- SMSF Establishment Deed and SMSF Deed of Variation – Governing Rules enhanced:
- Clearer defined hierarchy of death benefits payments.
- Provisions for an Enduring Power of Attorney (EPOA) to be able to amend Binding Death Benefit Nominations (BDBNs) and reversionary pensions under certain circumstances.
- Allows the Trustee to deal with lost Deeds, rules, and other documents of the fund and where law permits to sign a Deed of Confirmation to rely on copies of lost documents.
- BDBNs are revoked automatically where a spouse is a beneficiary if family law proceedings have commenced (unless the BDBN stipulates otherwise).
- Income stream provisions have been expanded to specify pension types as well as the conditions of payment for certain income streams to provide greater guidance to Trustees and their advisors.
- The Trustee powers have been further expanded to provide greater guidance to Trustees and their advisors.
- Provisions relating to the transfer balance cap and transfer balance account have been expanded for greater guidance for Trustees and their advisors.
- Investment Strategy
- More closely aligned with ATO requirements, emphasising member specifics.
- Asset classes available for selection have been updated and are more in line with APRA guidelines.
- An ancillaries tab has been introduced to the interview form allowing users to select either minutes or resolutions.
- SMSF Holding Trust (Bare Trust)
- Updated the SMSF Holding Trust template to SMSF Holding Trust (Bare Trust) as a clear reference for users.
- SMSF Holding Trust Deed, whilst the provisions have been largely maintained the content has been revised to be more succinct.
- The Ancillaries (Minutes/Resolutions) are now generated in a separate document pack.
- The Product Disclosure Statement has been reformatted to an LRBA Explanatory Document.
- Client Legal Review
- A new tier of Client Legal Review has been introduced specifically for SMSF Deed of Variation at a significantly reduced fee of $125 plus GST.
Fixes and Enhancements
- Resolved an issue where you could not save the Director ID when two directors have the same name.
- We have renamed “Entity Management” to “Trust Register” on the collaboration page when pushing a trust to make it more consistent.
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