose affairs are managed by a Public Trustee. Previously, a corporate Public Trustee acting as a legal personal representative could not personally act as an individual trustee or director, causing the fund to fail strict SMSF trustee-member rules. The new law introduces a critical exception, allowing a Public Trustee to appoint a qualified individual nominee in writing to take the member's place and continuing as a complying SMSF. 

Rule 3 – Membership of the Fund

What changed:

The Member obligations on joining the Fund have been expanded into a structured list. In addition to existing obligations, each Member must now:

• act as Trustee or director of the Corporate Trustee where required;
• provide their Tax File Number;
• provide any information or documents required under AML/CTF Laws, including proof of identity;
• evidence the source of any funds to be contributed to the Fund, and notify the Trustee if the Member is, or becomes, a Politically Exposed Person (PEP); and
• provide any other information the Trustee may require including relevant insurance details.

Politically Exposed Person (PEP) status triggers enhanced due diligence obligations under the AML/CTF regime.

What changed:

New Rule 6.5 has been inserted. The Trustee may decline to accept a Contribution, Rollover Superannuation Benefit or Transfer Superannuation Interest where:

• the Member has not provided information required under AML/CTF Laws; or

• acceptance would otherwise cause the Fund or an SMSF Professional to breach AML/CTF Laws.

This gives the Trustee express authority to refuse transactions on AML/CTF grounds without breaching the Fund’s governing rules.

Rule 14 – Trustee Responsibilities

What changed:

Two new AML/CTF Trustee responsibilities have been added:

• Comply with AML/CTF Laws to the extent they apply to the Fund or to any SMSF Professional engaged by the Fund.

• Take reasonable steps to obtain from each Member any information required by a SMSF Professional to meet their obligations under AML/CTF Laws.

A new Guide paragraph has been added explaining that the Trustee has the power to suspend, delay or refuse transactions where AML/CTF concerns arise, and that the Trustee is not liable to any Member for any loss or delay arising from the good faith exercise of this power.

A new Division 296 obligation has also been added: Where a Member’s TSB Reference Amount exceeds either or both of the Large Superannuation Balance Threshold and Very Large Superannuation Balance Threshold, the Trustee must calculate and report Division 296 Fund Earnings in accordance with the Superannuation Laws.

Public Trustee remuneration: The law change allowing for a Public Trustee appointment also permits this professional nominee to be remunerated by the fund for their services.

What changed:

Two additions have been made to the Trustee’s powers:

• AML/CTF compliance power: a new express power to suspend, delay or refuse to accept any Contribution, Rollover Superannuation Benefit or Transfer Superannuation Interest, or to apply enhanced due diligence measures, where required under AML/CTF Laws or where the Trustee has reasonable grounds to suspect a transaction may breach AML/CTF obligations.

• Post Wind-up Powers and Obligations (new sub-rule): notwithstanding the winding up or termination of the Fund, the Trustee (including any Former Trustee) retains all necessary powers to:
  • finalise the affairs of the Fund;
  • receive, pursue or settle any Compensation Payment or Residual Amount, including class action settlements and regulatory scheme payments;
  • lodge or respond to tax, legal or compliance matters, including amended assessments or audit adjustments;
  • receive and hold late-arriving assets or proceeds (insurance payouts, investment distributions, refunds);
  • distribute amounts to former Members or their Legal Personal Representatives based on Superannuation Interest Entitlements at the date of winding up;
  • engage professional advisers and deduct reasonable expenses; and
  • take any other step necessary to complete the Fund’s affairs.

These powers may be exercised even where the Fund has ceased to exist as a continuing trust. Where there are multiple Former Trustees, decisions require a simple majority.

Rule 18 – Fund Earnings

What changed:

A new operative provision has been added within Rule 18: where a Member’s TSB Reference Amount exceeds either or both the Large Superannuation Balance (LSB) or Very Large Superannuation Balance (VLSB) thresholds, the Trustee must calculate Division 296 Fund Earnings in accordance with the Superannuation Laws for the relevant income year.

New Rule 18A – Compensation Payments and Residual Amounts

An entirely new Rule 18A has been inserted after Rule 18, providing a framework for the receipt, allocation and distribution of Compensation Payments and Residual Amounts:

• 18A.1 — The Trustee may receive or pursue a Compensation Payment or Residual Amount arising from fraud, negligence, misconduct, incorrect financial advice, product failure, restitution or statutory compensation schemes.

