What documents are included in the Cleardocs Update to SMSF package?
The Update to SMSF document package includes:
- the SMSF's new updated Trust Deed;
- the Deed of Variation that allows the update of the SMSF's existing deed;
- a Notice to Members about the deed update;
- a set up Minutes in which the SMSF trustee(s) and others involved approve the update; and
- an Establishment Kit explaining what to do next.
What information do you need to update your SMSF deed through Cleardocs?
You need to be able to provide information about:
- the SMSF - for example, when it was set up etc.;
- the members, the trustees, any employer-sponsor;
- the names, dates, and parties to the original deed and any later amending deeds; and
- the number of the clause in the original deed that allows it to be amended.
You can also download our checklist of the required information.
The easiest way to obtain that information is to have copies of the original deed, and any amending deed, handy.
Why update your SMSF deed?
Below, we set out some of the reasons to consider updating an SMSF deed. You need to remember that the summary here
is for information purposes only.
There are several issues to consider about updating existing deeds. The
sample letter gives much more detail around these key issues:
- Do the SMSF's trustee(s) wish to borrow through a limited recourse borrowing arrangement to invest in the SMSF?
- Do the SMSF's members want to make "permanent and binding" Death Benefit Agreements?
- Is the SMSF's current deed fully complying? The ATO is increasingly rigorously pursuing non-complying SMSFs.
- Does the SMSF's deed allow for the full range of 'reserving', pension and disablement benefits that the law now
allows? The Cleardocs deed does.
- Would you find it easier to manage your, or your clients', SMSFs if all of the funds had the same clear and simple deed?
- Once your deed(s) is updated and stored with Cleardocs, we aim to keep you updated about legislative changes via
email. Those updates alert you to whether to get legal advice about the changes and the possible need to update the deed again.
One-click update: store your SMSF deed(s) electronically with Cleardocs and keep them up-to-date with the law.
With the legislation around Self Managed Superannuation Funds changing so rapidly, the Cleardocs document creation,
storage, and update package combine to offer a unique solution to the problem of keeping SMSF deeds
up-to-date in Australia.
Once your SMSF deeds are created or updated through Cleardocs, we aim to keep you informed via email as soon as
legislative or other changes require us to make amendments to our master documents. With that information, you can
then decide whether to update the SMSF deed. You may need legal, financial, or other advice about whether to update.
We cannot give you that advice.
This SMSF deed update system is one of the primary reasons that Cleardocs is now used by many of Australia's largest, specialist
Self Managed Superannuation Fund administrators and providers
Who maintains the Cleardocs SMSF deed to ensure compliance with current laws?
Our lawyers at Maddocks constantly maintain the Cleardocs SMSF Deed and the question interface, to make sure they are up-to-date with current
legislation. We often publish those changes in the monthly ClearLaw bulletin. Some of
the many updates we have made — on the advice of Maddocks — to our deed are:
- Cascading death benefit arrangements in September 2012;
- Reflecting a change to the law allowing an SMSF with a corporate trustee and members under 18 in June 2012;
- Reflecting changes to the law about SMSF Borrowing made in July 2010. As part of the changes, the name of the
borrowing arrangements changed from "Instalment Warrants" to "Limited Recourse Borrowing"
(You can read a ClearLaw article summarising the changes
here.);
- Death Benefit Agreements in May 2009 ;
- Allowing instalment warrants in January 2008 (You can also order an Instalment Warrant document package from Cleardocs.);
- "Simpler Super" and "Better Super" changes to the law in 2007;
- Simplification following Budget 2006 announcements;
- Contribution splitting;
- Provisions for all the latest current pensions and reserving options included;
- Product Disclosure Statement;
- Changes to compulsory cashing benefits;
- Minors allowed as members; and
- Read more detail in our sample letter that explains the changes to Trustees
here.
Changes in parties to the deed – members, trustees, etc
The interface and the Deed of Variation cater for the situation in which the parties to the fund have changed since
the fund was established or since the fund's deed was amended.
Remember, you can change an SMSF's trustee(s) using one of the Cleardocs
Change SMSF Trustee document packages.
Lost trust deed?
Our lawyers at Maddocks have combined with Cleardocs to offer additional services to Cleardocs customers for
replacing a lost SMSF deed. The combined service works as follows:
- You complete the normal Cleardocs SMSF deed update process — but when the system asks you for the
number of the clause in the SMSF's deed that allows the deed to be varied, you type in a #.
- You call us on 1300 307 343 and we will arrange for you to contact our lawyers at Maddocks. You will need to instruct
Maddocks that the trustees, the members, and their advisers have made the appropriate searches for the missing deed.
- Maddocks will use your instructions and the documents you created through Cleardocs to prepare a special Deed of
Variation and associated documents. Maddocks will charge you for this work.
Bulk updates?
If you are interested in a bulk order for the SMSF deed update, we can help you.
- We can simplify the payment methods to save you time — please call us on 1300 307 343 to find out how; and
- We have put in place streamlined approaches for data upload into our system, reducing the data entry time:
- We have integrated with both Class Super and BGL Simple Fund 360 - cloud solution. The integration allows
importing of fund details directly into the Cleardocs Update to SMSF question interfaces. You can access this
feature from your Bulk SMSF updates page in your Cleardocs account.
- You can import fund details from an excel spreadsheet into the Cleardocs Update to SMSF question interfaces.
You can access this feature from your Bulk SMSF updates page in your Cleardocs account.
- You can update all your Cleardocs funds at the same time with one click. You can access this feature from your Bulk SMSF updates page in your Cleardocs account.
Cleardocs SMSF Minutes & Resolutions Package — keeping proper records
Cleardocs offers a range of SMSF meeting Minutes and circulating Resolutions
for administration of a fund. SMSF has unlimited use of
the SMSF Minutes & Resolutions Package for 12 months.
If you purchase your Fund's 12 months unlimited use of the SMSF Minutes & Resolutions Package when you update your SMSF deed through
Cleardocs, you will receive a 15% discount on the package. SMSF Investment Strategy
Superannuation law requires that you maintain and regularly review your SMSF investment strategy.
Cleardocs provides an Investment Strategy package to assist with this obligation.
Seek legal advice
The Update to SMSF information here should be considered general in nature, and in no way interpreted as legal
advice. You must always seek your own independent legal, accounting and financial advice about your particular
situation. The summary on this page is for information purposes only.
10-15 minutes depending on the number of members.
Optional printing, binding and delivery - from $78.65 (including GST)
The master documents are written in plain
language and are signed-off by our lawyers at Maddocks.
