2025 Releases
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      September 2025 Updates

      DOCUMENT UPDATES
      • 01/09/2025 SMSF Deed of Variation - Following changes were made:
        • Updated the Provision point (1),(2) and (3).

          (1) Recital Inclusion as Operative Provisions: The above Recitals are to take effect as part of the operative provisions of this deed.
          (2) Variation: The Trustee hereby varies the deed, pursuant to Rule <Variation Clause>  of the Deed.
          (3) No Resettlement at Law: The variation caused by this deed does not constitute a resettlement of the Fund at law, equity or under any Superannuation Law.
        • Fixed the formatting of point (4) Successor Acts.
        • Under the Trustee Meeting (Business attended to - Variation of the Deed), updated the wordings into "It is proposed to vary the trust deed for <SMSF Name> dated <Establishment Date> and  varied <Variation Date>  (‘the Deed’) pursuant to <Variation Clause> of the Deed." [Variation Date will only appear when declared within the interview]
        • Under the Deed of Variation, recitals (1), replaced the wordings "(‘the Governing Rules’)" into "(‘the Deed’)".
      • 02/09/2025 SMSF Upgrade of Discretionary Trust to a Family Protection Trust (Non-Foreign Person) - Replace the wordings of "‘Family Protection Appointor’ (FPA) are the persons identified in the following table, with the respective Appointorship changing to the next in line, whether singly or jointly, in the event of bankruptcy, incapacity, resignation or death of the current Appointor:" into "‘Family Protection Appointor’ (FPA) are the persons identified in the following table, with the respective Appointorship changing to the next in line, whether singly or jointly, in the event of bankruptcy, incapacity, resignation or death of the current Family Protection Appointor:".
      • 04/09/2025 Change of Trustee for SMSF - Following changes were made:
        • Parties Plural forms are implemented.
        • Corrected Parties Formatting.
        • Recitals sentences will adopt depending on scenarios/situations that clients have.
        • Provisions sentences will adopt depending on scenarios/situations that clients have.
        • Removal of Continuing Trustee(s) and it's signatories.
      • 08/09/2025 The Moat and Castle & The Protector - Fixed Formatting Issues In The Protector Section:
        • Family Protection Trust (Standard)
        • Family Protection Trust (Non Foreign Person)
        • Solvency Certificate
        • Deed of Gift
        • Promissory Note
        • Loan Agreement
        • Mortgage Deed
        • Endorsement of Promissory Note
        • Personal Guarantee
        • Family Protection Trust 
      • 09/09/2025 Change of Trustee for SMSF - Fixed spacing and page break in between document sections.
      • 16/09/2025 Changes to Discretionary Trust Positions and Name - Following changes were made:
        • Added "Resigning" Status Position within the Changing Party Options.
        • Added "Resigning" Status in Parties section.
        • Added "Resigning" Status in Provisions section.
        • Fixed Changing Party Note Caption for client reminder in filling up the interview correctly.
        • Fixed and reorganised the "Clause and Consent Tab". (Added spacing in between consenting party/entity for readability for the client).
        • Added Caption for clause example for reference in the interview.
          Help captions are now changed into "Please contact LY Legal if you are not sure about the clause number".
        • Added Resigning Clause in all entities.
        • Changed the "Calibri" fonts into "Arial" for the update.
        • Consent Clauses are now formatted only to numbers(Integers or Decimals).
        • Under the Provision Section:  Updated the wordings for all Position Status.
          NEW - <Changing Party> is hereby appointed as <Position> of the Trust by the Trustee with the consent of the <Consenting Entity> pursuant to clause <Clause Variable> of the Deed.
          RESIGNING - <Changing Party> hereby resigns as <Position> of the Trust with the consent of the <Consenting Entity> pursuant to <Clause Variable> of the Deed.
          RETIRING - <Changing Party> hereby retires as <Position> of the Trust pursuant to clause <Clause Variable> of the Deed.
          REPLACED - <Changing Party> is hereby replaced as <Position> of the Trust by the Trustee with the consent of the <Consenting Entity> pursuant to clause <Clause Variable> of the Deed.
