What's New - December 2021


What's new & updated on the Smarter SMSF platform


    • Member will have received an email in November about the impact of the director ID changes with order forms over the coming months (to April 2022), along with access to a sample client letter and fact sheet that can be used with your SMSF clients.  If you haven't received this, you can contact us at team@smartersmsf.com.
    • We have added tool-tips to all company incorporation forms that outline information regarding the new Director ID requirements from 1 November 2021 (see below):

    • A number of fixes have been made to reported tickets during the month including:
      • A problem in the new SMSF form on the Smarter SMSF platform where you can auto-populate the trustee company information from a previous order. NB. this fix is currently being applied to the form within Simple Fund 360.
      • An issue where the name of the 2nd director was not populating on the execution page of a new SMSF trust deed and some related ancillary documents.
      • rectifying an issue where reduced pro-rata minimum calculation was not displaying correctly in the pension commencement form.
      • An issue with the end point for a trust deed upgrade via Simple Fund 360 where the trustee type was not passing through and resulting in missing pages for the generated order.
      • We have fixed an issue with the lump sum documents that was only showing only one decimal place with the generated orders
    • Primary / secondary users:
      • This remains currently in beta as we continue to work with a number of clients to obtain feedback on 
        • We had fixed an issue where the counter on the secondary users dashboard was not displaying the primary users counter with the number of documents used and remaining.

    New/Updated Documents

    • Director IDs:
      • Amendments have been made to the company constitutions (standard and special purpose companies) to require directors to comply with the new Director Identification Number requirements.  This includes amendments to rules, rule guides and definitions within the constitutions.
        • You can view the changes in the updated sample documents available within the knowledge base.
      • We have added additional information with generated company orders that provide details about the new Director Identification Number registration process.  You can review the updated sample document for more information.
    • Fund Establishment:
      • After receiving requests about blank death benefit nomination templates with New SMSF documents, we have added now added both binding and non-binding templates into the generated documents that follow the requirements in Schedule 1 and 2 of the SMSF deed.  
        • NB. You can still create customised DBNs and BDBNs as a separate order via the Smarter SMSF platform, including additional details such as nominating replacement trustees.

    CPD Training / Courses

    • SMSF Pensions Masterclass was a successfully held on 9 December 2021 as we explore a detailed playbook of issues and strategies around the payment of income streams - TRIS, Account Based Pensions and Death Benefit Income Streams. You can purchase the recordings of this event, which are available under 31 January 2021 at smartersmsf.com/masterclass.

    Coming Soon

    Smart things we are currently working on...


    • Primary / secondary user functionality - we continue to manually adding member firms (with subscriptions) to the new functionality that allows multiple staff with the same firm to access to the document subscription using their own login/profile. The primary account holder will be able to control the permission levels of team members (secondary users) - the primary user interface (UI) will give them the ability to add/remove secondary users and set permissions to generate documents, view their own orders or all orders of the firm.  Below is a screenshot of the progress of this screen that will provide information of each user under the subscription. If existing subscribers would like access to be setup, please get in contact with us at support@smartersmsf.com to arrange for this to be completed manually at this time.  We look continue to have this functionality in 'beta' until the end of January 2022, then make it publicly available for all members.

    • Automated Deed Service - Final stages of testing is occurring internally on this project before moving into beta testing with a number of members.  We expect to remain in beta until the end of January 2022 and have the service available from February 2022. This subscription-based service will allow users to manage their fund's trust deeds, along with any trustee changes and automatically update the fund's deed in line with any amendments made by the Smarter SMSF team. Permission levels will be granted that allow documents to be shared with staff (secondary users), trustees, auditors and other service providers.  
      • NB. It will be an inclusive for Create500 subscribers; all other subscription levels will be required to purchase as a separate product.
    • Legal Support - we have begun work on integrating legal support into the Smarter SMSF platform that will allow members and users to utilise a number of order forms to request the preparation of legal documents and other legal support via our support with Hill Legal. Using the existing ticketing system, you will be able to prepare and submit requests, then track and engage with the Hill Legal team for the completion of any specific work. The first document being worked on is the SMSF Enduring Power of Attorney, which we hope to have available by the end of January 2022.


    • Change of Trustee - work is almost complete of the new change of trustee form that will allow users to make any of the following changes to the trusteeship of an SMSF - add individual only, remove individual only, add and remove individual, individuals to company, company to individuals and company to company. The form also provides for scenarios where an additional party is required   We are currently getting feedback from a couple of members on the order form before releasing on both the Smarter SMSF & Simple Fund 360 platforms in January 2022.
    • Combined order forms - there are a number of order forms that we are looking to merge that will simplify the existing order process - these include:
      • Change of trustee & deed upgrade
      • New SMSF and trustee company order form.
    • Investment Strategy Report - we are adding crypto-currencies into the single asset/heavy asset concentration minute that supports the investment strategy document.  Please note that crypto-currencies as an investment option is already available for the Investment Strategy Review Statement as with the stand-alone minute for single asset/heavy asset concentration.
    • Pension PDS - we will be updating the product disclosure statement shortly to incorporate the legislative changes regarding the Government's red tape reduction measures.
    • Trust Deed Upgrade - the team has been working on an updated upgrade form that will incorporate a number of enhancements including:
      • Ability to add additional party - e.g. founder, employer sponsor
      • Add order to Automated Deed Service
      • Ability to request Legal Support / Review - allowing you to upload the basic fund information and have the order undergo a comprehensive legal review as part of the upgrade
    • Future documents - a number of document templates are also in the pipeline to be added in the near future on the Smarter SMSF platform, including:
      • Future Service Deduction - this will include a calculator and trustee minute
      • Re-contribution strategy
      • Death of a Member
      • Family Law split
      • Return of NCC (ineligible to make contribution)
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