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Legal & Technical Queries

Legal & Technical Queries

You will find FAQ we have received from advisors & our strategic responses to them.

Estate Planning

Does an Executor need to sign the Will document?

Can you name a Testamentary Trust in the Will with Testamentary Trust template?

In the Protector document, who can be the option holder and property owner?

What is the difference of an Enduring Guardianship from an Enduring Power of Attorney for health/medical?

What is the difference between Power of Attorney and Enduring Power of Attorney?

Can an Australian Will and Testamentary Trusts deal with overseas assets?

Can you add a company as a Succeeding Executor on EPOA and Will document?

What is the difference between Dependency Declaration and Family Allowance Agreement?

How to leave a property to a Testamentary Trust on SMSF Will?

Do kids have other option when there is no adult at the time their parents become incapacitated based on the Will and EPOA prepared?

EPOA (Enduring Power of Attorney) State Guidelines

AHCD (Advance Health Care Directive) State Guidelines

Should the Interstate or Overseas Enduring Power of Attorney (EPOA) and Will Automation document be hand-signed?

What is the Definition of 'Tertiary Beneficiary' in the LYD Will document?

How to Execute and Witness a Will in Victoria

Death Benefit Payments

What happens to EPOA status upon moving to different state?

Successor Director: Stand Alone vs EPOA

I have prepared an EPOA for SA, Once prepared and signed, does this need to be lodged at the Lands Title Registration Office?

For an EPOA for a Western Australian to replace a previous appointees with a new ones is there an automatic revocation of the standing appointees? Or is there a separate deed of revocation to be used?

Victoria Medical Decision Maker now in Place v Outdated Medical EPOA

Is EPOA Replacement Director Solution the Same as the Successor Director Solution?

Will an ordinary EPOA provide for an LPR to act as director of a SMSF Trustee Company?

Are the Enduring Powers of Attorney in the Will, the Moat and Single use all the Same?

In a signed will, does it need an update once client relocate within the same state?

If there is a guardian listed in the will, who will have the custody of the kids once one parent passes?

When inputting a Will and EPOA, can you still put in the date of the Will (under General Information), or does it have to be the same as the date signed?

Do the executors in a Will need to necessarily see or be privy to the Will?

Is any conflict created if a client has separate parties acting for them in:

What template should be used for Asset Protection Strategy - gifting of equity to a trust who then lends the equity back and secured by a loan?

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Companies

Can a foreign person be a Successor Director? (Foreigner)

Meaning of "Other documents regarding the ATO's proof of identity requirements in support of this notice are enclosed" in the Company Constitution package Re: Notice of appointment of Public Officer

Is the foreign Principal Place of Business acceptable for company documents? Or do you have to put in an Australian address?

Is it possible to have joint shareholders in a SMSF Special Purpose Company?

What is the difference between a standard company and a family protection trust company?

Share Classes Definition

ASIC fee indexation | ASIC - Australian Securities and Investments Commission

Is it possible to have a Leading Member Discretionary Trustee Company set up to take over trustee of a number of trusts without having had the trusts converted to Leading Member Discretionary Trusts?

Director Identification Number FAQ

Company Limited by Guarantee

ASIC Notification for Change of Company Constitution - Not for Private Companies

When do you Notify ASIC in Relation to a Successor Director?

Setting up an SMSF with Corporate Trustee

Business Name Availability

Register a Business Name

Renewing Your Company Registration

Understand Australian Company Numbers (ACNs)

Register an Indigenous Corporation

How long does it take to Register a Company?

Check the Availability of Your Company Name

Understand Directors' Responsibilities and Personal Liability

I cannot find the Certificate of Registration of the company I registered. How can I get a copy?

I'm getting a Manual Review Explained Error on my Company Set up. How do I Proceed?

Why is there an Increase on Price for the Company Document?

What is the LightYear Docs Company Pack?

How do we change the 'Public Officer' and 'Chairperson'?

In establishing a new company, let's say I wanted to make the Constitution date to another date? (instead of today's date) - Would there be a penalty on this? Or are there any implications?

What is the Process of Upgrading a Non-LYD Constitution to an LYD one but Still Retaining the Existing Share Classes?

How to answer if you want to set up a Company that is going to be the Shareholder of Another Company?

How can you make the standard company a trustee company?

What is the Significance of Paid Versus Unpaid Shares and Its Application to SMSF Special Purpose and Standard Companies?

Adding a Child Member to a SMSF Corporate Trustee

Successor Director Solution: EPOA or using the Successor Director Solution

If a company is registered and the shares issued are held by a Corporate Bare Trustee, should the Bare Trust Deed be executed on the day before the company is registered or in the same day?

