I know that Financial Advisers are universally disliked in this...

I know that Financial Advisers are universally disliked in this forum but please take this advice on board all you trustees of your own SMSF's.

Please, please read and know your trust deeds.

I have had 4 SMSF's come into my office in the last 3 weeks that are all in breach of their trust deeds even though they would be complying if the deeds were updated.

Worst case scenario: A trustee has put him and his wife in pension phase (Transition to Retirement) but their deeds are dated 2006. Whats wrong with this? TTR's only came into effect 01/07/2007. Consequences? Early access to superanuation and all the penalties that go with it.

It is not a lot of fun to be in the trustees position or my position to give bad news.

So again, please, please understand your trust deeds.

Apologies for the quick rant, but just frustrated.