• 18A.2 — The Trustee may initiate or participate in any recovery action, including court proceedings and AFCA complaints.

• 18A.3 — Allocation follows a priority order: (1) specific Member to whom the compensation is directly attributable; (2) pro rata to affected former Members where compensation relates to multiple Members; (3) Reserve Account where attribution is unclear; (4) Fund Earnings if not otherwise attributable.

• 18A.4 — Where received post wind-up: establish a temporary account, distribute to former Members or their Legal Personal Representatives, deduct reasonable costs, and after 6 years pay unclaimed amounts to a registered charity or as permitted by law.

• 18A.5 — When allocating to former Members: amounts must remain within the superannuation environment and be paid to the former Member’s current complying fund; tax withholding obligations apply; deceased member payments go to Legal Personal Representatives; SuperStream requirements apply; and amended annual returns may be required for prior financial years.

Rule 19 & 20 - Accounting for Member Interests

What's changed:

These rules for accumulation and superannuation income stream interests have been updated for the new Public Trustee laws ensuring these professional costs are legally treated as a Specific Expense and appropriately deducted from only the affected member's account(s).

Rule 21 – Taxes & Release Authorities (renamed)

What changed:

Rule 21 has been renamed from “What happens to Taxes, Excess Contributions Tax & Excess Transfer Balance Tax?” to the more concise “Taxes & Release Authorities”. The following substantive changes have been made:

• Division 296 Tax added: where a Member receives an assessment, determination, notice or liability for Division 293 Tax, Division 296 Tax or a Division 296 debt account discharge liability, the Trustee must give effect to the conditions of that notice in accordance with the Superannuation Laws.

• Release Authority provision updated to explicitly include Default Commutation Authority alongside Release Authority.

The Division 296 debt account discharge liability is the mechanism by which a Member can elect for the Fund to pay their Division 296 Tax directly, with the amount debited against their Member interest.

Rule 25 – Accessing Member Superannuation Benefits

What changed:

New Rule 25.10 – Special Rules to achieve QROPS and ROPS status

A new Rule 25.10 has been inserted providing a mechanism for the Fund to adopt QROPS (Qualifying Recognised Overseas Pension Scheme) status to receive a UK pension transfer. The rule includes:

1. The Trustee may by Resolution make Rules to alter the Fund to ensure it meets QROPS requirements.
2. The resolution operates to amend or alter Rule 3 and Rule 25 to ensure QROPS status is achieved.
3. A resolution under this rule is declared a Special Rule of the Fund.
4. The Trustee must not accept a transfer of benefits from a UK registered pension scheme unless: (i) the member has attained the Normal Minimum Pension Age under the UK Act; or (ii) the member’s benefits have been crystallised prior to transfer.
5. Transitional rule: where a member has attained the current Normal Minimum Pension Age but not the future transitional age, sub-rule (d)(i) does not apply and crystallisation under (d)(ii) is the only permitted pathway.
6. Protected Pension Age: the Trustee may accept a transfer where the member holds a Protected Pension Age, subject to written confirmation from the transferring scheme and conditions to retain the Protected Pension Age under the UK Act being satisfied.

The SM2 QROPS deed (QROPS-SM2-Deed-2026-07) contains the full QROPS-specific operating rules. Rule 25.10 provides the gateway to adopt those rules by Trustee resolution.

Rule 28A – Residual Amounts Received after Winding Up (new)

What changed:

A new Rule 28A has been inserted immediately after Rule 28, specifically addressing amounts received by the Fund or a Former Trustee after the Fund has been wound up:

• 28A.1 — A Residual Amount received after wind-up may be dealt with by the Trustee or Former Trustee in accordance with Rules 18A and 15.4.

• 28A.2 — The Trustee or Former Trustee may receive, hold and distribute amounts; determine entitlements based on Superannuation Interests at winding up; pay amounts to Legal Personal Representatives; and engage professional services and deduct reasonable costs.

• 28A.3 — If a former Member cannot be located after a reasonable search and 6 years have passed, the Trustee may pay their share to a registered charity with deductible gift recipient (DGR) status, or to the Commonwealth under unclaimed moneys legislation.