          DECEASED - <Changing Party> is hereby removed as <Position> of the Trust on account of being deceased.
          EXCLUDE - The following persons will be excluded as beneficiary of the Trust: Beatrix Carter Wilson of Street, City, NSW 9999 by the Trustee , with the consent of the <Consenting Entity> of the Deed."
        • Position Status will now show in the entity entered within the changing party.
        • Assemble Note has been added for client confirmation.
      • 16/09/2025 Upgrade of Discretionary Trust to a LightYear Docs Strategic Discretionary Trust - Updated the wordings of Pharmacy clause "Tasmania" under the definition of Beneficiaries:

        Exclude ineligible Beneficiaries: A person or entity that is not –
        i.    a registered pharmacist, or
        ii.    a close relative of that pharmacist within the meaning of s 61A(3) of the Pharmacy Control Act 2001 (spouse, children, grandchildren, parents, siblings and step‑equivalents); or
        iii.    a trustee of any trust where the only beneficiaries are pharmacists and/or close relatives of pharmacists as defined above,
        and that is an individual natural person, must not be, and if named automatically ceases to be, a Beneficiary of this Trust. A body corporate, charity, further trust or any person outside the classes above cannot be (and must not become) a Beneficiary.
      • 17/09/2025 Addition to Designated Beneficiaries - Fixed Variation Date variable and it’s clause.
      • 22/09/2025 Company Variation, Upgrades and Admins documents - Applied font change from Calibri into Arial.
      • 22/09/2025 Leading Member Discretionary Trust – (non-foreign persons) - Following changes were made:
        • Within the index section, changed Clause 10 from 'LMA powers' to 'Investment powers'.
        • Spouse mentions will not appear if "NO" is selected in question "Does the leading member want their spouse to be a beneficiary?".
        • Applied font change from Calibri into Arial
      • 24/09/2025 Upgrade of Discretionary Trust to Leading Member DT - Following changes were made:
        • Applied font change from Calibri into Arial
        • Fixed all formatting mentions of "The" according to pertaining entity across the template.
        • Fixed all formatting mentions of "Person" according to pertaining entity across the template.
        • Fixed all formatting mentions of "Child" according to pertaining entity across the template.
        • Fixed all formatting mentions of "Income" Across the document template.
        • Fixed all formatting mentions of "Financial Year" Across the document template.
        • Fixed all formatting mentions of "The Trustee" Across the document template.
        • Fixed all formatting mentions of "The Trust" Across the document template.
        • Fixed all formatting mentions of "Beneficiary" according to pertaining entity across the template.
        • Fixed all formatting mentions of "Beneficiaries" according to pertaining entity across the template.
        • Fixed all formatting mentions of "Default Beneficiaries" according to pertaining entity across the template.
        • Replaced the word mentions of "Executor" into "Legal Personal Representative"
        • Under the Recitals (1), changed the wordings into <Trust Name> ('the Trust') was established on <Establishment Date> and varied on <Variation Date> (the 'Deed').
          Under the Provisions (1) changed the wordings into Variation: The Trustee hereby varies the Deed, with the consent of the Appointor, pursuant to Clause <Variation Clause> of the Deed.
        • Under the Provisions (3), changed the wordings into No Resettlement at Law: The variation of this deed does not result in a resettlement of the Trust in law or equity.
          Reorganised alphabetically the Definition and Interpretation section.
        • Moved the Definition of "The Act" and "The Leading Member Appointor" right after the definition of "Termination Date".
        • Removed the Definition of "‘Bloodline Relative’ is any relative who shares the same family DNA."
        • Moved the definition of "The Settlor" right after the "The Trust-Fund".
        • Changed the wordings of "Child" into "‘Child’ means any Bloodline Child of the  Leading Member or such other Person as the  Leading Member deems to be a Child."
        • Changed the wordings of "Default Beneficiaries" into "‘Default Beneficiary’ means a beneficiary referred to or coming within clause 15.2(d)."
