Key Benefits
The Annual Update Service offers many advantages to advisers and trustees:
- Compliance — governing rules are kept up to date and comply with all the latest laws and requirements. With the ATO boosting SMSF audits, this is more important than ever!
- Documents provided by DBA Lawyers — DBA Lawyers is a leading SMSF law firm, headed by Daniel Butler, who is widely recognised as Australia's foremost SMSF lawyer. DBA Lawyers SMSF documents are widely viewed as the best available.
- Administrative ease for advisers — all SMSF clients using the Annual Update Service have the same governing rules. This means advisers only need to familiarise themselves with one set of governing rules.
- Trustee/member sign-off — to adopt new rules, trustees/members must sign one set of resolutions per year (drafted by DBA Lawyers).
- Rules available online 24/7 — no more trying to hunt down copies of governing rules from clients and other advisers. Simply log in to our secure website and access governing rules.
- Maximum convenience — no more ‘ad hoc’ updates. This means governing rules are updated without filling in forms, photocopying deeds, couriering to lawyers, etc.
- Major changes might not be bedded down for a number of years — we are currently in the middle of the largest changes to superannuation for over 20 years. The government will no doubt continue tweaking the legislation for several years. Annual updates keep governing rules in compliance with these changes.
- Solid legal basis — before placing an SMSF on the Annual update Service, experienced superannuation lawyers fully review the SMSF’s document trail. A written report is provided flagging any possible issues. This maximises certainty and protects trustees and advisers in the event of ATO audit or legal dispute (eg, a dispute upon death regarding control of the deceased's superannuation death benefits or a dispute upon divorce regarding superannuation benefits).