• 28A.4 — Before making such a payment, the Trustee must: publish a final notice on the Fund’s website (if any) and in a newspaper; provide 60 days’ notice to the ATO; and maintain permanent records of the payment.

Rule 31 – Definitions

New definitions added:

Updated definitions:

• Auditor — updated to reference “approved SMSF auditor” to align with current ASIC registration requirements.

• Superannuation Laws — expanded to include: Income Tax (Transitional Provisions) Act 1997; Taxation Administration Act 1953; Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026; and Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026.

• Taxes — updated to expressly include Division 296 Tax alongside Division 293 Tax.

• Tax Laws — updated to include the Income Tax (Transitional Provisions) Act 1997.

September 2025

Ref:SM2-Deed-2025-09 - applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Date Updated: 1 July 2025

Ref: SM2-Deed-2025-03 - applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Ref: SM2-Deed-2025-03 - applied to New SMSF (incl. QROPS), Deed of Variation and Lost Trust Deed

Date Updated: 1 March 2025

Ref: NSF-Deed-2024-07, SDV-Deed-2024-07, LTD-Deed-2024-07, QROPS-Deed-2024-07 

Date Updated: 1 July 2024

Ref: NSF-Deed-2024-04, SDV-Deed-2024-04, LTD-Deed-2024-04, QROPS-Deed-2024-04 Date Updated: 17 April 2024  

Date updated: 17 April 2024

Ref: NSF-Deed-2023-07, SDV-Deed-2023-07, LTD-Deed-2023-07,QROPS-Deed-2023-07  

Date Updated: 1 July 2023

Ref: NSF-Deed-2022-07, SDV-Deed-2022-07, LTD-Deed-2022-07,QROPS-Deed-2022-07 

Date Updated: 1 July 2022

Ref: NSF-Deed-2021-07, SDV-Deed-2021-07  

Date Updated: 1 July 2021

The order form and templates have been updated to allow for orders with up to a maximum of 6 members in a SMSF - applies to both corporate trustees (directors) and individual trustees.

Ref: NSF-Deed-2020-03, SDV-Deed-2020-03  |  Date Updated: 10 March 2020

Amendment(s):

• Correction in Rule 6 guide that allows for a downsizer contribution to be made 'on or after 1 July 2018'.  Guide had stated as after 1 July 2018.
• Deletion of Rule 12.7 as duplicate of Rule 12.5
• Correction in Rule 25.1 to reference 25.2 when creating a special rule for income streams.
• Correction to Rule 25.8(g) to show as 'and' in the following section - '...between 18 years of age and 25 years of age AND be financially dependent upon the deceased superannuant at the time of the Member's death.

Ref: NSF-Deed-2019-07, SDV-Deed-2019-07  |  Date Updated: 1 July 2019

Amendment(s):

• New definition - ADUS meaning automated deed update service
• Rule 29 - added into rule the ability to change the fund rules as part of the 'automated deed update service' (ADUS).
• Updated PDS for new financial year 2019/20

Reason(s):

Smarter SMSF is in the process of developing an automated deed update service that provides you with the option to subscribe to a service that keeps the deed up-to-date as and when any changes are made.

Ref: NSF-Deed-2018-12, SDV-Deed-2018-12  |  Date Updated: 7 December 2018

Amendment(s):

• Added new sub-clause to Rule 15 - ff)(v) Carrying on a business: subject to the Superannuation Laws and the fund retaining its Complying SMSFs status, to carry on a business or to undertake business like activities.

Reason: 

Any form of significant property development, in particular to comply with the business real property definition is treated as a property development business as opposed to "property investment."  An express power to conduct a business has now been added, in addition to the incidental powers which form part of a businesslike activity (e.g. leasing, borrowing,  entering into contracts… money etc.).

Ref: NSF-Deed-09-2017, SDV-Deed-09-2017  |  Date Updated: 15 September 2017

Amendment(s):

• Amended Rule 25.1(c) by adding two parts to the clause where an individual that is in receipt of a TRIS satisfies a nil cashing condition
  • (i) specifically allows for a TRIS to move into retirement phase upon request (written notice) in accordance with the tax laws; 
  • (ii) allows for a replacement income stream of the TRIS to commute and re-purchase as an ABP.