        • Moved the definition of "Financial Year" right after the "Excluded Beneficiary".
          Changed the wordings under the definition of "Foreign Person" (a) into "Foreign Person (or equivalent term) as defined in:"
        • Changed the wordings under the definition of "Foreign Person" (f) into "any individual, entity or other body or class of individuals, entities or other bodies expressly and irrevocably added as a Foreign Person in accordance with this deed from time to time, and for the avoidance of doubt, this definition of Foreign Person may be expressly and irrevocably expanded  from time to time in accordance with this deed (for example, if and when additional duty and/or land Tax surcharge regimes in other States or Territories are introduced or revoked in the future)."
        • Changed the wordings of "Relatives" into "Relatives’ includes relative of an individual and means a parent, grandparent, brother, sister, cousin, uncle, aunt, nephew, niece, lineal descendant or adopted Child of the individual or of his or her Spouse;".
        • Changed the last wordings of "The Leading Member Appointor" into "The Leading Member Appointor has the powers and responsibilities as set out in clause 8."
        • Removed the wordings "The Trust shall be governed by, and this deed shall be construed in accordance with, the laws of <State>." under the definition of "The Settlor".
        • Under the Beneficiaries definition, added (e) Any entity that is a Related Body Corporate (as defined in the Corporations Act 2001 (Cth)) of The Leading Member Appointor;.
        • Under the Beneficiaries definition, added (f) Any individual who, at any time before the Termination Date, is or has been a director or shareholder of The Leading Member Appointor, provided that such person is not a Foreign Person;.
        • Under the Beneficiaries definition, added (g) Any other company, trust or entity that is controlled by, or under common control with, The Leading Member Appointor within the meaning of section 50AA of the Corporations Act 2001 (Cth), established before the Termination Date.
        • Changed the wordings under Deletion of Beneficiaries (i) into "if by deed, the Beneficiary  not being a Minor unconditionally declares that they are no longer a Beneficiary  of The  Trust and serves a properly executed copy of such deed on The Trustee; or"
        • Changed the wordings under Deletion of Beneficiaries (ii) into "where The Trustee with the consent of The Leading Member Appointor by resolution or deed declares that a Person or a class of Persons is no longer to be included as a Beneficiary."
          Added the wordings under Deletion of Beneficiaries (iii) "the deed or resolution referred to in sub paragraph (i) and (ii) above, if not expressed to be irrevocable shall be irrevocable.".
        • Changed the wordings under Deletion of Beneficiaries (c) into "a Person  who ceases to be a Beneficiary  shall not thereby be excluded from subsequently being re-appointed or becoming a Beneficiary  unless irrevocably excluded previously.".
        • Added clause 4.6 Tittle "Subsequent exercise of power".
        • Added clause 4.7 Tittle "Allocation to be irrevocable".
        • Changed the wordings of clause (7.1)(a) into "during the lifetime of The Leading Member Appointor, The Leading Member Appointor unless the  Leading Member Appointor resigns for any reason whatsoever or the  Leading Member Appointor is incapacitated or under bankruptcy;".
        • Changed the wordings of clause (7.1)(b) into "on and from the date of bankruptcy, resignation, incapacity or death of The Leading Member Appointor such other Person or Persons, as The Leading Member Appointor may nominate under the definition of The Leading Member Appointor in this deed or by a separate Deed of Succession, or by their Last Will and Testament; or".
        • Changed the wordings of clause (7.1)(c) into "In the event there is an inconsistency in the nomination of Successor Leading Member Appointors as mentioned under the definition of The Leading Member Appointor in this deed or in a separate Deed of Succession, or in a Last Will and Testament – the nomination in the document that is last executed shall be valid.".
        • Changed the clause title of (8.3) into "Joint Leading Member Appointors"
        • Changed the wordings of clause (8.3)(a) into "Where there are more than one Leading Member Appointors, they are to act jointly by way of majority."
