Current SMSF Establish, Maintain and Upgrade
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      Member Appointment – Leading Member SMSF

      About Product

      In this Leading Member SMSF, the Leading Member has the power to appoint, in conjunction with a binding trustee resolution, a member to become a member of the Fund.

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

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

      General Information

      A LYD Leading Member SMSF is different to other SMSFs, as the member designated the Leading Member has the power to appoint and remove a member.

      This document provides the Leading Member, the Trustee and also the member with the authority to join the fund.

      Benefits

      • Simple and quick to complete.
      • Provides certainty for all members of a Leading Member SMSF.
      • The Leading Member controls the Fund and the member is subject to the controls put in place by the Leading Member.
      • The member can still contribute, have a say as to their investment strategy and take a wide range of benefits from the Fund.

      Frequently Asked Questions

      When should the Member Appointment be completed?

      After a Leading Member fund is established either initially or upon variation, when a new member seeks to join this is the relevant document to use.

      When will the Leading Member terminate membership?

      The Leading Member has power to terminate, subject to paying appropriate benefits for rollover, at any time such as when the member becomes divorced and lawyers seek to discover what’s in the fund.

      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.