Current SMSF Income Streams Documents
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      Transition to Retirement Income Stream (TRIS)

      About the Product

      The LightYear Docs TRIS enables a member to access an income stream from their member's accumulation account when they reach preservation age. This enables the member to take between 4% and 10% of their TRIS balance, ideally their accumulation balance at the time of commencing the TRIS, as benefits even while working.

      ► $129.00 (inc GST) - OR provided under your unlimited membership (exc ASIC fee)

      ► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

      General Information

      A TRIS is an income stream that a working member of an SMSF can take when they reach preservation age.

      Benefits

      • Easy to complete, use and apply.
      • It can be for a short, fixed term enabling the Trustee to easily pay the member’s TRIS income then wind it up until the next year.
      • The TRIS does not impact the member’s Pension Transfer Balance.
      • Can be easily commuted or ceased for the remaining TRIS benefits to aggregate with the member’s accumulation benefits.
      • A minimum pension of 4% can be taken but no more than 10% in any income year.
      • Provides minimum pension deeming rules to help ensure minimum pension benefits rules are met in any income year.

      Frequently Asked Legal Questions

      What terms and conditions are available for the TRIS?

      For the most part, a TRIS is an accumulation income account that enables the member to take up to 10% of their TRIS balance in an income year.  Once the income is taken, it may be terminated by way of commutation or coming to the end of the term.

      Can the TRIS be built with a reversion?

      Absolutely, in the event that a member dies during the term. 

      What is the Preservation Age enabling a member to commence a TRIS?

      • for a person born before 1 July 1960 – 55 years;
      • for a person bon during the year 1 July 1960 to 30 June 1961 – 56 years;
      • for a person born during the year 1 July 1961 to 30 June 1962 – 57 years;
      • for a person born during the year 1 July 1962 to 30 June 1963 – 58 years;
      • for a person born during the year 1 July 1963 to 30 June 1964 – 59 years;
      • for a person born after 30 June 1964 – 60 years.

      How long does this document take to assemble?

      Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

      Is this document a legal document?

      All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

      However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed  legal document provided by Abbott & Mourly.

      The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

      “if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

      Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances.  The Court held that this process was legal work.

      Is the document easy to read?

      All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

      What lawyers sign off on the LightYear Docs documents?

      All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

      Are the LightYear Docs documents reviewed regularly?

      All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

      Can I get a sample of this document?

      Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.