Current SMSF Income Streams Documents
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      TRIS Foldback

      About Product

      When a TRIS is commenced the income stream commences with a pre-determined amount from a member’s accumulation account. However where the member keeps on contributing to their accumulation account the new contributions do not get added. By folding back the TRIS, the member can increase the amount ready for a new TRIS and thus enable them to take 10% of the new TRIS as an income stream in the year of income. A TRIS Foldback is exclusive to LYD.

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

      ► The master document has been signed off by LY Legal and is congruent with Australian law.

      General Information

      The LYD TRIS Foldback (TRISFB) enables a member to fold their existing TRIS to the member’s accumulation account at any time post an income payment being made. A TRIS Foldback is exclusive to LYD.

      Benefits

      • Easy to complete, use and apply.
      • Does not impact a member’s TBAR.
      • Can be used for the purposes of commencing a new TRIS with any other accumulation monies in the member’s accumulation account.
      • Exclusive to LYD.

      Frequently Asked Legal Questions

      How does the TRIS Foldback impact a member’s TBAR?

      Neither the TRIS nor the Foldback impact on the member’s TBAR.

      What happens to tax-free and taxable components?

      When a foldback occurs, the TRIS benefits come with tax-free/taxable component percentages which get fixed in the accumulation stage and may get muddied. A careful analysis must be completed prior to the implementation of any TRIS foldback.

      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 LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD 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 LYD 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 LY Legal.

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

      What lawyers sign off on the LYD documents?

      All LYD documents are prepared and signed off by LY Legal.

      Are the LYD documents reviewed regularly?

      All LYD documents form part of the LYD 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@lyd.com.au to request a sample document for you to review.