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Legal & Technical Queries
You will find FAQ we have received from advisors & our strategic responses to them.
Estate Planning
- EPOA (Enduring Power of Attorney) State Guidelines
- AHCD (Advance Health Care Directive) State Guidelines
- Should the Interstate or Overseas Enduring Power of Attorney (EPOA) and Will Automation document be hand-signed?
- What is the Definition of 'Tertiary Beneficiary' in the LYD Will document?
- How to Execute and Witness a Will in Victoria
- Death Benefit Payments
- What happens to EPOA status upon moving to different state?
- Successor Director: Stand Alone vs EPOA
- I have prepared an EPOA for SA, Once prepared and signed, does this need to be lodged at the Lands Title Registration Office?
- For an EPOA for a Western Australian to replace a previous appointees with a new ones is there an automatic revocation of the standing appointees? Or is there a separate deed of revocation to be used?
- Victoria Medical Decision Maker now in Place v Outdated Medical EPOA
- Is EPOA Replacement Director Solution the Same as the Successor Director Solution?
- Will an ordinary EPOA provide for an LPR to act as director of a SMSF Trustee Company?
- Are the Enduring Powers of Attorney in the Will, the Moat and Single use all the Same?
- How to leave a property to a Testamentary Trust on SMSF Will?
- In a signed will, does it need an update once client relocate within the same state?
- Does an Executor need to sign the Will document?
- If there is a guardian listed in the will, who will have the custody of the kids once one parent passes?
- Can you add a company as a Succeeding Executor on EPOA and Will document?
- When inputting a Will and EPOA, can you still put in the date of the Will (under General Information), or does it have to be the same as the date signed?
- What is the difference between Dependency Declaration and Family Allowance Agreement?
- Do the executors in a Will need to necessarily see or be privy to the Will?
- Can an Australian Will and Testamentary Trusts deal with overseas assets?
- What is the difference between Power of Attorney and Enduring Power of Attorney?
- Is any conflict created if a client has separate parties acting for them in:
- What is the difference of an Enduring Guardianship from an Enduring Power of Attorney for health/medical?
- What template should be used for Asset Protection Strategy - gifting of equity to a trust who then lends the equity back and secured by a loan?
- In the Protector document, who can be the option holder and property owner?
- Do kids have other option when there is no adult at the time their parents become incapacitated based on the Will and EPOA prepared?
- Can you name a Testamentary Trust in the Will with Testamentary Trust template?
Companies
- What is the difference between a standard company and a family protection trust company?
- Share Classes Definition
- ASIC fee indexation | ASIC - Australian Securities and Investments Commission
- Is it possible to have a Leading Member Discretionary Trustee Company set up to take over trustee of a number of trusts without having had the trusts converted to Leading Member Discretionary Trusts?
- Director Identification Number FAQ
- Company Limited by Guarantee
- ASIC Notification for Change of Company Constitution - Not for Private Companies
- When do you Notify ASIC in Relation to a Successor Director?
- Setting up an SMSF with Corporate Trustee
- Business Name Availability
- Register a Business Name
- Renewing Your Company Registration
- Understand Australian Company Numbers (ACNs)
- Register an Indigenous Corporation
- How long does it take to Register a Company?
- Check the Availability of Your Company Name
- Understand Directors' Responsibilities and Personal Liability
- I cannot find the Certificate of Registration of the company I registered. How can I get a copy?
- I'm getting a Manual Review Explained Error on my Company Set up. How do I Proceed?
- Why is there an Increase on Price for the Company Document?
- What is the LightYear Docs Company Pack?
- How do we change the 'Public Officer' and 'Chairperson'?
- In establishing a new company, let's say I wanted to make the Constitution date to another date? (instead of today's date) - Would there be a penalty on this? Or are there any implications?
- What is the Process of Upgrading a Non-LYD Constitution to an LYD one but Still Retaining the Existing Share Classes?
- How to answer if you want to set up a Company that is going to be the Shareholder of Another Company?
- How can you make the standard company a trustee company?
- What is the Significance of Paid Versus Unpaid Shares and Its Application to SMSF Special Purpose and Standard Companies?
- Adding a Child Member to a SMSF Corporate Trustee
- Successor Director Solution: EPOA or using the Successor Director Solution
- If a company is registered and the shares issued are held by a Corporate Bare Trustee, should the Bare Trust Deed be executed on the day before the company is registered or in the same day?
- Is a Director ID needed for each of the Successor Directors before the creation of the company?
- Is it necessary for a Director to have a Director ID before creating a Company?
- Does a Standard Company need to be set up separately to an LRBA document to complete the corporate trustee section of the LRBA pack?
