An SMSF is a type of trust. Your trust deed is a legal document that sets out the rules for establishing and operating your fund.

Your trust deed can’t override the law; however, together with the super laws, they form the fund’s governing rules.

You must create a trust deed when you set up an SMSF.

It should detail the:

• powers, duties and responsibilities of your trustees
• rights of your members
• fund’s scope, including
  • when and how benefits can be paid
  • how illness, incapacity and death of the members is dealt with, and
  • situations that would require the SMSF to be wound up.