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

      QROPS SMSF Deed of Variation

      About Product

      An Australian resident with a UK pension plan can transfer their pension plan amounts to a qualifying recognised overseas pension scheme with no tax penalties.

      The LYD QROPS SMSF meets the conditions for a QROPs plan as outlined by the UK HMRC.

      ► $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

      For QROPs registrants, simply complete this deed and send to HMRC to get it onto the QROPs list with HMRC which will enable the fund to receive UK pension plan amounts.

      Benefits

      • Large scale tax savings in the UK and in Australia
      • Abides by the Australian - UK double tax treaty
      • Comes with HMRC guidance
      • Based on the latest LYD SMSF deed for release on 1 June 2020
      • Built-in advanced strategies
      • No access to any lump sum until age 55
      • Access under age 55 for Serious Ill Health cases

      Frequently Asked Legal Questions

      I heard there were changes in April 2017. Does the Deed meet these changes?

      Sweeping QROPs changes by the UK government made it impossible for industry and retail super funds to accept UK pension plans while special-purpose SMSFs can receive pension funds including transfers from non-qualifying industry and retail super funds.

      Do I need to be a lawyer to complete the QROPs SMSF deed?

      No, the deed has been signed off by LY Legal lawyers meaning you have the comfort of not being seen to be doing legal work just the entry of data into our special purpose interview template online.

      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 .

      Do you have a data capture form I can use?

      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.