Update to SMSF

Update your SMSF deed online

You can use Cleardocs to update the deed for a Self Managed Superannuation Fund (also known as an SMSF). The legal document you use to update an SMSF's deed is known as Deed of Variation to Update a Self-Managed Superannuation Fund. This unique Cleardocs product effectively, safely and legally replaces all the clauses of an old SMSF deed with a new up-to-date Cleardocs SMSF Deed.

How do I change an SMSF's trustee?

You can change an SMSF's trustee(s) with the Cleardocs Change of Trustee document package.

Who maintains the Cleardocs SMSF deed?

Our lawyers at Maddocks constantly maintain the Cleardocs SMSF Deed and the question interface, to make sure they are up-to-date with current legislation. We often publish those changes in the monthly ClearLaw bulletin - the latest version of which you can view here.

Some of the many updates we have made — on the advice of Maddocks — to our deed are:

• Death Benefit Agreements in May 2009
• Allowing instalment warrants in January 2008 (You can also order an Instalment Warrant document package from Cleardocs.)
• "Simpler Super" and "Better Super" changes to the law in 2007
• Simplification following Budget 2006 announcements
• Contribution splitting
• Provisions for all the latest current pensions and reserving options included
• Product Disclosure Statement
• Changes to compulsory cashing benefits
• Minors allowed as members
• Read more detail in our sample letter that explains the changes to Trustees here

Bulk updates? If you are interested in a bulk-order for the SMSF deed update, then let us know. We can:

• simplify the payment methods to save you time;
• for hundreds of deed updates, can arrange to insert date from your system directly into our system.

Which documents are included in the Update to SMSF trust deed document package?

The SMSF deed update document package includes:

• the Deed of Variation that updates the SMSF's existing deed
• the SMSF's new updated deed
• a Notice to Members about the deed update
• the Product Disclosure Statement — this summarises the features of the new Self Managed Superannuation Fund deed that the SMSF updates to
• a set of Minutes at which the SMSF Trustee(s) and others involved approve the update
• an Establishment Kit explaining what to do next.

The whole process of updating the SMSF deed takes about 10-15 minutes depending on the number of members. Once you've answered the questions on the Cleardocs system and paid, you can download the documents.

Earlier amendments to the fund's deed

The interface and the documents cater for the situation in which the SMSF's original deed has been amended and updated before.

Changes in parties to the deed — that is changes in members, trustee(s) etc.

The interface and the Deed of Variation cater for the situation in which the parties to the fund documents have changed since the fund was established or since the fund's deed was amended.

Remember, you can change an SMSF's trustee(s) with the Cleardocs Change of Trustee document package.

What information do you need to order an SMSF deed update from Cleardocs?

You need to be able to provide information about:

• the SMSF - for example, when it was set up etc.
• the members, the trustees, any employer-sponsor
• the names of, dates of, and parties to the original deed and any later deeds that amend the original deed
• the number of the clause in the original deed that allows the deed to be amended.

You can also download our checklist of the required information here. The easiest way to obtain that information is to have copies of the original deed, and any amending deed, handy.

Why consider updating an SMSF's deed?

Below, we set out some of the reasons to consider updating an SMSF's deed. You need to remember that the summary here is for information purposes only.

There are several issues to consider about updating existing deeds. The sample letter gives much more detail around these key issues:

• Do the SMSF's members want to make "permanent and binding" Death Benefit Agreements?
• Is the SMSF's current deeds fully complying? The ATO is increasingly rigorously pursuing non-complying SMSFs.
• Does the SMSF's deeds allow for the full range of 'reserving', pension and disablement benefits that the law now allows? The Cleardocs deed does.
• Would you find it easier to manage your, or your clients', SMSF if all of the funds had the same clear and simple deed?
• Once your deed(s) is updated and stored with Cleardocs, we aim to keep you updated about legislative changes via email. Those updates alert you to whether to get legal advice about the changes and the possible need to update the deed again.

Lost trust deed?

Our lawyers at Maddocks have combined with Cleardocs to offer additional services to Cleardocs customers for replacing a lost SMSF deed. The combined, fixed price, service works as follows:

• You complete the normal Cleardocs $99 SMSF deed update process — but when the system asks you for the number of the clause in the SMSF's deed that allows the deed to be varied, you type in a #.
• You call us on 1300 307 343, we will arrange for you to contact our lawyers at Maddocks. You will need to instruct Maddocks that the trustees, the members, and their advisers have made the appropriate searches for the missing deed.
• Maddocks will use your instructions and the documents you created through Cleardocs to prepare a special Deed of Variation and associated documents.

The flat fee from Maddocks for this extra service for replacing a lost SMSF deed is $800 (+GST).

Questions or further information

If you have questions:

• about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
• about legal issues, contact the Cleardocs helpline on 1300 307 343. If you need advice, we will arrange for you to speak with 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.