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Cleardocs Update - green light for the new super fund borrowing rules

On 24 June 2010, the Superannuation Industry (Supervision) Amendment Bill 2010 (Bill) was passed through the Senate without amendment. The Bill is due to receive Royal Assent shortly (usually within 7-10 working days). This signals a number of changes to the borrowing arrangements of super funds.

You can read how the new rules will affect your super fund in an earlier ClearLaw article here.

Cleardocs documents are being updated, read more


Changes to Cleardocs documents for Superannuation Industry (Supervision) Amendment Bill 2010

Cleardocs products are being updated, on the advice of Maddocks Lawyers, to reflect the Superannuation Industry (Supervision) Amendment Bill 2010.

The documents available on Cleardocs from the date of Royal Assent will reflect the new rules. You should wait for the new versions if you are obtaining documents for signing, or in respect of a loan which will take place, after the new rules take effect.

If you order a document package before the change but you do not — or your client does not — sign the documents or settle on the relevant transaction until after the change, then you can log in to get the updated documents that reflect the new law. You will not have to pay the Cleardocs fee for the updated documents. However, if you ordered printing and binding and:

  • you have “confirmed” the printing and binding for the pre-change version of the documents;
  • you want us to arrange printing and binding again for the documents after the change, then you will need to pay the $49.50 printing and binding fee again.

You can order the printing and binding again, by clicking the green button “More”, then the light blue button “Order Extra Printing”.

 

Lawyer in Profile

Daniel Hui
Daniel Hui
Lawyer
PH: 61 3 9258 3563

Daniel is a lawyer in the Maddocks Tax & Revenue team.

Daniel advises extensively in the following areas:

  • structuring of businesses and transactions;
  • mergers and acquisitions;
  • corporate reorganisations;
  • sale of businesses; and
  • joint ventures and property developments.

His advice covers both direct and indirect tax considerations.

Prior to joining Maddocks, Daniel worked at a Big Four Chartered Accounting Firm focusing on tax consulting for mergers and acquisitions.