- Are bank kits for company documents only?
- Looking to upgrade a company from a standard company to a sole purpose SMSF company. It only has Articles of Association (no constitution). Can I use the template on the website to make this upgrade?
- Does a nominated Successor Director (SD) sign anything upfront or only upon acceptance when the original Director dies or is incapacitated?
- Are we able to get a copy of the Form 201 for an SMSF company set up?
- Can a Corporate Attorney be used for a SMSF Trustee Company?
- What to do if you have lost a Company Constitution?
- Is it possible to have joint shareholders in a SMSF Special Purpose Company?
- How can a minor sign as a Successor Director on the Successor Director document?
- Do you need to have an Indemnity Agreement for successor directors?
- Is the foreign Principal Place of Business acceptable for company documents? Or do you have to put in an Australian address?
- Meaning of "Other documents regarding the ATO's proof of identity requirements in support of this notice are enclosed" in the Company Constitution package Re: Notice of appointment of Public Officer
- Can a minor be a successor director?
- Can a foreign person be a Successor Director? (Foreigner)
- Can a Legal Personal Representative or executor of a Will, step into the role of a successor director if a minor cannot do it?
- Does a director's signature need to be witnessed?
Business & Commercial Agreements
- What loan agreement document should be used for S109N loans?
- Can the All Purposes Loan Agreement be setup as an "at call loan agreement"?
- How to insert Clause 9.1 (b) in the Business Partnership Agreement?
- What is "Total Consideration" amount in the Deed of Assignment of Property document?
- Can you state an interest rate and capitalize it upon maturity of term?
- Process for Registering a Second Mortgage - NT
- Process For Registering a Second Mortgage - WA
- Process for registering a Second Mortgage - SA
- Process for Registering a Second Mortgage - TAS
- Process for Registering a Second Mortgage - ACT
- Process ofr Registering a Second Mortgage - VIC
- Using a Caveat Instead of a Second Mortgage
- Summary Process for Registering a Second Mortgage
- Mortgage and PPSR Registration Solution!
- Process for Registering a Second Mortgage - QLD
- Undertaking Due Diligence in Second Mortgage Transactions
- Using Unregistered Mortgages
- Is it a Good Practice to Include the Accountant of the Third Party in The Non-Disclosure and Confidentiality Agreement?
- Do you need to register the mortgage deed for the 25-year secured Division 7A loans?
- What does the Legal Note mean in Division 7A Loan Agreement?
- With an Asset Protection Trust where Non-Real Assets are involved, is a Mortgage Deed generated?
- Does the Division 7A Loan Agreement has an offset arrangement that allows for declared dividends to be offset against any Division 7A loans to meet the minimum repayment amount?
- What should be the commencement date of a Division 7A Loan Agreement? Is this the date the document was executed? Or the end of the income year that the loan relates?
- Is there any reason not to use an existing bucket company to transfer assets into for inline with the Business Protector Strategy instead of using a Family Protection Trust?
- What is the document to be used that identifies both lender and borrower?
- Does the original loan cover all future loans under Division 7A or do you need to update the Loan Agreement every year?
- Can you have 0% interest rate with a term of 10 years and no minimum repayment in preparing a Loan Agreement between two companies as a line of credit?
Leading Member SMSF
- Can non-LM sign documents for LM SMSF?
- Does the Successor Director apply to SMSF Trustees?
- What is a Leading Member SMSF and how is it Different to a Standard SMSF?
- What are the Benefits of a Leading Member SMSF?
- Are there any Risks Associated with a Leading Member SMSF?
- How does the Trustee ensure that the Leading Member acts in the best interest of the Fund?
- What Happens if I do not Appoint a 2nd Leading Member, and the 1st Leading Member Passes Away Suddenly?
- I’m Nervous about Appointing one Person in a Fund as a Leading Member. Are we Giving Full Control of the Fund to this Person?
- Is a Leading Member Fund Legal?
- In setting up a Leading Member SMSF, is it better to make the husband the Sole Director and Shareholder, and the spouse the Second Leading Member?
- How to Exclude Individuals for Beneficiaries in a Leading Member Discretionary Trust (Individual and Corporate) document?
- In changing SMSF to a LM Fund, are all the nominated successor LM required to be members of the SMSF at the time of adopting the new deed?
- If the LM wants to nominate their children, can they do it if the child is below 18? If not, do they need a trustee? If yes, can they be a foreign resident?
- To upgrade a SMSF to LM SMSF and appoint a new Director to the Corp Trustee, do I need to complete the Member Appointment to a LM SMSF form in addition to the ATO Trustee Declaration Form?