Is a Director ID needed for each of the Successor Directors before the creation of the company?

Is it necessary for a Director to have a Director ID before creating a Company?

Does a Standard Company need to be set up separately to an LRBA document to complete the corporate trustee section of the LRBA pack?

Are bank kits for company documents only?

Looking to upgrade a company from a standard company to a sole purpose SMSF company. It only has Articles of Association (no constitution). Can I use the template on the website to make this upgrade?

Does a nominated Successor Director (SD) sign anything upfront or only upon acceptance when the original Director dies or is incapacitated?

Are we able to get a copy of the Form 201 for an SMSF company set up?

Can a Corporate Attorney be used for a SMSF Trustee Company?

What to do if you have lost a Company Constitution?

How can a minor sign as a Successor Director on the Successor Director document?

Do you need to have an Indemnity Agreement for successor directors?

Can a minor be a successor director?

Can a Legal Personal Representative or executor of a Will, step into the role of a successor director if a minor cannot do it?

Does a director's signature need to be witnessed?

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Business & Commercial Agreements

Does the original loan cover all future loans under Division 7A or do you need to update the Loan Agreement every year?

What is the document to be used that identifies both lender and borrower?

What should be the commencement date of a Division 7A Loan Agreement? Is this the date the document was executed? Or the end of the income year that the loan relates?

Is it a Good Practice to Include the Accountant of the Third Party in The Non-Disclosure and Confidentiality Agreement?

With an Asset Protection Trust where Non-Real Assets are involved, is a Mortgage Deed generated?

What loan agreement document should be used for S109N loans?

Can the All Purposes Loan Agreement be setup as an "at call loan agreement"?

How to insert Clause 9.1 (b) in the Business Partnership Agreement?

What is "Total Consideration" amount in the Deed of Assignment of Property document?

Can you state an interest rate and capitalize it upon maturity of term?

Process for Registering a Second Mortgage - NT

Process For Registering a Second Mortgage - WA

Process for registering a Second Mortgage - SA

Process for Registering a Second Mortgage - TAS

Process for Registering a Second Mortgage - ACT

Process ofr Registering a Second Mortgage - VIC

Using a Caveat Instead of a Second Mortgage

Summary Process for Registering a Second Mortgage

Mortgage and PPSR Registration Solution!

Process for Registering a Second Mortgage - QLD

Undertaking Due Diligence in Second Mortgage Transactions

Using Unregistered Mortgages

Do you need to register the mortgage deed for the 25-year secured Division 7A loans?

What does the Legal Note mean in Division 7A Loan Agreement?

Does the Division 7A Loan Agreement has an offset arrangement that allows for declared dividends to be offset against any Division 7A loans to meet the minimum repayment amount?

Is there any reason not to use an existing bucket company to transfer assets into for inline with the Business Protector Strategy instead of using a Family Protection Trust?

Can you have 0% interest rate with a term of 10 years and no minimum repayment in preparing a Loan Agreement between two companies as a line of credit?

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Leading Member SMSF

Can non-LM sign documents for LM SMSF?

Does the Successor Director apply to SMSF Trustees?

What is a Leading Member SMSF and how is it Different to a Standard SMSF?

What are the Benefits of a Leading Member SMSF?

Are there any Risks Associated with a Leading Member SMSF?

How does the Trustee ensure that the Leading Member acts in the best interest of the Fund?

What Happens if I do not Appoint a 2nd Leading Member, and the 1st Leading Member Passes Away Suddenly?

I’m Nervous about Appointing one Person in a Fund as a Leading Member. Are we Giving Full Control of the Fund to this Person?

Is a Leading Member Fund Legal?

In setting up a Leading Member SMSF, is it better to make the husband the Sole Director and Shareholder, and the spouse the Second Leading Member?

How to Exclude Individuals for Beneficiaries in a Leading Member Discretionary Trust (Individual and Corporate) document?

In changing SMSF to a LM Fund, are all the nominated successor LM required to be members of the SMSF at the time of adopting the new deed?

If the LM wants to nominate their children, can they do it if the child is below 18? If not, do they need a trustee? If yes, can they be a foreign resident?

To upgrade a SMSF to LM SMSF and appoint a new Director to the Corp Trustee, do I need to complete the Member Appointment to a LM SMSF form in addition to the ATO Trustee Declaration Form?

Does an Appointor or Leading Member need to be over 18?

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SMSF & Trusts

What document do I use for a Bare Trust Variation to show the new members?