        • Changed the wordings of clause (8.3)(b) into "Where the current Leading Member Appointor is a joint Leading Member Appointor, and one of them is incapacitated, resigns or is deceased, the surviving Leading Member Appointor is to remain as The Leading Member Appointor solely, unless a prior Deed of Succession, signed by the current Leading Member Appointors provides otherwise."
        • Changed the clause title of (8.4) into "No right to enforce appointment"
        • Changed the clause definition of (8.4) into "Successor Leading Member Appointors so removed or displaced from the chain of Leading Member Appointors, under the provisions of this deed, have no rights or entitlements to enforce any claims over The Leading Member Appointor position."
        • Changed the wordings of clause (8.5)(a) into "If The Leading Member Appointor has died or is incapacitated, the Legal Personal Representative of The Leading Member Appointor, with their consent, is to become The Leading Member Appointor, unless the Legal Personal Representative is in litigation or is to commence litigation against the current Trustee. If there is more than one Legal Personal Representative they may choose one or more to become joint Leading Member Appointors."
        • Changed the wordings of clause (8.5)(b) into "If the above does not apply, then The Trustee is to become The Leading Member Appointor and if The Trustee is a company then the Directors of the  Trustee are to be appointed as Leading Member Appointor or joint Leading Member Appointors, subject to their consent."
        • Changed the wordings of clause (8.5)(c) into "If none of a), b) or c), applies then the last Beneficiary who is a lineal or bloodline descendant of the original Leading Member Appointor, or the last Beneficiary who The Trustee distributed to or are to become Leading Member Appointors."
        • Changed the wordings of clause (9.1) More than one Person being a Trustee into "If more than one Person is a trustee, decisions shall be made by the majority of The Trustees except that if there is no majority, the  Leading Member Appointor is to have a casting vote as if they were or are a trustee."
        • Changed the wordings of clause (9.7) Rlease of power into "Unless a power or discretion which may be exercised by The Trustee is by the terms of this deed required to be irrevocable, The Trustee may release or revoke any power conferred upon it by this deed. Any other Person upon whom any power is conferred by this deed may release or revoke any power conferred upon them. Upon the exercise of any release or revocation pursuant to this paragraph, the power to release or revoke shall be absolutely and irrevocably determined."
        • Changed the wordings of clause (9.11) Vacation of office into "The office of The Trustee shall ipso facto be determined and vacated if The Trustee, being an individual, passes away, is found to be of unsound mind, or is a Person whose Person or estate is liable to be dealt with in any way under a law relating to mental health. If The Trustee  becomes bankrupt, makes any arrangement or composition with creditors generally, or if The Trustee , being a company, enters into liquidation whether compulsory or voluntary (not being a voluntary liquidation for the purposes of amalgamation or reconstruction), or has a receiver, official manager, or receiver and manager appointed, the office shall also be vacated."
        • Added clause (10.2)(a) "Apply or Invest: any monies requiring or liable to be invested under this deed either alone or in partnership or co-ownership with any Person or Persons;"
        • Corrected Italic formatting of title of clause (10.2)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)(m)(n)and (o).
        • Changed the clause (10.3) title into "Power to vary Investments"
        • Corrected Italic formatting of title of clause (11)(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)(l)(m)(n)(o)(p)(q)(r)(s)(t)(u)(v)(w)(x)(y) and (z).
        • Changed the wordings of clause (11)(d) into "Derivatives : to acquire, dispose of, exchange, hire, lease, let, mortgage or otherwise deal with any derivative which term is taken to include but not be limited to any interest rate swaps, currency swap, currency option, interest rate option, swap option, smart forward, money market transaction, Foreign exchange transaction, margin Foreign exchange transaction, futures transaction, forward rate agreement, forward rate bill transaction, synthetic forward exchange transaction, deposit transaction, currency transaction, interest rate transaction, bond option, commodities option, credit derivative, or an equity derivative;"
        • Changed the wordings of clause (11)(g) "Employment: to engage or employ Persons including a Person having an interest in The Trustee or who holds an office of The Trustee, or obtaining other assistance as The Trustee may deem requisite, to provide staff, amenities and to vary and terminate any contract of employment;"
        • Corrected Italic formatting of title of clause (11)(aa)(bb)(cc)(dd)(ee)(ff)(gg)(hh)(ii)(jj)(kk)(ll)(mm)(nn)(oo)(pp)(qq)(rr)(ss)(tt) and (uu).
