When completing the Holding (Bare) Trust or LRBA form on NowInfinity, you are required to enter data into all fields in order to generate the documents.
Under SIS Act compliance a Bare Trust and LRBA Arrangement must satisfy certain conditions on establishment. One example is it must provide details of the “acquiring asset to be held in trust”. The NowInfinity template cannot be amended to remove content, as it is designed to ensure these requirements are met.
If you choose to alter the documents by other means, once they have been generated on NowInfinity (e.g. to remove certain details such as the asset or lender), the onus of liability will fall on the Trustee of the Bare Trust to ensure all details, including the asset and lender, are entered before the documentation is signed or executed. If this step is not undertaken by the Trustee, the bare trust and SMSF may be non-compliant and any future ramifications will be at the liability of the Trustee.
We are also aware of situations where finance providers can take a hardline approach to handwritten details with a Bare Trust Deed, as it gives the appearance of information being added after execution. At times, Trustees have been required to prepare a deed of variation or amendment.
NowInfinity is unable to undertake these types of amendments on behalf of customers, and does not cover the costs of any subsequent deed of amendments.