DBA Lawyers’ Annual Update Service for SMSF deeds

On 1 July 2020, DBA Lawyers will make available the latest version of our SMSF governing rules for all Annual Update Service subscribers.

In addition to covering all relevant legal changes (including superannuation law, case law and ATO materials), the latest version of our SMSF governing rules includes many value-added features such as new COVID-19 super measures and mechanisms enabling greater flexibility for executing documents electronically and via technology (including binding death benefit nominations) in view of social isolation restrictions.

This article sets out the numerous advantages and features of the service both for advisers and SMSF trustees/members.

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 must also execute the trustee resolutions in order to formally adopt the new governing rules.
• Upon execution, the new governing rules will be adopted by the SMSF and 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.

Access for advisers

At the fund-level, subscribers can authorise particular advisers (eg, accountants, financial advisers and auditors) so that they have convenient access to the fund’s source documents.

However, this access will be automatic for advisers who have arranged an Annual Update Service subscription for their clients, as advisers in that case obtain their own adviser portal to view and manage all their SMSF clients.

Integration with DBA Online Ordering

The Annual Update Service is integrated with our online ordering platform (DBA Online) for SMSF documents that enables advisers to quickly and easily navigate between placing and monitoring their document orders and reviewing all their funds.

Why use the Annual Update Service?

SMSFs are governed not only by tax and superannuation legislation, but also 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.

Accordingly, as the law undergoes ongoing changes, an SMSF’s governing rules must be periodically updated to keep pace with legislative and other developments.

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

DBA Lawyers’ latest and greatest deed

DBA Lawyers are 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 always have the most up to date SMSF deed incorporating the latest legislative changes, developments and strategies.

For more information on the advantages of a DBA Lawyers’ SMSF deed, click on the article below:

• DBA Lawyers’ SMSF governing rules

*           *           *

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

Note: DBA Network Pty Ltd hold a range of SMSF CPD training online. The next live SMSF Online Update webinar is being presented on 5 June 2020. For more details or to register, visit www.dbanetwork.com.au or call Natasha on 03 9092 9400.

By William Fettes, Senior Associate, ([email protected]), DBA Lawyers

DBA LAWYERS

26 May 2020