The law on SMSF borrowing changed on 7 July 2010. Cleardocs updated its documents from Friday 9 July 2010.
The changes are required by the Superannuation Industry (Supervision) Amendment Act 2010 which passed through the Senate without amendment on 24 June 2010.
You can read how the new rules will affect your super fund in an earlier ClearLaw article here.Maddocks
We have updated our SMSF documents to reflect the changes to the law about SMSF Borrowing that took effect on 7 July 2010. We have changed:
As always, the changes have been signed-off by our lawyers at Maddocks.
The highlights of the changes to the law are:
Our lawyers at Maddocks summarised the changes in an article we published in our ClearLaw newsletter. You can read the full article here. The changes are in the Superannuation Industry (Supervision) Amendment Act 2010.
For an SMSF to use the new SMSF Borrowing documents, the SMSF needs to have the latest version of the Cleardocs SMSF deed — that is, the fund must have been created, or had its deed updated, on or after Friday 9 July 2010.
You can use the Cleardocs SMSF deed update package to update an SMSF’s deed to a Cleardocs deed if the SMSF:
Here’s how to handle existing orders:
If the SMSF borrowing for which you have received SMSF Borrowing documents from Cleardocs has not yet started, then call us on 1300 307 343 and we will arrange for you to get the updated documents by email for free.
If the documents are in place and the SMSF borrowing has started, then the documents are fine as they are.
If you have not yet paid for a document package you have started to order from Cleardocs, then you will automatically get the updated version when you complete your order and pay.
You will not have to pay the Cleardocs fee for the updated documents. However, if you ordered printing and binding and:
You can order the printing and binding again, by clicking the green button “More”, then the light blue button “Order Extra Printing”.
If you have any questions about the changes to the Cleardocs documents, or any other Cleardocs products or services, please call us on 1300 307 343.
Download a checklist of the information you need to order a document package.
Julian Smith is a partner in the Maddocks Commercial team.
Julian advises extensively in the following areas:
Julian advises clients ranging from public companies servicing the wholesale financial services market to high net worth individuals and their advisers.
Julian has been with Maddocks since undertaking articles in 2001.
The legal information and commentary on this site is general only. Documents ordered through Cleardocs affect the user's legal rights and liabilities. To assess their suitability for the user, legal accounting and financial advice must be obtained.
For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.