When you submit a new application in the name of a trust, Selfwealth will request a certified copy of the trust deed to verify the trust details. The pages required and whether certification is needed at all depend on whether your trust is unregulated or regulated.
Unregulated Trusts
An unregulated trust is one that is not overseen by a government regulatory body. This is standard for family trusts, discretionary trusts, and unit trusts.
For unregulated trusts, we require either a certified copy of the full trust deed, or certified copies of the key pages listed below. As trust deeds can be lengthy documents, we only require certification of the following key pages:
- Front/title page, identifies the trust name and date of establishment.
- Schedule pages, contain key details such as trustee names, beneficiaries, and trust terms. See: What is a schedule page?
- Trustee and Beneficiary pages, lists all current trustees and beneficiaries.
- Execution (signing) page, confirms the deed was properly executed.
Incomplete applications: If you submit a trust deed and any of the above pages are not certified, you will be asked to submit certified copies of the missing pages before your application can progress.
Important notes for unregulated trust deeds
90-day rule does not apply: Although Selfwealth requires most documents to have been certified within the last 90 days, this requirement does not apply to trust deeds.
Certifier cannot be the settlor: The person certifying the trust deed cannot be the settlor of the trust.
Certifier must be impartial: The certifier cannot certify their own documents, or documents belonging to a family member.
Regulated Trusts (SMSFs)
A regulated trust is subject to the oversight of an Australian regulatory body. Self Managed Super Funds (SMSFs) are the most common example, regulated by the Australian Taxation Office (ATO).
As SMSFs are regulated funds, we do not require the full SMSF deed to verify the trust. We ask that you provide a copy of the schedule page so we can verify the trustees. This does not need to be certified.
ABN verification
As SMSFs are regulated by the ATO, Selfwealth will also use the ABN you provide to verify that your fund is compliant, meaning it meets the specific requirements outlined in the Superannuation Industry (Supervision) Act.
Super Fund Lookup
Selfwealth uses the ATO's Super Fund Lookup to verify your SMSF's compliance status.
superfundlookup.gov.au
What if my SMSF shows 'Regulation details removed'?
If your SMSF shows a status of 'Regulation details removed' on Super Fund Lookup, this may indicate that your tax returns are not up to date with the ATO.
Application on hold: If your fund's status cannot be verified, your application will be placed on hold until the issue is resolved. Please ensure your ATO lodgements are up to date, then contact our support team so we can progress your application.