- Does an Appointor or Leading Member need to be over 18?
SMSF & Trusts
- Are we able to include a life interest in a SMSF Will?
- Blank SMSF/Trust Minutes
- Why is my TFN for my SMSF Delayed?
- Should I use an Individual or Corporate Trustee Structure for an SMSF?
- I use a SMSF Trust Deed from an Alternative Provider. What is the Best Way to Switch to a LightYear Docs SMSF Trust Deed?
- I have multiple clients that I would like to Execute Deed Upgrades for. What is the best way to go about this?
- Can a Member of a SMSF Make Investment Decisions Based Upon His or Her Own Interest?
- Leading Member/SMSF Special Purpose Corporate Trustee - Why SPE Share Class is Mandatory
- The Ten Benefits of a SMSF and Family SMSF
- SMSF Statistics - September 2023
- SMSF - Does the Investment Strategy Cover Carrying on of a Business?
- SMSF Deed vs Accounting Standards
- Catering for Collectibles and Vintage Cars in a SMSF Investment Strategy
- If the current Appointor dies, and if there is no Succeeding Appointor, will his position be necessarily given to the Legal Personal Representative?
- What document should be used if a SMSF member wants to loan money to the SMSF to put down deposit on commercial property?
- How to add a Secondary Beneficiary in Discretionary Trust (Non-Foreign Person)?
- Can the Company Trustee for SMSF be used as a Trustee of the Holding Trust/Bare Trust, or do you need a separate Trustee Company?
- Questions on Family Protection Appointor (FPA)
- For the Beneficiary of the Normal Discretionary Trust Deed, will Family Lineage Include the Future Spouse of their Kids?
- If you are vesting a Unit Trust, do you need to cancel the units?
- If you are planning to complete the 'Account Based Pension' and 'Addition of a Reversionary Pension', do you need to document for each pension if a member has more than one Account Based Pension?
- When updating a SMSF Deed, do you need to include the dates when a Trustee was appointed and removed?
- Do you have a template for an existing SMSF to change a member's name due to marriage?
- What template should be used to remove a SMSF member or director?
- Does a Successor Appointor needs to be of legal age?
- Is an electronic copy acceptable to update a SMSF Trust Deed?
- Do you have a document to issue shares in a fixed unit trust?
- Personal Concessional Contributions to SMSF through Promissory Note
- What is the meaning of 'Principal' in the template, 'Upgrade of Discretionary Trust to a LightYear Docs Strategic Discretionary Trust'?
- Can a non-LRBA have farm animals as a non-property asset? The animal will be used for breeding.
- Can a Company Act as Trustee for a SMSF and a Discretionary Trust?
- If there are two Individual Trustees of a SMSF and one dies, how soon afterwards can you replace the deceased Trustee?
- Does an Asset Protection Trust or Family Protection Trust require an ABN and/or a TFN?
- Is it possible for the trust distribution template minutes to be set up as resolutions?
- If you are an individual trustee and your wife passed away, it is possible to form a sole Director Trustee Company to continue the SMSF?
- What is a document for a client to hold residential real estate in trust on behalf of a family member?
- Are you able to prepare a document for a client to hold residential real estate in trust on behalf of a family member?
- Which document should be used in upgrading an old family trust deed?
- Is it possible to set-up a Unit Trust under the state of South Australia?
- If a client withdraws more than the minimum pension you have the option of an "Additional pension" or "Lump Sum Commutation from Pension". Why would you select the commutation?
- How often should you update a Discretionary Trust?
- Do we need members applications or minutes as legal documents to set up a super fund?
- SIS Regulation 13.22C, GST and SIS Act 93
- Super Contributions after Death
- Successor Director, Leading Member, Trustee Company and Non Foreign Persons
- SMSFs and Cryptocurrency such as Bitcoin
- Buying Property and Using the Protector for Tax Purposes Versus Buying in a Family Protection Trust
- Is there a deed of variation for the exclusion of a beneficiary for a Trust?
- When setting up a bare trust, can I edit in the future as we are final with the assets yet? Can the client sign first?
- Do you have any documentation that explains why a corporate trustee shouldn't be a beneficiary of the trust that it is the trustee for?
- For the SMSF establishment, is the BDN only prepared through a SMSF Will? Is there a document for setting up the bank account or is it included in the wording of the trust deed?
- Does SMSF deeds needs to be stamped?
- Is there a legal implication if the date where all parties have signed is different from the date the deed was made?
- When we update/upgrade a discretionary trust deed does this require duty stamping?
- If a client to set up trust doesn't want his wife to be an appointor, is it a poor asset protection strategy to have the risk person as the appointor/director and the asset person as the shareholder?
