Unique tools and features to create legal documents online, chop-chop

Lisa Galbraith, General Manager

Providing useful content, information and short cuts to speed up and simplify document creation is a priority and focus at Cleardocs.  

We all know how easy it is to become familiar with a website.  When we get used to a website, we find ourselves using that site in repetitive ways:
Click here.

Mouse hover.
Select option from menu.

Enter data.

Save.

We think we’re saving ourselves time by navigating through the site like we always have.  The problem with behaving this way is that we miss some of the newer features, designed to save time and make things easier. 

Below is the top seven Cleardocs features and tools most loved by our customers. I hope you find something to speed up your day.

1.    Copy and paste similar documents

Starting a new company registration, family trust or unit trust that is very similar to one you have already completed?  Look for the ‘copy and paste these answers’ link – you will find it in the ‘what’s next’ box of the completed document.

2.    Export your new company file into BGL CAS

If you use the BGL CAS corporate secretarial software for your company secretarial activities you can download the file directly from Cleardocs.  You will find the link in the ‘what’s next’ box of your completed company registration.

3.    Managing ‘My Documents’

If your document list is growing, remember to use the filter options at the top of the ‘My Documents’ page to quickly locate specific documents.  The filter allows you to search by status (pending, completed, lodged, rejected etc); document type; created date or by an answer you entered.

4.     SMSF version control

Unsure what your client’s SMSF deed allows or whether it should be updated?  Cleardocs tags every SMSF Deed, update or change of trustee with a version history.  Simply click on the version link and see at a glance what’s included in your client’s SMSF and what the most recent updates are.  You will also find this useful link in ‘My Documents’, next to the matter name.

5.    Multiple logins

If your firm has multiple users and you wish to consolidate your account, please contact the helpline and we can set it up for you.

6.     Macquarie CMA set up

If you’re setting up an SMSF and wish to open a Macquarie Cash Management Account, we have an integration that will reduce your data entry requirements and speed up the process.

7.     Frequently asked legal questions and ClearLaw

We regularly update the FALQs in response to feedback from our customers.  Our library is extensive and a quick search of these areas may provide the answer you are looking for.

+Cleardocs Thomson Reuters

Set up an SMSF and register the SMSF corporate trustee in one simple step

Belinda Thalakada, Customer Support

Set up an SMSF and register the SMSF corporate trustee in one simple step

In December 2013 , Cleardocs released its first combination package - SMSF setup + register Corporate Trustee. This new product comprises all the documents you would otherwise receive by separately completing a company registration and then, SMSF setup through Cleardocs.

What are the benefits of the Cleardocs bundled package?

As a result of us combining the company registration and SMSF setup products, you save time by now completing one online form instead of two.   This means you don’t need to enter the same information twice (i.e. member/director details, trustee information etc.).  It also means you only need to make one payment for the Cleardocs fee for both your company and SMSF set up, and you can purchase printing for both packages in one order (for a cost of $76).

What documents are included in the package?

Your document package includes a full set of documents for your SMSF set up and Company Registration:

Superannuation Trust (SMSF)

• the SMSF Trust Deed - the Deed is customised to reflect the SMSF has a corporate trustee;
• a Product Disclosure Statement summarising the features of the SMSF;
• Consents for the directors of the trustees;
• Minutes to set up the SMSF and set its investment strategy;
• applications, beneficiary notices and TFN notices for the SMSF members;
• ATO trustee declaration form; and
• an Establishment Kit explaining what to do next.    

Company Registration

• Certificate of Registration - which shows the ACN (Australian Company Number), the date of registration, and the registered company name; the company's Constitution - the Constitution is customised to reflect that the company is the trustee of a superannuation fund;
• Consent to act as Director;
• Consent to act as Secretary;
• Application for shares;
• Minutes of a meeting of directors;
• Share Certificates;
• Consent to act as Public Officer;
• Notice of appointment of Public Officer; and
• an Establishment Kit explaining what to do next.

All master documents are written in plain language and are signed-off by our lawyers at Maddocks.

10% off introductory offer extended to Friday, 28 February 2014.

Cleardocs are celebrating the release of this product by automatically providing a 10% discount off the Cleardocs fee of all SMSF setup + register Corporate Trustee orders paid on or before Friday 28 February, 2014. This discount means the total cost of the package is $691.50 instead of the usual cost of $719.00. 

Login to your Cleardocs account now to start saving.

SMSF Borrowing with Cleardocs – the process

Danni Kirwan, Marketing Executive

A number of our blog posts and ClearLaw articles over the past year or so discuss SMSF borrowing, — it continues to be a popular topic. Many people are unsure about the process, and what documents are required. Below, I set out the process, and the documents required, to get your SMSF borrowing ready through Cleardocs.

Overview

In overview, here’s what you need:

• An SMSF
  
• The SMSF needs an up to date Cleardocs deed
  
• Usually, the SMSF needs a corporate trustee — check with the lender
  
• You need an SMSF borrowing document package which includes a Declaration of Custody Trust
  
• Usually, the Declaration of Custody Trust needs a corporate trustee — check with the lender. Importantly, if you do need a corporate trustee for the Declaration of Custody Trust, then that company must be a different company from the one that is the SMF trustee (so you are likely to need two companies)

So you may need to:

• Set up an SMSF
  
• Update an existing SMSF’s deed
  
• Register a company, or two
  
• Change the SMF’s trustee to a corporate trustee

You’ll definitely need to order an SMSF borrowing package.

