Welcome to ClearNews April 2017.
Every few months, ClearNews tells you what's new at Cleardocs. We also send you monthly ClearLaw emails discussing legal developments relevant to the documents we provide.Cleardocs Team
SMSF Adviser has launched their annual SMSF Awards 2017 to establish the best performing operators servicing SMSF professionals and Cleardocs are in the running to win SMSF Document Provider of the year!
We won Core Data's SMSF Deed Supplier of the Year in 2015 and 2016 and this year we also want to win an SMSF Adviser award. Winning these awards strengthens our business and helps us to provide the best products and service that we can.
A few minutes of your valuable time can not only help us win but for every completed survey they will donate $1 to Cancer Council Australia.
The superannuation reforms first revealed in the May 2016 Federal Budget, are finally taking shape.
The main Acts have become law, and the draft Regulations were open for public comment until 10 February 2017.
It is clear that from 1 July 2017 the super landscape will have been altered in important ways. This article summarises the key changes.
What are the legal changes?
Some of the key reforms to the super laws include the following:
More in depth information on the changes is set out in our recent ClearLaw article "Superannuation reforms".
What changes have been made to the Cleardocs documents?
First, the pension terms have been revised in some meaningful ways. Primarily this requires changes to the pension document but also to some provisions of the deed relating to pensions.
Second, there are changes to certain rates, contributions caps etc which are more relevant to the PDS documents.
Third, there are changes of relevant to SMSF advisors in practice - eg. the low income super contribution offset and spouse contributions rules.
Fourth, there are those changes around the new pension commutation rules, and creation of reversionary beneficiary arrangements (such as through death benefit nominations and death benefit agreements).
Fifth, there are those changes which are of general importance and interest.
Do I need to update my SMSF deed?
No, it is not necessary to update your trust deed but top 20 law firm, Maddocks recommends it.
If you have a deed from an earlier version, this does not necessarily mean your deed is outdated. However Maddocks recommends updating your deed to reflect current laws and best practice.
How do I update my deed to the latest version?
To update your, or your client's, existing deed to the latest version:
If you have more than 10 SMSFs to update, Cleardocs is happy to assist. Simply send us details of all the SMSF funds that need to be updated to firstname.lastname@example.org and we can prepare the orders for you.
With the release of our updated trust deed incorporating the recent super reforms, many customers have approached us about bulk orders for SMSF updates. For bulk SMSF updates, we can provide price discounts and simplify payment methods.
Also, we have also been working hard to further streamline the approach for data upload into our system — to save you the data entry and take the pain out of the process.
The 2017-18 Federal Budget will be handed down by the Treasurer on Tuesday 9 May 2017. Thomson Reuters Head of Tax News and Senior Tax Analyst Terry Hayes and his team will again be at Parliament House on Budget night preparing their comprehensive and detailed 2017 Weekly Tax Bulletin Federal Budget Report.
The report will contain Thomson Reuters' acclaimed coverage and analysis across a wide range of issues including:
To find out and to ensure you receive comprehensive reporting of this year's Federal Budget, sign up to receive your free copy of the 2017 Weekly Tax Bulletin Federal Budget Report.
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.