Tuesday, September 18, 2012

Latest Changes to Cleardocs SMSF Packages

Belinda Thalakda, Customer Service

If you are not a subscriber to Cleardocs bulletins and news, you may not have yet noticed a change to our Superannuation Trust product range. These changes were partly in response to legislative changes, but also in response to customer feedback. Our lawyers at Maddocks have reviewed and drafted the amendments to the following Cleardocs SMSF document packages:

  • Superannuation Trust (SMSF); 
  • Update to SMSF;
  • Death Benefit Agreement;
  • Death Benefit Nomination; and
  • SMSF Pension Pack.

Any SMSF either created or updated using Cleardocs on or after Wednesday, 12 September 2012 will have the latest version of our SMSF deed – version 13. 

What are the changes?
We have made the following changes:

  • The SMSF deed and death benefit documents now provide for a form of cascading death benefits — we have added to our question interface and documents so that a member of a SMSF may choose how the amount payable under the fund will be distributed in the event the beneficiary or beneficiaries predecease the member.
  • The SMSF deed has been updated to reflect changes to the law about investment strategies (you can read our article about the changes to the law here
  • The clauses in the SMSF deed and Pension Pack relating to commuting pensions have been updated following discussions with Lifespan Financial Planning; and
  • The SMSF deed has been updated to reflect recent changes to how the Tasmanian State Revenue Office assesses duty on trust deeds.

Should members update their death benefit arrangements?
If members wish to change their arrangements to provide for cascading death benefits, the fund may create or alter the present death benefit arrangements by using the following forms: 

  • Death Benefit Nomination – This document costs $49.50(inc. GST) for one or more members of a fund if the nominations are ordered at the same time.
  • Death Benefit Agreement - This document costs $71.50(inc. GST) for one or more members of a fund if the agreements are ordered at the same time.

To create a new Death Benefit Agreement the fund will need to have a Cleardocs SMSF deed, which was created or updated on or after 4 May 2009. 

Any questions?
If you have any questions:

  • about how to use Cleardocs, contact the Cleardocs helpdesk on 1300 307 343 
  • about legal issues, contact the Cleardocs helpdesk on 1300 307 343. If you need advice, we will arrange for you to speak to a lawyer at Maddocks. The firm provides a free legal helpline in relation to the documents Cleardocs provides. If you require other legal advice in relation to your particular circumstances, then this will be charged for. 

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