Law Central SMSF Update Rules Subscription Service

Having an up to date Self Managed Superannuation Fund (SMSF) Deed is a vital part of keeping your SMSF compliant. Superannuation is a complex area of law that is constantly evolving and it is difficult for SMSF Trustees to ascertain how changes affect the compliance of their SMSF Deed. Law Central has introduced a service which assists Trustees by automatically ensuring that their SMSF Deed is kept up to date. To subscribe to this update service, simply select the option to add the update service at the time of purchasing your Self Managed Superannuation Fund Deed or SMSF - Update Rules document.

How does it work?

Whenever there are changes to Superannuation Law that affect your Law Central SMSF Deed, a compliance update, done by way of a Deed of Variation is automatically prepared and emailed to you. You simply print the Deed of Variation, sign it and keep with your SMSF records.

What happens if no updates are needed?

Shortly after 1 July each year, you will receive a certificate from our authoring lawyers stating that your Deed is compliant with Superannuation Laws and Regulations. If no compliance updates were required throughout the year, then simply present your SMSF auditor with the certificate as evidence that you have fulfilled your Trustee duties to ensure that the Deed remains compliant.

How will I know I have the most up to date version?

Rules in each Law Central SMSF Deed and SMSF Update Rules document has a version number. Your annual compliance certificate will refer to the most recent version of the Rules. If you have missed or not actioned an email containing your compliance update, then you can download a copy of your most recent update from the My Account area on Law Central.

What does it cost?

The cost of the subscription service is $99 (including GST) per annum. This is paid at the time you first purchase your SMSF Deed (or update an existing SMSF Deed). This cost includes any and all compliance updates prepared during the subscription period, plus the certificate of compliance. Each year, you are invited to renew your subscription shortly before it expires. A tax invoice and payment gateway to process your renewal is provided in the My Account area of Law Central.

What if my subscription lapses?

If your subscription lapses, then you will no longer be entitled to receive automatic compliance updates or certificates of compliance, however you will still be able to access the updates and compliance certificates prepared whilst your subscription was active. If you wish to renew your subscription after it has lapsed, then the start date of your renewal period will be backdated to the previous subscription's expiry date.

Can I subscribe an existing SMSF to the service?

If you have an existing SMSF deed, you can only add the deed to our update system by preparing a SMSF - Update Rules to bring your deed into the current Law Central SMSF deed format. This includes any previously prepared Law Central SMSF deeds.

What if I supervise a number of SMSFs?

Law Central allows you to maintain multiple SMSFs under the one login. If you are an accountant or adviser that supervises a number of funds, please contact us on 08 9476 4900 or support@lawcentral.com.au to arrange a demonstration of the service and find out how Law Central can simplify your SMSF client management.