DBA Lawyers’ Annual Update Service for keeping SMSF deeds up to date

Ongoing changes are constantly made to superannuation and tax laws, which demonstrates the importance and benefits of having an up to date SMSF deed. Each year on 1 July, our Annual Update Service subscribers are provided with the latest version of DBA Lawyers governing rules which incorporates all relevant legal changes including superannuation law, case law and ATO materials. DBA Lawyers’ SMSF governing rules also include many value-added features that many other supplier’s do not cover.

This article sets out the numerous advantages and features of the Annual Update Service both for advisers and SMSF trustees/members. For a detailed explanation of the updates to our 2021-22 SMSF governing rules, see the related article here.

What is the Annual Update Service?

The Annual Update Service provides a convenient and sound way of ensuring the governing rules of an SMSF are kept up to date on an ongoing annual basis.

This ensures that SMSF trustees and advisers have maximum strategic flexibility as well as general peace of mind in relation to compliance requirements.

The Annual Update Service works as follows:

• Annual Update Service subscribers have access to a secure homepage when they log into the DBA Lawyers’ website: http://www.dbalawyers.com.au/annual-update-service/.
• New governing rules (and accompanying product disclosure statement materials) for the SMSF are released every 1 July on the SMSF’s homepage.
• The relevant parties execute the trustee resolutions to adopt the new governing rules.
• The executed resolutions can be uploaded to the subscriber’s homepage.
• Subject to a fund unsubscribing from the service, this will occur annually every 1 July.

Tutorial Video

A tutorial video with a user-friendly guide shows you how to use the service and to easily access SMSF documents at any time (click here).

Streamlined Access for Advisers and Members

All members/subscribers are provided with a unique login to access their documents. Subscribers can also authorise particular advisers (eg, accountants, financial advisers and auditors) to have convenient access to their fund’s documents.

Advisers who have arranged an Annual Update Service subscription for their clients, obtain their own adviser portal to view and manage all their SMSF clients.

Executed copies of trustee resolutions can be scanned and updated to the homepage, as well as scanned copies of any prior SMSF documents (eg, deed of establishment). This way, your SMSF homepage can become a repository for all your SMSF deed documents.

Why use the Annual Update Service?

SMSFs are governed not only by tax and superannuation legislation, but also by the terms of the governing rules of the fund which are generally contained in a trust deed. An SMSF is a special type of trust and deeds are common legal instruments for recording and varying the terms of the trust.

Trustees and advisers who would like to ensure their SMSF deeds and governing rules are kept up to date with developments in the law, should consider subscribing to DBA Lawyers’ Annual Update Service.

DBA Lawyers’ latest and greatest deed

DBA Lawyers is recognised throughout Australia by many accounting, legal and financial planning firms as the leading SMSF document supplier. By using our Annual Update Service, you will have an up to date SMSF deed incorporating the latest legislative changes, developments and strategies.

For more information and related articles

• DBA Lawyers’ SMSF governing rules

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This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.

By William Fettes, Senior Associate ([email protected]) and Daniel Butler, Director ([email protected]) DBA Lawyers

DBA LAWYERS

18 June 2021