In line with our ongoing improvements to the NowInfinity platform, we’re excited to unveil a series of enhancements and fixes in our September 2023 release.
Documentation Suite: Elevating Your SMSF Needs
We’ve revamped our SMSF Establishment Deed and Deed of Variation – Governing Rules. Now they feature a clearer hierarchy for death benefits, more detailed provisions for Enduring Power of Attorney, and expanded trustee powers to provide more guidance to you and your clients.
Governing Rules enhanced:
- Clearer defined hierarchy of death benefits payments.
- Provisions for an Enduring Power of Attorney (EPOA) to be able to amend Binding Death Benefit Nominations (BDBNs) and reversionary pensions under certain circumstances.
- Allows the Trustee to deal with lost Deeds, rules, and other documents of the fund and where law permits to sign a Deed of Confirmation to rely on copies of lost documents.
- BDBNs are revoked automatically where a spouse is a beneficiary if family law proceedings have commenced (unless the BDBN stipulates otherwise).
- Income stream provisions have been expanded to specify pension types as well as the conditions of payment for certain income streams to provide greater guidance to Trustees and their advisors.
- The Trustee powers have been further expanded to provide greater guidance to Trustees and their advisors.
- Provisions relating to the transfer balance cap and transfer balance account have been expanded for greater guidance for Trustees and their advisors.
Investment Strategy: Aligned with ATO and APRA Guidelines
The new Investment Strategy closely aligns with ATO requirements and APRA guidelines, emphasizing member specifics. Plus, a new ancillaries tab has been added for minutes and resolutions, making it more user-friendly.
SMSF Holding Trust (Bare Trust): Simplified Yet Comprehensive
We’ve updated the SMSF Holding Trust template for better clarity and redefined content. Now the ancillaries are generated in a separate document pack, and the Product Disclosure Statement has been transformed into an LRBA Explanatory Document.
Introducing a New Tier of Client Legal Review
A new, more affordable tier for Client Legal Review has been introduced, specifically for SMSF Deed of Variation, priced at just $125 plus GST. This allows you to seek professional advice without breaking the bank.
Fixes and Enhancements: For a Smooth User Experience
We resolved a glitch related to Director ID saving and renamed ‘Entity Management’ to ‘Trust Register’ for better consistency.
These enhancements are our way of ensuring that you have the most efficient and reliable tools at your disposal.