SMSF Deed Updates $198 each in your premises
Are you thinking about updating your SMSF Trust Deeds. CST are happy to visit your premises to prepare the amending deeds provided you have at least 10 deeds to complete on the day. We feel that there is a big advantage in having us visit your premises instead of you preparing order forms for two reasons:
1. Firstly, we save you the work of sifting through all the information to extract the relevant data to send to us.
2. You will have an independent person perform a mini compliance audit on the structure of each fund. We often find small issues in funds that need to be attend to and the accountants are very appreciative of this.
Should you wish to proceed with our service then we suggest the following procedure:
1. Write to your clients suggesting that their deeds be updated. We have two sample letters for you to use for this purpose. One is an “opt out” letter where you tell your clients that you will be updating their deeds unless they tell you not to. The “opt in” letter asks for their permission. We find that most firms are charging around $396 to their clients for the service but of course that is totally your business. Please check dates and prices etc carefully on this letter as they WILL need to be amended.
2. Once you have determined the funds that need to be amended then contact us and we will arrange to visit your office to attend to the updates. We work on a basis of completing 25 deeds per day bound or 40 in PDF format. So for example, if you have 60 deeds we would allocate 3 days in your office. We try to take up as little of your time as possible on the day so there is no need for you to free up your diary.
When we come to your office we merely ask for access to the following:
1. Copy of the latest fund tax return with the provider statements attached.
2. Copy of the latest annual returns for any corporate trustees.
3. Copy of the original fund trust deed (if it is available).
4. Any other documents that would provide us with the names and addresses of the members and trustees of the fund if the above are not available. (this can include the fund register).
These documents can be made available in hard copy or it is easier for us to have access to your tax and/or ASIC lodging software.
We will come and prepare the deeds and leave them with you. If there are any corrections to be made to the deeds that we leave, even if you have provided us with incorrect information, we will correct and deliver them free of charge upon you giving us the correct details.
I also confirm that the fee is $198 per deed if you want us to print and bind them or $143 in pdf format.
If you decide on the printed version we will provide you with the following:
1. A check sheet showing the details of the fund
2. A Letter confirming that the solicitors have drafted the deed and details of your 3 year deed guarantee
3. A minute of the trustees resolving to prepare the amendment
4. One loose leaf copy and one bound copy of the amending deed and rules.
We will also hole the documents in either 2 hole, 3 hole or a combination of both so that you don’t have bound deeds floating around in binders and we will put sign here stickers at each page where clients need to sign.
We can leave the deeds undated or pre date them for you. We will also provide you with a CD of each of the documents in PDF format as well.