What is the appropriate Trust to establish for a Victorian client wanting to purchase an investment property in WA through a Trust and what should be it's governing jurisdiction?

Can a sole individual trustee be the same appointor and primary beneficiary?

Steps to setting up a SMSF from scratch

When to use the Fixed Unit Trust

What type of client would do the Crypto Discretionary Trust Documents?

If a trust is legislated in South Australia but signed and executed in Victoria is the trust deed still required to be stamped?

Does a governing state for a trustee company need to be the same as the governing state for the trust?

Hi, what document would we use for an SMSF Deed Update (for an SMSF with a corporate trustee)? the Auditor has requested this as current deed is from 1998.

Can Joint Successor Trustees and Appointors be added in a Discretionary Trust (Non-foreign person)?

If a SMSF has only one member, can it have 3 trustees (1 of those trustees being the member) the question is about whether at law 3 trustees are allowed?

Does the SMSF trust deed allow for investments via crowd funding?

In the Deed of Vesting Discretionary Trust, do all directors of the trustee company need to sign on behalf of the company?

How many witnesses are required for SMSF Will?

What should you put in the 'Current Year ABP Income Payment' and 'Tax Free Component Proportion' of the Account Based Pension?

I want to add a minor as a member of SMSF. What documents can I use from LYD?

Does a Victorian Non Fixed Unit Trust deed need to be stamped before splitting the share?

Is it possible for an overseas settlor, separate from the director or beneficiary, to create a trust?

What document should be used in removing the Successor Appointor?

How to remove the Successor Appointor of a Family Trust?

How to resign the first Leading Member?

Does LightYear Docs have a Dependency Declaration for Non-SMSF Super Funds?

How do LightYear Docs discretionary trust deeds deal with the Owies v JJE Nominees Pty Ltd decision? Are they strong enough to ensure the trustee has absolute discretion?

Can you appoint an Australian permanent resident, but not a citizen, to be a Leading Member of a Trust?

Who should be the owner of the property acquired under an LRBA arrangement in WA?

Are we able to include a life interest in a SMSF Will?

Blank SMSF/Trust Minutes

Why is my TFN for my SMSF Delayed?

Should I use an Individual or Corporate Trustee Structure for an SMSF?

I use a SMSF Trust Deed from an Alternative Provider. What is the Best Way to Switch to a LightYear Docs SMSF Trust Deed?

I have multiple clients that I would like to Execute Deed Upgrades for. What is the best way to go about this?

Can a Member of a SMSF Make Investment Decisions Based Upon His or Her Own Interest?

Leading Member/SMSF Special Purpose Corporate Trustee - Why SPE Share Class is Mandatory

The Ten Benefits of a SMSF and Family SMSF

SMSF Statistics - September 2023

SMSF - Does the Investment Strategy Cover Carrying on of a Business?

SMSF Deed vs Accounting Standards

Catering for Collectibles and Vintage Cars in a SMSF Investment Strategy

If the current Appointor dies, and if there is no Succeeding Appointor, will his position be necessarily given to the Legal Personal Representative?

What document should be used if a SMSF member wants to loan money to the SMSF to put down deposit on commercial property?

How to add a Secondary Beneficiary in Discretionary Trust (Non-Foreign Person)?

Can the Company Trustee for SMSF be used as a Trustee of the Holding Trust/Bare Trust, or do you need a separate Trustee Company?

Questions on Family Protection Appointor (FPA)

For the Beneficiary of the Normal Discretionary Trust Deed, will Family Lineage Include the Future Spouse of their Kids?

If you are vesting a Unit Trust, do you need to cancel the units?

If you are planning to complete the 'Account Based Pension' and 'Addition of a Reversionary Pension', do you need to document for each pension if a member has more than one Account Based Pension?

When updating a SMSF Deed, do you need to include the dates when a Trustee was appointed and removed?

Do you have a template for an existing SMSF to change a member's name due to marriage?

What template should be used to remove a SMSF member or director?

Does a Successor Appointor needs to be of legal age?

Is an electronic copy acceptable to update a SMSF Trust Deed?

Do you have a document to issue shares in a fixed unit trust?

Personal Concessional Contributions to SMSF through Promissory Note

What is the meaning of 'Principal' in the template, 'Upgrade of Discretionary Trust to a LightYear Docs Strategic Discretionary Trust'?

Can a non-LRBA have farm animals as a non-property asset? The animal will be used for breeding.

Can a Company Act as Trustee for a SMSF and a Discretionary Trust?

If there are two Individual Trustees of a SMSF and one dies, how soon afterwards can you replace the deceased Trustee?

