What's New September 2023

New Releases

Documentation Suite

  • 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.

For more information about our latest releases, please click here

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