Before you start, find out the lender’s requirements.

Here’s the process step-by-step

Step-by-step

Step one: Have you got company trustees? You may need two

Most banks lending to SMSF’s require that both the SMSF and the Declaration of Custody Trust (contained in the SMSF Borrowing packages) have corporate trustees. This means you need two companies.

If you need to register one or both of them, then you can do so through Cleardocs.

For the company that is going to act as the trustee of the SMSF, make sure you tick the “Yes” box in the question interface that asks if the company will act solely as the trustee of an SMSF — as this will entitle you to a cheaper ASIC annual review fee.

You need to wait for ASIC to register your company before you continue with the next documents — as you will need the name and ACN number of the corporate trustee to complete the forms for the SMSF and for the borrowing package.

Step two: Set up SMSF, or update existing SMSF to Cleardocs deed

If you already have an SMSF with an up to date Cleardocs deed and with a corporate trustee, then you can skip to step 4 four.

To use the Cleardocs SMSF Borrowing packages, the SMSF will need to have a Cleardocs deed. This ensures:

• that your SMSF has the power to borrow in the first place; and
  
• that we know your SMSF deed works with any of the other related documents you purchase – such as the SMSF borrowing packages, or the Change of Trustee.

If you don’t already have an SMSF, then you can set up a new SMSF through Cleardocs for $137.50.

If you have an existing SMSF that does not have a Cleardocs deed, or that has an out of date Cleardocs deed, then you can update to the latest version of the Cleardocs deed for $99.

Step three: If required, change the trustee of the SMSF from individuals to corporate trustee

Most banks lending to SMSF’s are requiring the fund to have a corporate trustee. As I mentioned in my last blog post, many SMSF’s are also making the decision to change to a corporate trustee to enable easier administration in the circumstances of admitting or removing trustees, or the death of a trustee. Corporate Trustees can also allow for greater asset protection, and of course can enable a fund to operate with a sole individual as both the member and director of the corporate trustee.

If you have an SMSF that does not have a Cleardocs deed then you will need to update to a Cleardocs deed before you change the trustees. You need to update the deed with the funds current situation, and then use the Change of Trustee product to record the change of trustee/s.

If you are changing from individual trustees to a corporate trustee, then the document package Cleardocs provides will include a new trust deed as part of this package. This is because the deed differs depending on whether the trustee/s are individuals or a company.

Step four: Complete the SMSF Borrowing package

Cleardocs has two separate SMSF borrowing packages – one for borrowing from a bank, another for borrowing from a related party. Both packages require detailed information about the lender, the borrower and the asset to be purchased. To ensure you have all of the information required, it’s a good idea to download and complete the document checklist before you start filling out the online interface.

Have the lender review documents before you sign. It is much easier to change a document before it is signed than after it is signed.

More information

There’s more information about SMSF borrowing through Cleardocs:

• Self Managed Superannuation Fund Product Page
• Update to SMSF Product Page
• Change of Trustee Product Page
• SMSF Borrowing Product Page

Earlier blogs about SMSF borrowing:

• Instalment Warrants , SMSF borrowing, what's happening
• The banks and SMSF borrowing: remember the bank is acting for itself — not for the SMSF trustee(s)
• Part 1: Trading SMSF assets (and replacement assets) bought under an instalment warrant arrangement
• Part 2: Case studies of trading SMSF assets (and replacement assets) bought under an instalment warrant arrangement

As always, if you need more information you can call us on 1300 307 343.

Continual vigilance

Lisa Galbraith, CEO

I have been reading with interest the articles on the ATO cracking down on DIY super funds doing the wrong thing. While the numbers involved are still small (99 made non compliant in 2009) it is significantly higher than the 24 in the previous year. It certainly makes you think.

The ATO provides quite a lot of information about trustee responsibilities – in fact when you establish an SMSF the trustee signs an ATO declaration form

This ATO form clearly states that the sole purpose of the SMSF is “providing benefits to its members upon their retirement (or attainment of a certain age) or their beneficiaries if a member dies”. The form also has a handy list of investment restrictions. Clearly stating the “I am prohibited from . . . having more than 5% of the fund’s total assets at anytime of the year as loans to, or investments in related parties of the fund...” (There are lots of others).

At Cleardocs, as well providing the ATO form, we also provide a document package that includes:

· The important do’s and don’ts for trustees; and

· Your responsibility as a trustee

This second document in particular tries to highlight a trustee’s core obligations to the fund, and includes items such as the record keeping requirements, the importance of the investment strategy, and the trustee’s ongoing obligations to the members.

The ATO website also provides regular updates on their views and approaches to SMSF and is definitely worth bookmarking in your favourites. Your accountant or planner should also be a valuable source of information for you.

Given the cost of being declared non compliant, the impact it will have on your retirement funds and the ATO’s dramatic increased focus on compliance it certainly pays to manage your SMSF properly.