        • Changed the wordings of clause (11)(oo) "Legal proceedings: to institute, join in and defend proceedings at law or by way of mediation or arbitration and to proceed to the end and determination of, or to compromise the same and to compromise and settle any such dispute or proceedings for such consideration and upon the terms and conditions as The Trustee may decide;"
        • Changed the wordings of clause (11)(qq) "Power to appropriate  The Trust Fund in specie: to appropriate in specie any portion of The Trust Fund or any investment representing the same to or towards the share or entitlement of a beneficiary  under this deed and to charge any such share or entitlement with such sum of money by way of equality as The Trustee may think fit. For such purposes The Trustee may fix the value of any real or Personal property forming part of The Trust Fund and every such appropriation, charge and valuation shall be binding on all Persons who may at any time be entitled to any interest in The Trust Fund;"
        • Added clause (11)(vv) "Tax elections: The Trustee may in writing make, vary or revoke any election, option, declaration, choice or notice with any taxation, revenue, stamp-duty or other fiscal authority (including, without limitation, a Family Trust Election or Interposed Entity Election under Schedule 2F of the Income Tax Assessment Act 1936 (Cth)) and execute any instrument or do any act ancillary or conducive to giving effect to that election."
        • Added clause (11)(ww) "Tax Use Benefit Equalisation: The Trustee may in writing determine, calculate, allocate, record, vary or reverse any Tax  Use  Benefit between Notional SubFunds, apply any grossup or apportionment it considers appropriate, and execute any instrument or do any act ancillary or conducive to giving effect to those adjustments (including creating or offsetting inter SubFund receivables or payables and setting payment terms), provided The Trustee acts for proper purposes, gives real and genuine consideration to the interests of all Beneficiaries, and records its reasons in the minutes."
        • Changed the wordings of clause (14)(b) into "Any notice or document delivered at or posted to the registered address of a Beneficiary shall, notwithstanding that such Beneficiary be dead and whether or not The Trustee has notice of his death, be deemed to have been duly served and such service shall be deemed a sufficient service on the Legal  Personal Representative of the deceased Beneficiary and all Persons (if any) registered as joint Beneficiaries with him in respect of The Trust."
        • Added clause (15) Governing Law and Jurisdiction - The Trust shall be governed by, and this deed shall be construed in accordance with, the laws of New South Wales . In relation to it and related non contractual matters each party submits to the non-exclusive jurisdiction of courts with jurisdiction there.
        • Added clause (16) Dispute Resolution
        • Added clause (16.1) "In the event of any dispute arising out of or in connection with this deed, the Parties shall first attempt to resolve the dispute amicably through good faith negotiations."
        • Added clause (16.2) "If a Board of Guardians is constituted in this deed, the dispute may be submitted before them for resolution in accordance with the terms of this deed."
        • Added clause (16.3) "If the dispute is not resolved within thirty (30) days, the Parties agree to submit the dispute to mediation administered by the Australian Disputes Centre (ADC) before having recourse to litigation."
        • Changed the title of clause (17) into "Winding up The Trust".
        • Changed the wordings of clause (17.1)(b) into "80 years from the date of establishment of the Trust unless a State law allows otherwise."
        • Changed the wordings of clause (17.3) into "On the winding up of the  Trust, The Trustee may distribute property comprised in The Trust Fund in specie in satisfaction of any part of The Trust Fund to which a beneficiary  may be entitled."
      • 26/09/2025 The Successor Director Solution - Multi Company plus upgrade Constitution - Applied font change from Calibri into Arial and fixed corrupted word file error.
      • 29/09/2025 Discretionary Trust - (non foreign persons) - Applied font change from Calibri into Arial and changed clause 15.1(b). Change the vesting year from 80 to 125 years.