Does an Asset Protection Trust or Family Protection Trust require an ABN and/or a TFN?

Is it possible for the trust distribution template minutes to be set up as resolutions?

If you are an individual trustee and your wife passed away, it is possible to form a sole Director Trustee Company to continue the SMSF?

What is a document for a client to hold residential real estate in trust on behalf of a family member?

Are you able to prepare a document for a client to hold residential real estate in trust on behalf of a family member?

Which document should be used in upgrading an old family trust deed?

Is it possible to set-up a Unit Trust under the state of South Australia?

If a client withdraws more than the minimum pension you have the option of an "Additional pension" or "Lump Sum Commutation from Pension". Why would you select the commutation?

How often should you update a Discretionary Trust?

Do we need members applications or minutes as legal documents to set up a super fund?

SIS Regulation 13.22C, GST and SIS Act 93

Super Contributions after Death

Successor Director, Leading Member, Trustee Company and Non Foreign Persons

SMSFs and Cryptocurrency such as Bitcoin

Buying Property and Using the Protector for Tax Purposes Versus Buying in a Family Protection Trust

Is there a deed of variation for the exclusion of a beneficiary for a Trust?

When setting up a bare trust, can I edit in the future as we are final with the assets yet? Can the client sign first?

Do you have any documentation that explains why a corporate trustee shouldn't be a beneficiary of the trust that it is the trustee for?

For the SMSF establishment, is the BDN only prepared through a SMSF Will? Is there a document for setting up the bank account or is it included in the wording of the trust deed?

Does SMSF deeds needs to be stamped?

Is there a legal implication if the date where all parties have signed is different from the date the deed was made?

When we update/upgrade a discretionary trust deed does this require duty stamping?

If a client to set up trust doesn't want his wife to be an appointor, is it a poor asset protection strategy to have the risk person as the appointor/director and the asset person as the shareholder?

Do you have a document that converts a 7 year Div 7A loan into a secured 25 year loan?

Stamping of Deeds Across Australian States

What to do if you do not yet have the details of the Property in a LRBA Bank Pack?

Trust Deed Signing

ATO View on Discretionary Trust Variations and Resettlement

Spouse not Added as a Beneficiary in LM Trust or Family Protection Trust

Minutes or Deed When Establishing a Discretionary Trust

SMSF Trustee Administrative Penalties

SMSF Trustee withholding tax rates for super lump sums

What is the Low Rate Cap for Superannuation Lump Sums and Commutations?

Can a Deed be Signed and Witnessed Electronically? Each State Answered

The Ins and Outs of Testamentary Trusts

The Advantages of a Family Protection Trust

Completing a Unit Trust - Number of Units and Costing

What is the Difference between a Standard Discretionary Trust and a Family Protection Trust?

What is the Process of Converting an Allocated Pension to an Accounts Based Pension?

What are the Victorian Stamping Requirements for a Trust Deed

Is there Stamp Duty on Transfer of Property from a SMSF - South Australia?

When do you use a Member Directed Investment Strategy

Do you need to identify the property in a bare trust under a limited recourse borrowing arrangment?

How to Consolidate Multiple Pensions

When does a Pension Commence and Cease - ATO Ruling TR 2013/5

Stamp Duty on Transfers of Property to an SMSF

Is a Change in Appointors, Trustees, Beneficiaries or Vesting Date for a Discretionary Trust a Resettlement?

What to do if we have a Lost Deed - SMSF, Discretionary Trust or Unit Trust

What is the Process for Changing from Individual SMSF Trustees to a Corporate Trustee?

Can an Unlicensed Accountant or Tax Agent Help a Client Establish a SMSF

Is Upgrading a Discretionary Trust a Resettlement?

Can a Unit Trust with SMSF Unitholders Lend to an Unrelated or Related Party?

Can an Unlicensed Accountant Prepare an Investment Strategy?

Upgrade a Current SMSF to a Leading Member and Change of Trustee

What Happens at the End of the Borrowing Arrangement?

I am an Accountant and Tax Agent with no Licence, can I Help Clients Establish a SMSF?

How to do a Contributions Reserve - Deed, Reserve Documents and Investment Strategy

Does the Deed of Vesting Discretionary Trust document need to be stamped in Victoria?

What is the effect on being a primary beneficiary of one trust and also a trustee of another trust?

Some points to think about regarding updating SMSF deeds

Can you put minors as the appointors and directors in case of emergency or incapacity?

Why is there no option to put the primary beneficiary names in the Leading Member Discretionary Trust, unlike the Discretionary Trust (Non-Foreign Person)?

