Current SMSF Establish, Maintain and Upgrade
      Back to home
      1. Success Hub
      2. How to Videos
      3. Current SMSF Establish, Maintain and Upgrade

      Contributions To Benefit a Member

      About Product

      A Trustee may receive a range of contributions on behalf of members of the Fund. This includes member, employer and spouse. Contributions may be made in cash, promissory note, in-specie and in kind. These documents provide the relevant legal requirements for a SMSF Trustee accepting a contribution to benefit a member.

      ► $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 Trustee may receive a range of contributions on behalf of members of the Fund. This includes member, employer and spouse. Contributions may be made in cash, promissory note, in-specie and in kind. These documents provide the relevant legal requirements for a SMSF Trustee accepting a contribution to benefit a member.

      Benefits

      • The contributions package includes a member request to make the contribution and a Trustee meeting to consider the contribution. Without both of these steps, the contribution may be invalid leaving advisers and the Trustees open to legal suit and complications.
      • The contribution will be treated as being made when it's received by the Trustee or when any registration is transferred if an in-specie contribution
      • The contribution may be a concessional or non-concessional contribution, as well as a spouse non-concessional contribution.
      • A wide range of flexibility for all types of contributions includes cash, in-kind and in-specie.

      Frequently Asked Legal Questions

      Do LYD Contributions package meet the Superannuation Laws?

      Where it is established in accordance with the Superannuation laws and the fund’s trust deed it is legal according to the Commissioner of Taxation.

      Can contributions be made in-specie?

      Absolutely. There is a wide range of possibilities for in-specie or property transfer options covered in the contributions documents. However, care should be taken that the property transfer does not breach the Superannuation Laws, and more importantly it fits in with the fund’s investment strategy.

      Can they be deductible?

      The member can choose whether the contribution is concessional or non-concessional or both.

      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.