How to configure automatic SMSF Variations via Deed documents

For more information, please refer to the instructions below: 

Step 1 : As a NowInfinity SuperComply user, navigate to the fund profile which will be set up for auto variation in SuperComply.

MENU -> SUPERCOMPLY -> FUNDS -> SEE FULL PROFILE

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Step 2 : Once in the fund profile, scroll down to the SMSF Auto Variation section (appearing just above the Contact Information section)

mceclip2.pngStep 3 : By default, the Auto Variation process will be disabled for all funds. To start the Auto Variation process, click the ‘Edit” button

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Step 4 : Once the Variation setting are enabled for editing, you can update the settings based on your clients’ variation preferences.

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Note : Based on your selections, more entry fields may appear where you will need to enter additional information.  The settings can be updated as follows:

VARIATION SETTINGS:

Field Name

Details

Variation Type

You will need to select the ‘Paper Signing (Deed)’ in this setting to enable the Auto Variation process. The NowInfinity platform will automatically create the SMSF Variation Deed documents on the next variation date.

The SMSF Variation Deed documents will be available via the completed documents page, and you will be required to manually send the documents to the trustees for signing

Note : It is important to know that the auto variation process will not create the SMSF Deed of Variation documents if an existing establishment document or a variation document is still waiting to be signed.

Frequency of Variation

This option allows you to dictate how often the auto variation process will run for the fund.

The available options for this setting are:

a) Every year from last variation

This will trigger the platform to automatically create the variation documents every year from last variation date

b) Every 3 Years from last variation

This will trigger the platform to automatically create the variation documents every 3 years from last variation date

c)  Every year on Specified Date

This will trigger the platform to automatically create the variation documents every year on the date you choose

d)  Every 3 Years on Specified Date

This will trigger the platform to automatically create the variation documents every 3 years on the date you choose

Next Variation Date

This will be the date the next time the Auto Variation process will run, and you can manually enter a date depending on the “Frequency of Variation” you have chosen.

Note : You cannot select a date in the past

SMSF Manager

This option gives you the ability to change the SMSF manager for the fund if required.

 

VARIATION DETAILS :

Field Name

Details

Are there any Special Rules that may affect the terms of the fund?

This option appears when the Auto Variation process is enabled and provides the ability for you to indicate if there are there any Special Rules that may affect the terms of the fund.

Is anyone required to consent to the variation of the trust deed by the Trustee?

This option appears when the Auto Variation process is enabled and provides the ability for you to appoint a consenting party when required.

Who is required to consent to the variation?

This option appears when you answer ‘Yes’ to the “Is anyone required to consent to the variation of the trust deed by the Trustee?” question.

The available options for this setting are:

a) The members

This option will add all the members are consenting parties to the variation documents.

b) A principal employer or other person

This option will allow you to enter the details of the consenting party.

Consenting party type

This option appears when you answer, ‘A principal employer or other person’ to the “Who is required to consent to the variation?” question.

The options are:

a) Individual

If you select this option, you will be required to enter the details of the individual including their name, date of birth and residential address

b) Corporate     

If you select this option, you will be required to enter the details of the corporate party including the ACN, Company name, Registered Address, and director details.

Add details of an additional Consenting Party?

This option allows you to add another consenting party.

Step 5 : When you are satisfied with the Auto Variation details, you can select ‘Save’ to save the settings for the fund.

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Step 6 : After saving, you will be promoted to confirm the auto variation settings.

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Step 7 : When you confirm the settings, the auto variation settings will be saved against the fund including the details of the person who saved the settings,

Note :  that you can edit the settings again at any time in the future.

This information can be viewed in the fund timeline:

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If you go back to the Fund register, you will not that the PINs for the fund has been updated to indicate that the fund will be varied automatically, and will be signed electronically. 

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