- Do you have a document that converts a 7 year Div 7A loan into a secured 25 year loan?
- Stamping of Deeds Across Australian States
- What to do if you do not yet have the details of the Property in a LRBA Bank Pack?
- Trust Deed Signing
- ATO View on Discretionary Trust Variations and Resettlement
- Spouse not Added as a Beneficiary in LM Trust or Family Protection Trust
- Minutes or Deed When Establishing a Discretionary Trust
- SMSF Trustee Administrative Penalties
- SMSF Trustee withholding tax rates for super lump sums
- What is the Low Rate Cap for Superannuation Lump Sums and Commutations?
- Can a Deed be Signed and Witnessed Electronically? Each State Answered
- The Ins and Outs of Testamentary Trusts
- The Advantages of a Family Protection Trust
- Completing a Unit Trust - Number of Units and Costing
- What is the Difference between a Standard Discretionary Trust and a Family Protection Trust?
- What is the Process of Converting an Allocated Pension to an Accounts Based Pension?
- What are the Victorian Stamping Requirements for a Trust Deed
- Is there Stamp Duty on Transfer of Property from a SMSF - South Australia?
- When do you use a Member Directed Investment Strategy
- Do you need to identify the property in a bare trust under a limited recourse borrowing arrangment?
- How to Consolidate Multiple Pensions
- When Does a Pension Commence and Cease - ATO Ruling TR 2013/5
- Stamp Duty on Transfers of Property to an SMSF
- Is a Change in Appointors, Trustees, Beneficiaries or Vesting Date for a Discretionary Trust a Resettlement?
- What to do if we have a Lost Deed - SMSF, Discretionary Trust or Unit Trust
- What is the Process for Changing from Individual SMSF Trustees to a Corporate Trustee?
- Can an Unlicensed Accountant or Tax Agent Help a Client Establish a SMSF
- Is Upgrading a Discretionary Trust a Resettlement?
- Can a Unit Trust with SMSF Unitholders Lend to an Unrelated or Related Party?
- Can an Unlicensed Accountant Prepare an Investment Strategy?
- Upgrade a Current SMSF to a Leading Member and Change of Trustee
- What Happens at the End of the Borrowing Arrangement?
- I am an Accountant and Tax Agent with no Licence, can I Help Clients Establish a SMSF?
- How to do a Contributions Reserve - Deed, Reserve Documents and Investment Strategy
- Does LightYear Docs have a Dependency Declaration for Non-SMSF Super Funds?
- Does the Deed of Vesting Discretionary Trust document need to be stamped in Victoria?
- How do LightYear Docs discretionary trust deeds deal with the Owies v JJE Nominees Pty Ltd decision? Are they strong enough to ensure the trustee has absolute discretion?
- What is the effect on being a primary beneficiary of one trust and also a trustee of another trust?
- Some points to think about regarding updating SMSF deeds
- Steps to setting up a SMSF from scratch
- Can you put minors as the appointors and directors in case of emergency or incapacity?
- How to resign the first Leading Member?
- Why is there no option to put the primary beneficiary names in the Leading Member Discretionary Trust, unlike the Discretionary Trust (Non-Foreign Person)?
- In trust establishment documents, what should be the answer to the question, "The document is governed and construed by the laws of:"?
- How to remove the Successor Appointor of a Family Trust?
- What is the difference between Family Protection Trust and Leading Member Discretionary Trust?
- Can you appoint an Australian permanent resident, but not a citizen, to be a Leading Member of a Trust?
- Is it possible for an overseas settlor, separate from the director or beneficiary, to create a trust?
- If an SMSF is set up using the LightYear Docs deed, is a separate member application required?
- If an SMSF was set up a couple of years ago using LightYear Docs, would there have had to be a separate member application?
- What document should be used in removing the Successor Appointor?
- Does a Victorian Non Fixed Unit Trust deed need to be stamped before splitting the share?
- Does a SMSF Deed of Variation need witnesses to sign?
- What should be the pension commencement date on our SMSF documents?
- I want to add a minor as a member of SMSF. What documents can I use from LYD?
- What should you put in the 'Current Year ABP Income Payment' and 'Tax Free Component Proportion' of the Account Based Pension?
- Why an Appointor must be appointed?
- How many witnesses are required for SMSF Will?
- Can you distribute to another trust so long as the beneficiary (not trustee) is also a beneficiary of the new trust?
- What is the difference between FPT and LMDT?
- In the Deed of Vesting Discretionary Trust, do all directors of the trustee company need to sign on behalf of the company?
- Does the SMSF trust deed allow for investments via crowd funding?
