Smarter SMSF updates - 1 July 2023
On 1 July each year, there are a range of changes that occur across the platform that impact the document order forms and generated documents. These changes are crucial to ensure that your orders are current and up-to-date with the ever-changing super and tax laws.
We have created a list of changes below that have been completed through the Smarter SMSF platform from 1 July 2023:
Ordering documents
ASIC fees
From 1 July 2023, Smarter SMSF has revised it's fees for company incorporations to reflect the ASIC fee indexation - you can read more about these changes in our related knowledge base article below:
Order forms
New SMSF:
- We have removed the ability to create QROPS resolutions (instead of the QROPS deed) where the fund is electing for QROPS status - i.e. deed only option now available.
- Users now have the choice to generate death benefit nomination templates, and can choose to generate either binding DBNs, non-binding DBNs, or both options.
- The form now has an ability to choose a chairperson from the listed directors/trustees.
- Where the new fund order has been ordered, users can start the ABN/TFN process from the 'Actions' tab on the completed orders page.
Trust Deed Upgrade:
- The form now has an ability to choose a chairperson from the listed directors/trustees.
- NB. We will be shortly releasing an updated form to include additional parties such as employer sponsors, principals, founders, participating employers, etc.
Pension Commencement / Annual Pension Review / Lost Pension Deed:
- The temporary 50% reduced minimum pension calculation has been removed from 1 July 2023, with any pension that starts (or continues) after this date will have the standard pension percentage apply to the commencement value. Where a pension commences with a start date prior to 1 July 2023, the reduced 50% minimum pension will be applied in the calculation.
Other:
- The LRBA safe harbour interest rate has been updated to the new rate of 8.85% for real property and 10.85% for listed shares/units for the 2023-24 year in accordance with the requirements set out in PCG 2016/5.
Document template updates
The following documents have been updated from 1 July 2022:
- Company constitution (Special Purpose) - added new sub-Rule 2.8 to incorporate the technology neutral signing provisions introduced into s110A of the Corporations Act.
- This constitution has also been applied to the 'Change of constitution' form and the 'Company constitution only' form
- New SMSF Deed (version NSF-2023-07) - see the changelog for details of the amendments made to the deed.
- New SMSF Product Disclosure Statement (PDS) - updates the various rates and thresholds for the 2023-24 financial year, along with information about various changes to the super & income tax laws.
- Consent to Act - director: we have added a section into the document that indicates that the director ID has been obtained prior to the appointment as a director of the corporate trustee.
- Minutes of Meeting - text has been updated referencing the appointment of an ASIC approved SMSF auditor, along with the requirement to obtain an electronic service address (ESA) for certain contributions and rollovers to and from the fund.
- QROPS Deed (version QROPS-2023-07) - see the changelog for details of the amendments made to the deed.
- QROPS Deed Product Disclosure Statement (PDS) - updates the various rates and thresholds for the 2022-23 financial year, along with information about various changes to the super & income tax laws.
- SMSF Deed Upgrade (version SDV-2023-07) - see the changelog (above) for details of the deed amendments
- Updates to the Member notices have also been prepared reflecting the recent changes to the deed regarding the technology neutrality signing laws and changes made to Rule 11 regarding death benefit nominations.
- Product Disclosure Statement (PDS) - updates the various rates and thresholds for the 2023-24 financial year, along with information about various changes to the super & income tax laws.
- Lost Trust Deed (version: LTD-2023-07) - see the changelog for details of the amendments made to the deed.
- Product Disclosure Statement (PDS) - updates the various rates and thresholds for the 2022-23 financial year, along with information about various changes to the super & income tax laws.
- Binding Death Benefit Nomination - added a new items into the template based upon the deed changes (refer to changelog above).
- New item 5 into the template to acknowledge timing of written notice
- Add specific details into the template version for a Replacement Trustee to be nominated in the event of the Member's death
- Pension Commencement
- Created conditional text to shown references to the previous 50% reduced minimum pension, based upon whether the pension starts on or after 1 July 2023.
- Product Disclosure Statement (PDS) - updates to the various rates & thresholds for the 2023-24 financial year.
- Downsizer contributions - the generated documents have been updated to include the age eligibility change from 60 to 55 years of age from 1 January 2023.
- Notice to vary interest rate - updated documents to reflect the changes in the interest rates to comply with the PCG 2016/5 safe harbour.
We will be providing you with a number of additional features and updates to documents (incl. integrations with your SMSF software) based upon member feedback in the near future.
Increase to PAYG document fees
As previously advised, we have made changes to a number of the documents where they are ordered on a pay-as-you-go (PAYG) basis - please refer to the blog post for further information.
https://smartersmsf.com/2023/05/some-of-our-payg-document-fees-are-going-up/