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What is the Annual Update Service?
The Annual Update Service provides a convenient and sound way of ensuring that SMSFs’ governing rules are kept up to date. This in turn gives SMSFs maximum strategic flexibility, compliance and peace of mind.
It works on the following basis:
- Upon subscription, an SMSF is given a secure Homepage which you can log into from the DBA website.
- Tailored resolutions can be downloaded from the homepage.
- New governing rules (and accompanying PDS materials) for the SMSF are contained on the SMSF’s homepage. By executing the tailored resolutions, those governing rules will become the governing rules for the SMSF.
- Every 1 July, the following will occur:
- A new set of governing rules will be added to the SMSF’s homepage. This by itself has no legal effect.
- Trustee resolutions adopting the new governing rules will be placed on the SMSF’s homepage and a reminder will be emailed out.
- The resolutions are printed and executed by the relevant parties. Upon execution, the new governing rules will be adopted by the SMSF.
A reduced fee of $137.50 for updating the SMSF governing rules of a fund applies if payment is made via direct debit. If you do not choose direct debit, you will be sent an invoice each 1 July for $165 and will only receive access to your updated governing rules upon payment.
Advisers Advisers log in just like anyone else, but they have their own personalised adviser homepage. On the adviser homepage, advisers see a list of all of their SMSF clients who subscribe to the Annual Update Service. Advisers can drill down to the homepage of each SMSF, where advisers can access the current and all prior versions of the governing rules for each of their SMSF clients. Advisers can also upload scanned copies of executed resolutions as well as scanned copies of any prior documents (eg, deed of establishment). This way, each SMSF’s Homepage can become a repository for the SMSF deed documents. All SMSF clients will have the same governing rules each financial year. This means that advisers only need to familiarise themselves with one set of governing rules.
Trustees If you like, you can nominate that one or more of your advisers has access to your SMSF’s personalised homepage. Typically these advisers include accountants, auditors and financial planners. If you do not want to allow any advisers to have access to the homepage, this is also fine.
Important Information & forms
Direct debit request form;
Direct debit request service agreement;
Direct debit request withdrawal form; and
DBA Lawyers’ Annual Update Service for keeping SMSF deeds up to date
Annual Update Service Tutorial Video