In trust establishment documents, what should be the answer to the question, "The document is governed and construed by the laws of:"?

What is the difference between Family Protection Trust and Leading Member Discretionary Trust?

If an SMSF is set up using the LightYear Docs deed, is a separate member application required?

If an SMSF was set up a couple of years ago using LightYear Docs, would there have had to be a separate member application?

Does a SMSF Deed of Variation need witnesses to sign?

What should be the pension commencement date on our SMSF documents?

Why an Appointor must be appointed?

Can you distribute to another trust so long as the beneficiary (not trustee) is also a beneficiary of the new trust?

What is the difference between FPT and LMDT?

Setting up a Trust with Corporate Trustee

Is it possible to list a foreign address for a beneficiary in the Discretionary Trust (Individual and Corporate)?

Difference between SMSF and Trust

Can the Member Appointment document be used for adding minor members to SMSF?

Is the SMSF Deed of Vesting to be done before the preparation of the financials for the year the SMSF is winding-up?

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Legal

The Protector arrangement with the Gift and loan back of a primary place of residence - can this cause any issues with the main residence exemption from a capital gains tax point of view?

When to go to Abbott and Mourly before setting up the documents?

Is a witness required for the Successor Director Deed of Indemnity?

Can a Discretionary Trust gifts its Assets to a Protector Trust?

Does LightYear Docs have an Asset Settlement document for someone who is going through a divorce?

In a Leading Member Discretionary Trust document, can we name specific beneficiaries?

The bank has requested a certified copy of the Will. How to provide it? Is it a matter of stamping each page and signing it or is there a simpler way?

Do you have any document that can be used to change anything in a Unit Trust?

The Protector Video

Addressing Naming Conventions for Married People

Are all of the documents available on LightYear Docs legally signed off? And if so, who is the lawyer or firm that provides this sign off?

Who are Abbott & Mourly Lawyers? Who is the Main Lawyer and What are His or Her Credentials?

Digital Signatures

The Use of LightYear Docs by Accountants and Financial Planners

Am I Providing Legal Advice using the Abbott & Mourly Lawyers Templates on the LightYear Docs Site?

Abbott & Mourly Legal Letter Sign Off

Can you add two properties in one Protector, or must it be done for each property?

Would a Protector work for a Non-Resident Holder of Australian property? What would the impact be on the Land Tax?

A client owns shares in his company that owns a truck (company owned) and wants to leave it to a person. Can he do this via his will or will he have to leave the company shares to this person?

Can properties held in different family members names, all be used for the protector solution in the same LM trust?

What would happen if a successor director system is in place for a corporate trustee? Would this SMSF Will or the successor director take precedence?

The client purchased a property to live in without the accountant's notice. What document can be used?

What is the issue with an overseas beneficiary if the Australian resident is living in WA with only one son who is a UK resident that will receive his entire state?

When setting up a Protector, what documents should be selected?

Landholder Duty Exemptions NSW for Deceased Estates

Land Taxes in Queensland - SRO Ruling

What if we have a minor in a position that normally needs signing. What do we do?

Queensland Land Tax: Do you have a Foreign Trust Subject to a Land Tax Surcharge?

Which is Better for Land Tax and CGT Concessions Where a Group Acquires Property in Victoria?

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Troubleshooting

Most Common Scenarios and Solutions for Company registration

Troubleshooting Longer Assembly Times & Timeouts

Documents & Pricing

Where can we see a run down of the benefits of each structure?

What is an RPA Strategy Pack?

What do you mean when you speak about 'Robotic Processing Automation'?

I need a Document That I Cannot see Available on your Platform. What Should I do?

How many documents are available to the LightYear Docs platform?

Can I get a Sample of each Document?

How Often are the Documents on the LightYear Docs Platform Reviewed?

Witnessing Documents During COVID

Strategy Automation – not for Beginners or PAYG

Whitelabelling Services (Logos on Documents)

Full Price List

Electronic Signing of Documents - for Australia and States

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Profile and Account Features

Profile Overview - LY Surge

How to set up your LY Surge notification on your app?

How is my Data and my Clients Data Stored on the LightYear Docs Platform?

Have you Received our Emails?

How to Register on LightYear Docs

Profile Overview - Document Wizard

Where can I find my LightYear Documents?

Best Practice for Utilising Shared Folders in the Document Wizard

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About Us

LightYear Docs Testimonial from Accountant - Must Read

Who founded LightYear Docs?

Who is LightYear Docs and How Did we Get Here?

Who is Grant Abbott?

Human Resources

Why is there a warning at the start of the HR Docs in relation to legal sign off