- Setting up a Trust with Corporate Trustee
- Is it possible to list a foreign address for a beneficiary in the Discretionary Trust (Individual and Corporate)?
- Can a sole individual trustee be the same appointor and primary beneficiary?
- If a SMSF has only one member, can it have 3 trustees (1 of those trustees being the member) the question is about whether at law 3 trustees are allowed?
- Difference between SMSF and Trust
- Can Joint Successor Trustees and Appointors be added in a Discretionary Trust (Non-foreign person)?
- Can the Member Appointment document be used for adding minor members to SMSF?
- Does a governing state for a trustee company need to be the same as the governing state for the trust?
- Is the SMSF Deed of Vesting to be done before the preparation of the financials for the year the SMSF is winding-up?
- Hi, what document would we use for an SMSF Deed Update (for an SMSF with a corporate trustee)? the Auditor has requested this as current deed is from 1998.
- If a trust is legislated in South Australia but signed and executed in Victoria is the trust deed still required to be stamped?
- Who should be the owner of the property acquired under an LRBA arrangement in WA?
- What type of client would do the Crypto Discretionary Trust Documents?
- When to use the Fixed Unit Trust
- What document do I use for a Bare Trust Variation to show the new members?
- What is the appropriate Trust to establish for a Victorian client wanting to purchase an investment property in WA through a Trust and what should be it's governing jurisdiction?
Legal
- In a Leading Member Discretionary Trust document, can we name specific beneficiaries?
- The bank has requested a certified copy of the Will. How to provide it? Is it a matter of stamping each page and signing it or is there a simpler way?
- Do you have any document that can be used to change anything in a Unit Trust?
- The Protector Video
- Addressing Naming Conventions for Married People
- Are all of the documents available on LightYear Docs legally signed off? And if so, who is the lawyer or firm that provides this sign off?
- Who are LY Legal Lawyers? Who is the Main Lawyer and What are His or Her Credentials?
- Digital Signatures
- The Use of LightYear Docs by Accountants and Financial Planners
- Am I Providing Legal Advice using the LY Legal Lawyers Templates on the LightYear Docs Site?
- LY Legal Letter Sign Off
- Can you add two properties in one Protector, or must it be done for each property?
- Would a Protector work for a Non-Resident Holder of Australian property? What would the impact be on the Land Tax?
- A client owns shares in his company that owns a truck (company owned) and wants to leave it to a person. Can he do this via his will or will he have to leave the company shares to this person?
- Can properties held in different family members names, all be used for the protector solution in the same LM trust?
- What would happen if a successor director system is in place for a corporate trustee? Would this SMSF Will or the successor director take precedence?
- The client purchased a property to live in without the accountant's notice. What document can be used?
- What is the issue with an overseas beneficiary if the Australian resident is living in WA with only one son who is a UK resident that will receive his entire state?
- When setting up a Protector, what documents should be selected?
- Landholder Duty Exemptions NSW for Deceased Estates
- Land Taxes in Queensland - SRO Ruling
- What if we have a minor in a position that normally needs signing. What do we do?
- Queensland Land Tax: Do you have a Foreign Trust Subject to a Land Tax Surcharge?
- Which is Better for Land Tax and CGT Concessions Where a Group Acquires Property in Victoria?
- Can a Discretionary Trust gifts its Assets to a Protector Trust?
- Does LightYear Docs have an Asset Settlement document for someone who is going through a divorce?
- Is a witness required for the Successor Director Deed of Indemnity?
- When to go to LY Legal before setting up the documents?
- The Protector arrangement with the Gift and loan back of a primary place of residence - can this cause any issues with the main residence exemption from a capital gains tax point of view?
Troubleshooting
Documents & Pricing
- What is an RPA Strategy Pack?
- What do you mean when you speak about 'Robotic Processing Automation'?
- I need a Document That I Cannot see Available on your Platform. What Should I do?
- How many documents are available to the LightYear Docs platform?
- Can I get a Sample of each Document?
- How Often are the Documents on the LightYear Docs Platform Reviewed?
- Witnessing Documents During COVID
- Strategy Automation – not for Beginners or PAYG
- Whitelabelling Services (Logos on Documents)
- Full Price List
- Electronic Signing of Documents - for Australia and States
- Where can we see a run down of the benefits of each structure?
Profile and Account Features
- Profile Overview - LY Surge
- How to set up your LY Surge notification on your app?
- How is my Data and my Clients Data Stored on the LightYear Docs Platform?
- Have you Received our Emails?
- How to Register on LightYear Docs
- Profile Overview - Document Wizard
- Where can I find my LightYear Documents?
- Best Practice for Utilising Shared Folders in the Document Wizard