The Annual Update Service provides a convenient and sound way of ensuring that SMSFs' governing rules are kept up to date. This in turn gives SMSFs maximum strategic flexibility, compliance and peace of mind.
It works on the following basis:
Advisers Advisers log in just like anyone else, but they have their own personalised adviser homepage. On the adviser homepage, advisers see a list of all of their SMSF clients who subscribe to the Annual Update Service. Advisers can drill down to the homepage of each SMSF, where advisers can access the current and all prior versions of the governing rules for each of their SMSF clients. Advisers can also upload scanned copies of executed resolutions as well as scanned copies of any prior documents (eg, deed of establishment). This way, each SMSF's Homepage can become a repository for the SMSF deed documents. All SMSF clients will have the same governing rules each financial year. This means that advisers only need to familiarise themselves with one set of governing rules.
Trustees If you like, you can nominate that one or more of your advisers has access to your SMSF's personalised homepage. Typically these advisers include accountants, auditors and financial planners. If you do not want to allow any advisers to have access to the homepage, this is also fine.
We have DBA Lawyers (Australia's leading SMSF law firm) prepare SMSF governing rules for our SMSFs. This page links to DBA Lawyer's website. For more info on DBA Lawyers, refer: www.dbalawyers.com.au