When completing the Holding (Bare) Trust or LRBA form on NowInfinity, you are required to enter in data for all the relevant fields in order to complete the form and generate the documents.
Under the SIS Act, a Holding Trust and LRBA Arrangement must satisfy certain conditions on establishment. For example, it must provide details relating to the asset to be acquired and to be held in the trust.
Ultimately, the onus falls upon the Trustee of the Holding Trust to ensure that all details, including those relating to the asset or lender, are properly provided in the relevant documents as they are being signed or executed. If this step is not properly undertaken, the Holding Trust/Arrangement (and, in turn, the SMSF) may be non-compliant. The Trustee will be liable for any ramifications arising from this.
We are aware that, sometimes, users may not have certain details such as the property address.
If this is the case, reach out to legal@nowinfinity.com.au prior to completing your form.
If, on the other hand, your holding trust has been signed we do not recommend that you edit or "write in" address details. Some finance providers take a hardline approach to details that are "hand-written" or edited into the Holding Trust Deed as it gives the appearance of an informal amendment post-execution which may cause issues. If you need to amend a signed document, our legal services provider would be able to assist with an amending Deed on a fee-for-service basis.
To be referred to our legal services provider for their assistance, contact legal@nowinfinity.com.au
For further information, contact our Support team.
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