Belinda Thalakada (Customer Service)
As Lisa’s blog touched on last week, the new site will feature a page entitled ‘My SMSFs’. This page helps organise and manage large volumes of SMSF documents created and amended by our professional users. By arranging the SMSF documents on a separate page (they are still on the My Documents page) we hope you will find it easier to find and manage your funds.
In this section, the first thing to note is that the documents are arranged from a fund perspective. Trying to locate a client’s SMSF deed can be tedious especially if the exact date of the fund’s creation is not known. This is why, instead of listing SMSFs in chronological order (the date the document was created), they are listed by fund name in alphabetical order. So find the fund name and you find the complete document history.
How to check what law changes your deed has.
Frequently, I talk to customers about SMSF deed updates and whether one is necessary or not. Keeping track can be difficult. It’s for this reason Cleardocs allocates our SMSFs with deed ‘versions’ On the My SMSFS page, you will now be able to see a separate column which indicates the version of the Cleardocs deed your fund currently has.
Deed ‘versions’ are Cleardocs’ way of categorising what clauses your fund has in relation to the SIS Act. For example, up until July 09 2010, the latest version of a Cleardocs SMSF deed was Version 10. As superannuation law changed in regard to instalment warrants, any SMSF that was set up or updated on Cleardocs after July 9th would have a Version 11 deed and version 10 deeds would now appear as Version 10 of 11.
As on the current site, clicking on the version of the deed will open a new window detailing what your deed includes and the changes made to super law since your last update. So for the above example, a version 10 deed would refer to ‘instalment warrants’ as opposed to version 11 which refers to ‘limited recourse borrowing’. This is an extremely useful when deciding whether it is time to update the deed or not.
Ordering supplementary documents for your SMSF
Quite often our customers may need to order additional documents for their funds, such as setting up a Bare Trust or changing the trustee. Using the My SMSFs page, locate your Fund and simply click on the drop down menu next to the fund in question. Find the supplementary product you wish to order and press ‘Go’.
Tracking changes made to your deed since being with Cleardocs.
Finally, keeping track of various documents purchased for the deed through the life of the fund is often difficult for professional users who establish and manage a large number of SMSFs. The My SMSFs page makes it easier to track any changes made to their SMSFs on Cleardocs. For example, if you established a fund in 2005, updated the deed in 2007 and then did a change of trustee in 2010, all these amendments will be visible under this fund by click the green ‘More’ button found in the extreme right hand side column. Unlike the My Documents page, all the documents relate to the fund name as opposed to the product type which means if you want to know whether a certain fund has ever had an update or had a change of trustee, all you need to do is click ‘More’.
As always we are interested in finding out our customer’s feedback on any new features or products we have on our site. Either call us on 1300 307 343 or email us at email@example.com to let us know what you think!