Leading Member SMSF to Leading Member SMSF Upgrade

About Product

This Leading Member SMSF Variation Template has been meticulously designed to help trustees modify the deed of a Leading Member SMSF in accordance with relevant superannuation legislation. It covers critical elements such as the appointment and removal of members, trustee powers, lineage considerations, investment authority, and administrative compliance. By consolidating all necessary clauses and safeguards under one document, it provides a solid legal framework for preserving fund compliance under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and related regulations.

► $229.00 (inc GST)

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

General Information

The Leading Member SMSF Deed Variation Template sets out the steps for trustees to update their existing Leading Member SMSF deed with expanded powers, member protections, and lineage-based controls. It facilitates smooth transitions in trustee appointments, strengthens investment governance, and ensures that any changes introduced remain legally valid and compliant with superannuation rules. Through this template, users can accommodate evolving circumstances—such as member incapacities or future legislative shifts—while being in line with the ever-changing legislation.

Benefits

Enhanced Succession Control: Designates a Leading Member with the power to manage membership transitions, ensuring smooth continuity and fewer disputes.
Streamlined compliance: Aligns seamlessly with superannuation laws to reduce the risk of inadvertent breaches.
Flexible Membership Management: Provides lineage-based rules and clear exit provisions to accommodate evolving family and fund needs.
Customisable Investment Authority: Allows for separate sub-funds, broad or targeted investment strategies, and straightforward in-specie transactions.
Future-Proofed Governance: Incorporates provisions that adapt to legislative changes and maintains secure long-term SMSF leadership.

Frequently Asked Legal Questions

What is a Variation of a Leading Member SMSF?

A Variation of a Leading Member SMSF is a formal process of updating the fund’s governing rules to incorporate new features, clarify trustee obligations, and reinforce lineage-based membership control. It ensures the fund continues to operate effectively under current superannuation laws while honoring the Leading Member principle.

Why is this template useful for SMSF members?

This template provides a legally compliant, structured framework for making critical updates to your SMSF deed. It helps trustees efficiently manage membership transitions, strengthen governance, and plan for contingencies like incapacity or death. By using this solution, you reduce administrative burdens and maintain long-term compliance.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 5-10 mins 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 Pty Ltd 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.

While filling in the required fields is considered an administrative task, it is crucial to avoid altering any signed-off clauses to maintain legal integrity. For complex matters, trustees should seek independent legal advice to ensure that all requirements are properly met.

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 Pty Ltd.

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 LY documents are prepared and signed off by LY Legal Pty Ltd lawyers from Melbourne, Sydney and Brisbane.

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.