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

The proposed changes discussed in this article were implemented as proposed.You can read an article about the changes here.The article sets out:

• when Cleardocs documents were updated to reflect the changes;
• which version of the Cleardocs deed is required for SMSF borrowing; and
• what needs to be done for existing orders.

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”.