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About Product
This Partial TRIS Commutation Template is tailored for SMSF members and trustees looking to partially commute a Transition to Retirement Income Stream. It includes pre-drafted sections for the member’s request, trustee meeting resolutions, and necessary legal documentation, all aligned with the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) and the Corporations Act 2001. The template simplifies the administrative process by outlining the steps for requesting a lump sum payment, recording trustee decisions, and ensuring compliance with tax and pension transfer balance rules.
► $165.00 (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
This Partial TRIS Commutation Template establishes a structured process for SMSF members to partially commute their Transition to Retirement Income Stream into a lump sum, either to be taken as cash or rolled back into an accumulation account. It includes provisions for the member to formally request the commutation and for the trustee to document their resolution, ensuring transparency and compliance with superannuation regulations. The template is designed to support SMSF administration by providing clarity on tax implications, pension transfer balance limits, and procedural requirements, making it a valuable resource for retirement planning and fund management.
Benefits
Regulatory Compliance: Aligns with SIS Regulations and Corporations Act requirements, reducing the risk of legal or tax issues.
Flexibility for Members: Enables SMSF members to access funds from their TRIS as a lump sum, offering financial flexibility during retirement transitions.
Streamlined Process: Simplifies the commutation process with pre-formatted request and resolution sections, saving time for trustees and members.
Tax Clarity: Supports accurate documentation of tax-free and taxable components, aiding in efficient tax planning.
Professional Standard: Reviewed and signed off by legal experts, ensuring reliability and trustworthiness for SMSF administration.Frequently Asked Legal Questions
What is a Partial TRIS Commutation?
A Partial TRIS Commutation is the process of converting a portion of a Transition to Retirement Income Stream (TRIS) into a lump sum payment within an SMSF, allowing members to access funds while maintaining part of the income stream.
Why is this template useful for SMSF members?
It provides a legally compliant and efficient way to document the commutation process, ensuring that both member requests and trustee resolutions meet regulatory standards and tax requirements.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 5-10 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 included 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.
Last Reviewed: 14/03/2025
Last Updated: 14/03/2025